Trends in banking and financial services by 2035

Being “digital-first” is no longer enough. To compete in the future, banks must become technology-infused, reimagining every aspect of their business through an emerging techno-lens.

The year is 2035. You wake up and check your finances through a voice activated digital assistant, who appears as a hologram of Elvis. After being authenticated via voice and fingerprint biometrics, the late King of Rock and Roll – who would have been 100 – provides a snapshot of your spending, savings, and investments in a personalized dashboard containing all your accounts and financial data in one place.

You ask your assistant to pay a utility bill through a lightning-fast decentralized finance network. You also request an overview of the performance of your diversified crypto portfolio and carbon-neutral investment fund. The Elvis hologram confirms the transactions and provides complete visibility into your financial position across accounts and asset classes before you can say “a little less conversation.”

Next, while still in bed, you desire to discuss your home’s mortgage options. The avatar instantly pulls up your financial profile and credit history using quantum machine learning algorithms. It provides tailored recommendations on mortgage products that align with your financial goals, adjusting key variables in real time to show you the optimal solutions. As futuristic and fanciful as this may seem, this is how banking in just over a decade could – and arguably should – look and feel. This fantasy might become a reality by investing smartly in the right areas and harnessing emerging technologies’ power. A world of frictionless, integrated, and highly personalized experiences is within reach.

In their latest ebook: Banking in 2035:  How emerging technologies will transform the way we bank, John Da Gama-Rose, Head of Banking & Financial Services for Global Growth Markets at Cognizant, and Carter Ahl, Global Principal, Partner Development, Financial Services at Amazon Web Services, share their insights on how emerging technologies will transform the way we bank and what to consider on the runway to 2035.

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