What are the implications of technologies on rural banking by the year 2030

Executive Summary

The report titled: What are the Implications of Technologies for Rural Banking by Year 2030 sets out to establish the following key aims:

  • What the major technologies are, that are most likely to significantly impact the New Zealand Rural Banking sector.
  • To understand the implications of these technologies and their likely impact on the Rural Banking sector.
  • To provide recommendations as to how NZ Rural Banks should respond.

A literature review was undertaken in order to gain a good understanding thereof.  This entailed extensive literature reading.
In addition, informal discussions were also held with bank executives to ascertain a balance of viewpoints.

Key findings of the report are as follows:

  • Technological change is happening now and is changing banking rapidly. By 2030 there is expected to be major changes reshaping the sector.
  • Technologies will bring about both risks and opportunities for all involved.
  • Whilst New Zealand (NZ) Rural Banks could be considered a niche industry, it is not immune to a lot of new technologies.
  • New Zealand (NZ) Rural Banks are at risk of disruption if they do not adapt rapidly and continuously.
  • There will be an impact on humans, both positive and negative.
  • The human interface between rural banking and its rural customers will remain vitally important.

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