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.