When new technologies like machine learning are applied to data sets liberalised by the government's consumer data right, which passed the Parliament on Thursday, aspects of banking will be “unrecognisable” by 2030, as lenders morph into providing personalised, data-related services to keep customers engaged.

That’s the view of KPMG, which published a thought-piece this week titled The Future of Digital Banking that has been circulated to the firm's banking clients in over 50 countries. Commissioned by Commonwealth Bank, it suggests banks will be forced to move beyond their historical focus on lending and facilitating transactions, towards delivering customers personal, customised insights based on data analytics to maintain relationships, or risk being disrupted by industry outsiders.