Banking customers are expected to take much more control of their own personal data in the future through digital ID profiles, according to a new report.
HSBC’s ‘Banking of the Future, Finance in the Digital Age’ by financial technology expert Professor Markos Zachariadis suggests that banks will become ‘trust brokers’ in the management, development and safeguarding of these digital IDs
The report suggests that the future of banking will be more personalised to individuals, replacing traditional product sales and service.
New revenue streams could be unlocked by mastering new data sources and analytical technologies, and within a decade banking could become largely frictionless for consumers.
“Customers can expect a highly personalised service determined by their individual requirements, instead of being based around a set of savings, borrowing and investment products — each with their own sales and servicing characteristics,” said Josh Bottomley, global head of digital, data and development at HSBC.
“But, for this to become a reality, banks will need to strike the right balance between what technology and data can enable to meet customers’ expectations, with the need to actively address risks to their wellbeing, as well as protecting the financial system.”
Markos added: “Financial services has traditionally been slower to digitalise than other industries, but we’re now seeing a real period of change, and there will be a number of significant opportunities for successful banks over the next decade.”
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