FX.co ★ Digital assistants to replace banks by 2030

According to a survey conducted by KPMG, personal digital assistants and cloud technology will do most of baking operations, instead of people.
In the report, the concept of the Invisible Bank is described. Consumers will interact with e-personal assistant that will fulfill daily personal and financial obligations, informed by data gathered from a fully connected way of life.
KPMG said that modernization of advanced data analysis systems, the high speed Internet, voice authentication, artificial intelligence and cloud technology will become a new step in the evolution of virtual assistants, making them better informed. KPMG named such an assistant Enlightened Virtual Assistant, or EVA. For example, the term of a client’s bank deposit is coming to an end. So EVA could shift savings to another bank to get a better interest rate.
The virtual assistant could also be useful in the Internet of Things. Having analyzed the spending and a client’s way of life, EVA could report needless spending of money or lack of physical activity. It could book and pay for a yoga appointment.
Meanwhile, banks that would ignore the development of the underlying technologies would most likely lose most of their clients. Call centers, branches and sales teams could be a thing of the past. All this could touch most financial institutions, so banks should set eyes on the technology companies now.
Today, technology firms invest 10-20% of their revenues into research and development (R&D), while for banks it is just 1-2%. With banks’ return on equity under 5%, this is unlikely to change in the short to medium term.
Of course, KPMG report does not say that traditional banks would fully disappear by 2030. There would be some players who would use the previous model of interaction as their corporate style, but new technology and the Invisible Bank would be at the leading edge.