30 Voices on 2030
30 Voices on 2030
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Future of Financial Services |Launch event |Voices on 2030 | Predictions | Mapping the path
Nobel prize winner Niels Bohr once said: “Prediction is very difficult, especially if it‘s about the future”. That warning feels particularly appropriate in today’s financial services industry, where the pace of change keeps on accelerating, and not only as a result of the COVID-19 pandemic. Volatility and uncertainty surround us.
Still, if the future is a corridor down which we can only peer dimly, the light coming from behind does provide at least some illumination. And 2030 is close enough for that illumination to reach — especially with the help of some of the industry’s most inspirational and imaginative leaders. These are the far-sighted Voices, from across the sector and beyond, to whom we have turned to for this report. Each of our interviewees provide a unique view of what to expect in 2030 — and how we may reach that point.
...While not all themes are discussed in the same level of detail with all Voices, we noted that their views differ in many interesting ways, but that certain themes unite them. Most interviewees agreed that the incumbent banks will, in 2030, continue to lead in banking despite the threat of Fintechs and Big Techs. However, in order to stay successful the operating model clearly has to change. First, our Voices expect the boundaries between sub-sectors of the financial services industry — as well as with other industries — to become increasingly blurred. Sector convergence has already begun, enabled and driven by new technology and innovation, which is set to continue at pace. Concepts such as embedded banking and insurance, the platform ecosystem and advanced data capabilities with hyper-personalized services as the new normal, may render traditional financial services providers - still applying older practices - increasingly less relevant. Nonetheless, some Voices do believe that simplification of product detail and offering is required.
The other area highlighted by most of our Voices is the imperative to leave the world in a better place than we found it. They expect the Environmental, Social and Governance (ESG) phenomenon of recent years to evolve and expand — ensuring that financial services companies drive positive change. That may include climate change mitigation, but also span across social justice, equality and fairness.
Elsewhere, many of our interviewees sense a power shift. They anticipate data driving new business models — and undermining existing ways of operating. But crucially, they also expect customers to recognize and enjoy clear benefits as they grant access to their data to trusted partners and businesses.
Of course, not every prediction in this report will come true — and you will have your own views about where we are headed. But, that’s the point: our aim with Voices on 2030 is to stimulate debate — to shed some light on the future without pretending to have all the answers.
Jean Hilgers
Executive director at National Bank of Belgium
Trying to predict what the industry landscape might look like in 2030 is a very challenging exercise, especially with today’s geopolitical and economic context. But the current challenging times also create opportunities and provide for a real momentum for regulators, policy makers and the financial sector to take a bigger leap into the future and set ambitious goals on the longer term. History has shown that, when put under pressure, human creativity and its capacity to solve difficult issues is often at its very best.
...International standard setters and regulators such as the Basel Committee and the European Commission are already looking forward and have shifted their focus to new trends, products and emerging risks, such as ESG related risks and everything related to fintech, suptech, digitization, crypto, artificial intelligence, machine learning... But also, sometimes, the need for dealing with these new risks becomes very visible and tangible: the extreme weather conditions that manifested themselves all over the world in the last decade, illustrate the need for climate stress testing and turned the financial sector in no time into an important player in the environmental transition process.
For financial institutions, technology has evolved from a trend into a given with a deep impact on their business models. Financial institutions will have to remain lean enough to swiftly adapt themselves to future technological developments. Also, the financial world is widening to other actors beyond the traditional ones, and the scope of future regulation should therefore evolve and be broadened to these new financial players.
We should all prepare ourselves for this brave new financial future.
30 Voices on 2030: The new reality for financial services
Discover more perspectives from 30 Voices representing the multi-faceted financial services industry.
Download full report ⤓
Relive our "Voices on 2030: Financial Services" launch event
Voices on 2030
We interviewed key leaders from across financial services and beyond - exploring a world post-open banking, where crypto is commonplace, where customer behavior has shifted, where AI, platformization, new challengers, Fintech, InsurTech, RegTech and every tech in-between has changed the financial services ecosystem and business models.
"We’ll go all the way for the protection of the citizen”
Vincent Van Peteghem
Deputy Prime Minister and Minister of Finance
BE Government“Nothing has changed the financial sector like ESG”
Solange Rouschop
CEO
ABN Amro“AI enabled us to anticipate potential customer needs and plays a major role in pricing, underwriting and claims handling”
Bart De Smet
Chairman
AGEAS“Brands instead of banks have become the epicenter in financial services”
Kim Van Esbroeck
Country Head
AION"Our industry has regained its attractiveness”
Hein Lannoy
CEO
Assuralia"The insurance agent is not dead!”
Jef Van In
Axa Next"The most important thing in the financial sector? It’s still trust”
Dirk Wouters
CEO
Bank J. Van Breda & C°"The banks of 2030 are those that are prepared for the arrival of new entrants”
Marc Raisière
CEO
Belfius Group"The combination of ‘Banking Plus’ and acquisitions abroad is a guarantee for success”
Michaël Anseeuw
Head of Retail Banking
and Sandra Wilikens
CHRO of BNP Paribas Fortis"Strategic autonomy means de facto rebuilding walls”
Lieve Mostrey
CEO
Euroclear"The same, but different”
Karel Baert
CEO
Febelfin
"Power to the consumers!”
Alessandra Guion
CEO
Fintech Belgium"Banking is a blend of analog and digital, courtesy of the level playing field”
Johan Thijs
CEO
KBC"We now better understand the need for mutualization across the planet"
Amélie Breitburd
CEO
Lloyd‘s Europe"My life as a Trust Broker”
Rigo Van den Broeck
EVP Cyber Security Innovation
Mastercard"The banking world has become a world of building blocks”
Didier Ongena
Regional Leader Public Sector EMEA
Microsoft"As a central bank, we ensure that there are safeguards in place.”
Jean Hilgers
President BFF
Director NBB
"Banks in search of the right scope and (perhaps) more lucid regulation.”
Jean Cattaruzza
Ombudsman
Ombudsfin"The interoperable model between banks is a huge step forward”
Nathalie Vandepeute
CEO
Bancontact Payconiq Company"The solidarity mechanism in insurance has come under pressure but remains crucial”
Pedro Matthyssens
CEO
Vanbreda Risk & Benefits"Without friction, without cost, instantly with our face"
Vincent Roland
EVP Merchant Services
Worldline Global
Predictions for 2030
By 2030, the financial sector will have undergone a powerful transformation driven by issues such as the environment and technological acceleration.