Banking to Become More Like Netflix: Experts Warn of Risks Ahead

The Reserve Bank of New Zealand has released a report on the future of banking, predicting that it could become as seamless and personalized as services like Netflix or Uber over the next decade.

The 'Future of Banking 2035' report highlights the potential benefits of increased competition and innovation in the financial sector, including better products, more tailored services, and cheaper credit for some customers.

However, the report also identifies significant risks associated with this shift, including operational risk, cyber threats, and the potential for consumers to be exposed to new types of scams and fraud.

Director of financial system assessment Kerry Watt emphasized that 'banking is critical to most of our daily lives' and that the future of banking will have far-reaching implications for almost everyone.