The banking industry is emerging from a long crisis with its core business attacked from all angles, and it’s only going to get worse. Yet banking remains at the heart of the economy, critical for future wealth creation. What is required is strong industry leadership and a clear vision of what banking should look like in the long term.

Banks now need a long term vision on a 10 year horizon. Focusing down on the payments industry allows us to see why more concretely, and could provide an inkling of what the rest of the banking landscape faces.

Developing a vision is critical to steering a business through the medium to long term, providing a tool to ensure that every major decision that is made helps move towards the end goal. But then you have to deliver. How?

The auto industry is facing enormous upheaval: new mobility models are already a reality, and huge amounts of resources are being invested both by OEMs and technology firms in autonomous drive vehicles. While insurers clearly see the opportunity from telematics-driven black box insurance, few seem to have looked much beyond this at the wider revenue possibilities, or considered the longer term impact on product, required competencies and distribution model.