Posted on 21 June, 2018 | 2 mins
Speaking to KPMG, 9 Spokes Co-founder and Executive Director Adrian Grant shares his thoughts on the future of financial services for the 30 Voices on 2030 publication.
Not all businesses are banks, but banks touch upon all businesses. In the not-so-distant past, this touchpoint was quite a personal one, with business owners making time to sit down with their bank manager (and vice versa) to discuss their business needs face to face.
Then, with the birth of digital banking services, that touchpoint became quite impersonal. Business owners could do things quicker online, but at the expense of a relationship with their bank.
The future of this connection was something 9 Spokes Co-founder and Executive Director Adrian Grant touched upon in KPMG’s ‘30 Voices on 2030’ publication this week.
30 Voices on 2030, in KPMG’s own words, covers “every facet of the financial services industry and beyond—from FinTech to big banks, from software to social enterprise. Taken together they create a valuable chorus of expertise and insight.”
And Adrian was keen to share his perspective on how the platform economy is increasingly changing how banks and small businesses communicate
“Cast out to 2030, I think you move from offline personal, online impersonal to online personal,” Adrian explains.
“Data will be key. With sufficient data on a business, banks will be able to provide tailored solutions for a customer segment of one. For those companies that are aggressively seeking a relationship of intimacy with their bank, they will be able to have that relationship where, today, they don’t have it.”
When asked how the C-suite should prepare for this imminent future, Adrian also gave a few tips, particularly on how to leverage data-rich platforms for better customer relationships today.
“Look at your business and your business model and understand how it relates to the platform economy,” he begins.
“We’re seeing it in tech companies, with the Facebooks and the Ubers, but are the banks really seeing it as a platform play today? I don’t think they are—but it is.
“Open banking is going to drive that change. So don’t leave it too late, understand where you sit within the platform economy, understand your competitive advantages and disadvantages, and actually start testing and trialling today.”
To read the full KPMG publication and see Adrian’s video, please feel free to visit KPMG’s 30 Voices on 2030 website.