KPMG International launches KPMG's Voices on 2030: Financial Services reinvented report
KPMG International launches KPMG's Voices on 2030: Financial Services reinvented report
The world’s financial services sector is changing at a faster pace than ever before – and systemic change is expected within the next decade, according to industry leaders and experts.
32 leading industry commentators, CEOs, CFOs and board members from across the world have contributed their views on the future of financial services for KPMG’s Voices on 2030: Financial Services reinvented report.
The voices in the report represent many facets of the financial services industry, from the largest banks and insurers to early-stage new entrants to the sector. In combination, their vision of the future provides fascinating insights into where we are headed. Their predictions span five areas where they — and KPMG — expect change to be most profound. The five areas are:
The panel agreed ESG was arguably one of the main issues driving change in financial services, concluding that the world is lagging on net zero but by 2030, financial services capital will play a crucial role in delivering positive outcomes and helping to power the transition to sustainability.
The report also concludes that social issues including justice and equality will be fully embedded in customer demands while investors will proactively and significantly increase their exposure to asset classes such as renewables. Meanwhile, the industry will need to work together with political leaders, particularly on tax policy, to deal with the unfolding global climate crisis.
Constance Hunter
Global Head of Strategy & ESG
AIG
In addition to ESG, the report contributors predict a number of other significant changes ahead including: a greater focus on digitalization and more immersive services for banking customers; a potential for conflict as regulators remain anxious to support innovation but flex their muscles with more high-profile interventions; greater diversity and inclusion as leaders seek out a wider talent pool with broader skills including emotional intelligence; and collaboration rather than competition, with more partnerships leveraging the skills and competencies of multiple players.
David Rice
Global COO, Commercial Banking
HSBC
Based on the predictions from industry experts, the report offers recommendations on actions financial services leaders can take today, including targeting talent, giving innovators room to try new things, developing a data strategy and identifying the specific long-term business models to target.
Judd Caplain
Global Head of Financial Services
KPMG International
Read the full report Voices on 2030: Financial Services Reinvented
For media queries, please contact:
Brian O’Neill, Senior Manager,
Global External Communications
+44 7823 668 689 Brian.O’Neill@kpmg.co.uk
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KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit https://home.kpmg/governance.
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