Sometimes, an industry embraces the future, and sometimes, the industry is dragged forward.
The latter applies to banking and how the COVID-19 pandemic has accelerated the industry’s digital transformation while creating new market opportunities for unexpected players. Trillions in cumulative revenue will be lost by 2024, but almost all banks are expected to survive.
Going forward, routine transactions will increasingly occur in digital channels.
However, there is still a role for the physical bank revolving around major life events: buying a home, handling investments or generational wealth, and issues involving the deaths of account holders, among other things.