Banking 2050: Who Owns the Customer?
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What is the main topic discussed in this episode?
25 years ago, almost nobody saw checks disappearing, branches thinning out, or banks fighting customers on an app famous for viral dances. But it's all happened, and most bankers were caught somewhat flat-footed when they did. My guest today asks the obvious next question. What gets invented or changed between now and 2050 that leaves us all just as surprised? Nick Cowell leads U.S. retail banking strategy practice for Deloitte and built their series 2050 Banking Beyond. Some of the projections extend where we are today and others could disrupt banking as we know it. We aren't going to just run through the list of projections. That would be a little boring even for me and Nick probably. What we are going to do is we're going to expose some of the places where the industry could be vulnerable
and what every bank and credit union should be really doing right now to prepare for 25 years from now. So welcome to the show, Nick. I think it's the first time you've been on. It's great to have you.
Thanks so much for having me. I'm looking forward to the discussion.
So we discussed a little bit on the pre-call around the fact that you need to pick this flag to stick in the ground at 2050. Why so far out when we can hardly deal with what's tomorrow and next year? And who inside the bank needs to be reading what you're putting out there over this series?
Yeah, it's a good question. And honestly, the question around why 2050 is... is not a new one as we've designed and launched a series. I think the point is not to necessarily accurately predict and bullseye what retail banking looks like in 2050, but actually maybe break the narrative around traditional planning horizons. So if we think historically, and even today, retail banking typically runs on quarterly earnings, annual budgets, or fairly near to midterm strategic planning. And what we want to do with banking executives is say, hey, you know there's some predictions we have and if you believe these to be true in 25 years time what do you need to change today in terms of organizational structures where you put your money um tech investments you're going to make what you potentially demise and and really jim 2050 is a bit of a shorthand to your intro a lot of our predictions either they're happening today or manifest in the near term or even be disproved in the near term i'd say this whole series is designed to be more of a
You provoke a conversation around scenario planning, which is not necessarily encumbered by the biases of yesterday or the realities of today. It's really intended, the audience to your question is really intended at retail banking C-suite. This is not necessarily us mapping out a technology roadmap. but basically painting out some predictions which could really determine the trajectory of retail banking and determine the key business model decisions that these executives have to face.
You know, it's interesting, Nick, because I'm sure this is the way you went about it. It's kind of like an open piece of paper, basically, blue sky. Because when you get into the 25 years, you're going, we got to think beyond what we really think. I mean, we never would have foresaw COVID. We never would have foresaw the amazing growth of digital banking as fast as it has. But it's good to blue sky because it at least gets you out of the traditional sense of this. You know, I gave it in the introduction. Some of the projections I saw you had were kind of like a move forward from where we are today. And it seems kind of logical. But some of them were really, really blue sky and ones that are not. It's interesting how we don't see anything out of the realm of possibility anymore anymore.
But it's also going to be a moving target. I would imagine that even the view within the projections are going to change over time as we see things happen that we maybe weren't expecting. So of all the nine projections you had, which one do you think today's bankers might wave off but should be not waving them off? In other words, they could be wrong about waving them off and going, eh, it ain't going to happen.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:01–6:51
2
Why did Deloitte choose 2050 as the horizon for Banking Beyond?
6:51–30:48
3
Which 2050 predictions do bankers most underestimate and why?
30:48–33:13
4
How could autonomous AI agents erode banks' customer relationships?
33:13–41:21
5
What is 'dopamine banking' and how might gamification change engagement?
41:21–41:55