What does the future of the financial sector look like in the long term?

That was the question put to a group of students from Solvay Brussels School of Economics & Management, Ghent University and KULeuven. Together with the consulting firm HazelHeartwood, the students carried out detailed field work, conducted market analyses and launched online surveys or conducted several personal interviews. They then set out their vision in a report explaining how they see the model for banks evolving.

Their bank for the year 2020 is:

  • a bank that makes the customer the banker
  • a cooperative bank that makes its customers shareholders
  • an institution without agencies or ATMs in a cashless society
  • a bank that operates mainly via the internet and social media
  • above all a facilitator whose activities focus on trade and the exchange of information between its customers
  • an institution that informs its customers proactively and trains them in financial matters, primarily via electronic platforms

According to the students, by 2020 the banks will be focusing among other things on more personalised advice, their services will be less universal and concentrated more on specific niches, and new electronic means of payment will be ubiquitous, along with a more “DIY” approach by the customer.

More info on www.bankofthefuture.be