EY – Retail Banking 2035, Sep 2024

This EY report, in collaboration with the University of St. Gallen, examines the future of retail banking, focusing on key challenges and strategic adaptations needed through 2035. EY's study with Swiss retail banks identifies gradual margin decline as a primary concern, driven by economic pressures, competition, and new technologies. While digital transformation, AI, and potential quantum applications are expected to shape the market, banks view their immediate impact as overstated. The report emphasizes that traditional strengths, such as customer trust and advisory quality, will remain crucial, especially during key life events. Additionally, regulatory and societal pressures on issues like sustainability and regional responsibility will likely grow, with banks facing increased scrutiny from both the public and regulatory bodies.