A wave of global megatrends is creating a tailwind of opportunities for businesses and individuals willing to transform their approach and adapt solutions around rapidly changing customer needs
June 19, 2019 | Mark Swain
The $2 trillion global commercial banking industry is changing more now than ever before. An industry approximately the same size as the global oil and gas industry, three times the size of global airlines, and ten times the global market for beer manufacturing, is going through a major revolution as banking and technology collide.
With revenues split roughly 50/50 between retail and corporate banking ($1 trillion each) adopting value propositions to specific customer segments or customer demographics is becoming increasingly important.
A wave of global megatrends is creating a tailwind of opportunities for businesses and individuals willing to transform their approach and adapt solutions around rapidly changing customer needs.
The key megatrends impacting ﬁnancial services right now are;
Demographic change which estimates 2.1 billion people will be over 60 years old by 2050. That’s up 320% from 0.5 billion in 1990.
Urbanisation which predicts that by 2050 the world’s population living in cities is expected to reach 4.9 billion. Currently there are 31 megacities with over 10 million inhabitants; in comparison to only two megacities in 1970 (New York and Tokyo).
Sustainability to support this global expansion. It is estimated that more energy, 40% more water and 35% more food is needed by 2030 based on the current trajectory; meanwhile, climate change and rising global temperatures pose graving problems to natural resources.
Technological development estimates internet-connected devices to increase by 244% between 2016 and 2020, towards a total of 21 billion.
Globalisation which has increased global trading by a factor of fifteen since 1960. Developing and emerging economies now account for over 40% of global exports.
and Entrepreneurship, the ‘job for life’ is no more, and a growing wave of entre...
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