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The financial services industry is changing faster than ever before - but what does this change mean for the future? To find answers to this question, KPMG asked industry leaders and innovators from around the world what they think the industry could look like in 2030.

Despite the diversity of perspectives, individual aspects emerged from the interviews that are considered relevant and probable across the board. The forecasts and the detailed interviews can be found in the English-language publication „Voices on 2030: Financial services reinvented“. .

The financial services industry is changing faster than ever before. But what does this change mean for the future? To find answers to this question, KPMG asked industry leaders and innovators from around the world what they think the industry could look like in 2030.

Despite the variety of perspectives, specific considerations emerged from the interviews that are considered relevant and probable across the board. The forecasts and the in-depth interviews can be found in the English language publication “Voices on 2030: Financial Services Reinvented”.

Forecasts for five areas

The participants represent the entire spectrum of the financial services sector, from the largest banks and insurance companies to newcomers. Together, their visions of the future offer exciting insights into where the journey could lead.

Their forecasts cover five areas in which they – and KPMG – expect the most profound changes by 2030:

  • The world is lagging behind the net zero target, even as the financial services industry drives the transition through its capital decisions.
  • Each decision is an ESG decision: ESG criteria are an integral part of lending and investing activities. The impact potential determines the capital allocation.
  • Social and governance aspects are becoming increasingly important due to rising client expectations
  • Investors have doubled their exposure in asset classes such as renewable energy.
  • This is a global crisis: By working together, especially on tax policy, governments are finally making progress

  • Digital identities enable customers to transact with confidence and offer each brand the opportunity to personalise its offering.
  • BigTech takes command: The biggest brands in the banking sector are those that can convince consumers.
  • Access to inclusive banking services is enabled through data collection and analysis that is focused on the needs of all.
  • The dominance of China’s data-driven tech sector has accelerated the country’s rise.
  • Central banks and policymakers are responding to the threat of private digital currencies.

  • The metaverse in the multi-channel mix: New spaces offer a more intensive and comprehensive customer experience.
  • Regulators still want to support innovation, but have become more risk-averse. They show more austerity with high-profile interventions.
  • The disappearing bank: Banking is invisible and integrated into the underlying interaction, from grocery shopping to procurement.
  • API first: Concepts such as banking as a service and tools such as developer portals offer comprehensive sales advantages.
  • Professional cybercriminals from different circles are working together to share their strategies, as are the financial service providers targeted by the attackers.

  • All insurance policies are personalised and adjusted in real time to the policyholder’s current risk profile.
  • The challenges of data protection have diminished in times of data sharing for mutual benefit.
  • AI creates alternative credit and risk models with data from e-commerce, social media and e-gaming.
  • New market entrants have significantly lower infrastructure costs to access the banking system.
  • Platform operators continue to choose the banks they work with, while the rest become low-cost service providers.

  • Collaboration instead of competition: Partnerships leverage the skills and capabilities of multiple stakeholders.
  • Diversity is worth it: A broader talent pool offers richer competencies, including emotional intelligence and technical expertise.
  • Purpose has the power: Business entities compete for talent through increased engagement, investment in people and values shared across the business entities.
  • Hybrid is the norm: Office spaces are designed to meet the need for interaction and sociability rather than individual work.
  • Unbiased leaders: Even long-established business entities recruit senior executives outside the financial services sector.

In "Voices on 2030", these five forecasts are explained in detail. In addition, the experts provide recommendations for action on how to seize the opportunities on the way to the financial services industry 2030. Download the report now.

Adrian Cox

Adrian Cox

CEO, Beazley

"The frictional costs of insurance have halved"

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Alex Manson

CEO, SC Ventures

"Into the metaverse with trust and diversity"

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Alisa Wood

Partner, KKR

"Private equity has become a mainstream investment"

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Arthur Wang

CFO & Board Secretary, WeBank

"Keep up with the pace of innovation"

Bill Coen

Bill Coen

Senior Advisor (Global Financial Services) to KPMG

"Suptech is far more efficient and creates greater financial stability"

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Blair Turnbull

CEO, Tower Insurance

"We help customers reach the destination"

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Caleb White

COO, Climate Engine

"We haven't solved climate change, but we can manage climate risk"

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Chris Elliott

Managing Director, Talent Acquisition, Charles Schwab

"Our talent craves engagement and development"

Adrian Cox

Clayton Hayward

CEO, Ukheshe Technologies

"When was the last time you carried a wallet?"

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Connie Leung

Senior Director, Financial Services Business Lead in Asia, Microsoft

"Asia is the world’s innovation engine"

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Constance Hunter

Executive Vice President, Global Head of Strategy and ESG, AIG

"Insurance is a catalyst for all that can go right"

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David Rice

Global Chief Operating Officer, HSBC Commercial Banking

"We are operating in a world where you can’t work independently"

Adrian Cox

Eddie Listorti

CEO, Viridios Capital

"Carbon credits are a must-have asset class"

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Elizabeth Lewis

Managing Director and Deputy Head of ESG, Blackstone

"Private equity can lead the ESG charge"

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Fernando Morillo

Senior Executive Vice President, Group Head of Retail Banking, Mashreq

"Banking is everywhere"

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Greg Elliott

Global Head of Tax - Businesses, Head of Tax Asia, Standard Chartered

"Tax as a force for good"

Jack Inglis

Jack Inglis


"The rise of retail alternative investing"

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Karen Silk

Assistant Governor Economics, Financial Markets and Banking, Reserve Bank of New Zealand

"Big structural shifts — huge impact"

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Kate Frankish

Chief Business Development Officer, Pay.UK

"The UK has led the way on payments innovation"

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Kay Swinburne

Vice Chair of Financial Services, KPMG UK

"The G7 has been eclipsed by a G40"

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Martin Müller

Board member, Dekabank

"Sustainability was the game changer, helped by blockchain technology"

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Matthew Allen

Partner, International Head of the Financial Services Sector Group, Eversheds Sutherland

"DLT, AI and ESG: acronyms that resonate louder than ever"

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Nadine Chakar

Global Head of Digital, State Street

"My bank is more like an IT company"

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Nick Wilde

Managing Director of APAC, Thought Machine

"Sluggish banks face the end game"

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Paramjit Matharu

Managing Director, Global Indirect Tax Head,Head of Tax Europe Middle East and Africa, JP Morgan Chase

"Tax is now front-page news"

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Sanjay Rishi

Chief Executive Officer JLL Work Dynamics - Americas, JLL

"An intentional engagement with the workplace"

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Santokh Birk

Senior Vice President, Finance & Chief Accounting Officer, Home Trust Company

"A seamless, best-in-class customer experience"

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Sheri Hinish

Global Executive Partner, Offering Leader for Sustainable Supply Chain and Circularity, IBM

"Leading sustainable change with hope and intention"

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Stavros Ioannou

Deputy CEO - Group COO & International Activities. Executive Member of the Board of Directors, Eurobank

"Smart banking will always be human-centered"

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Stuart A. Spencer

Group Chief Marketing Officer & Member of the Group ExCo, AIA

"Personalized healthcare and insurance for all"

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Suni Harford

President Asset Management, GEB Lead for Sustainability, UBS

"Achieving impact as well as financial returns"

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Vijay Oddiraju

Founder & CEO, Volante

"We now live in a world of instant payments from anywhere"