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The financial sector must integrate major societal issues - Trends Information Services

The financial sector must integrate major societal issues – Trends Information Services

How will the financial sector evolve by 2030? According to a KPMG survey of players, financial institutions must above all integrate major societal issues.

As part of the international project 30 Voices on 2030, KPMG interviewed 30 managers of banks, insurers and other players in the financial sector in Belgium with the support of the Belgian Financial Forum. Olivier Macq and Koen De Loose, respectively Head of Financial Services and Head of Banking at KPMG Belgium, provide us with the main findings of this survey.

A sector in recomposition

The aging of the population, cultural diversity, environmental issues and digitization will generate new expectations. Banks and insurance companies will have to respond to it and adapt to it, with specific strategies. While some plan to extend their offer to non-financial products, others are moving towards simplification.

All will also have to position themselves in relation to the development of integrated finance, that is to say the integration of financial services (payment, insurance, etc.) into digital platforms. At the same time, the risk of increased protectionism will favor the emergence of more decentralized models.

Current macroeconomic tensions are temporary, with deglobalisation encouraging the emergence of more decentralized models.

Olivier Macq – Partner, Head of Financial Services KPMG Belgium

This changing environment could sustain a movement of consolidation while allowing smaller players to prosper by exploiting certain market niches.

Sustainable transition

The various crises have damaged confidence in financial institutions. To restore it, the sector has embarked on a profound change facilitated by regulations.

In line with this greater accountability, the financial sector also has a major societal role to play in the transition to a sustainable world. The environmental, social and governance aspects are becoming preponderant and the institutions will have to demonstrate greater transparency.

Digital security

Technology is already enabling institutions to improve the quality of their services and their operational efficiency. It helps to speed up the processing of information while reducing costs.

It also contributes to strengthening the safety of activities, but also generates new risks. The financial sector will therefore have to invest more in prevention and better (in)train its customers to avoid being confronted with a security crisis by 2030.

While technology can enhance security, it also creates new risks.

Koen De Loose – Partner, Head of Banking KPMG Belgium

Human capital

Human capital is a priority for all actors. They are aware of the importance of trained and competent, diverse and flexible teams. Although partly digitized, customer support and advice remain crucial for a financial institution and are sources of added value.

As part of the international 30 Voices on 2030 project, KPMG interviewed 30 managers of banks, insurers and other players in the financial sector in Belgium with the support of the Belgian Financial Forum. Olivier Macq and Koen De Loose, respectively Head of Financial Services and Head of Banking at KPMG Belgium, give us the main lessons from this survey. The aging of the population, cultural diversity, environmental issues and digitization will generate new expectations. Banks and insurance companies will have to respond to it and adapt to it, with specific strategies. While some plan to extend their offer to non-financial products, others are moving towards simplification. All will also have to position themselves in relation to the development of integrated finance, i.e. the integration of financial services (payment, insurance, etc.) to digital platforms. At the same time, the risk of increased protectionism will favor the emergence of more decentralized models. This changing environment could sustain a movement of consolidation while allowing smaller players to prosper by exploiting certain market niches. The various crises have damaged confidence in financial institutions. To restore it, the sector has embarked on a profound change facilitated by regulations. As an extension of this greater accountability, the financial sector also has a major societal role to play in the context of the transition towards a sustainable world. Environmental, social and governance aspects are becoming more prominent and institutions will need to demonstrate greater transparency. Technology is already enabling institutions to improve the quality of their services and their operational efficiency. It helps to speed up the processing of information while reducing costs. It also helps to strengthen the security of activities, but also generates new risks. The financial sector will therefore have to invest more in prevention and better (in)train its customers to avoid being confronted with a security crisis by 2030. Human capital is a priority for all players. They are aware of the importance of trained and competent, diverse and flexible teams. Although partly digitized, customer support and advice remain crucial for a financial institution and are sources of added value.

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