The current decade ends in five years, but in that short space of time even more digital and technological transformations are expected, largely due to the advent of artificial intelligence (AI).
Banking and insurance are not immune to these transformations, in fact, they have been among the sectors that most incorporate them in the execution of processes and in the connection with customers and, for this reason, the expectation is that, in 2030, “AI agents will be an integral part” of this financial ecosystem, comments Rita Costa, managing partner of the financial services area at EY.
For example, “banks will function more as technological platforms and where they will be ‘invisible’, that is, banking will be as omnipresent as it is invisible, offering financial services in a continuous, personalized, secure and integrated manner in all aspects of the individual’s digital life, redefining the concept of relationship with banking institutions”, he adds.
was the number of branches in Portugal at the end of 2024, the lowest since 1994, according to data from Banco de Portugal
“The insurance sector will be more personalized and even more essential in people’s lives. AI is already transforming our industry, allowing insurers to offer coverage tailored to customer needs, faster claims management and more dynamic risk assessment. We are combining advanced technology with external data and human experience to provide an efficient, empathetic and transparent service”, guarantees Helene Westerlind, CEO of Zurich Portugal.
billion was the global production of direct insurance in Portugal at the end of the second quarter of 2025, according to data from the Insurance and Pension Funds Supervisory Authority (ASF)
These are the “great transformations” that can be anticipated or, in some cases, predicted. It is more difficult to anticipate – or predict – what the relationship between these sectors and the economy will be like.
Vitor Bento, president of the Portuguese Banking Association (APB), considers that “Portuguese banking is well strengthened in terms of balance sheet strength, capital, liquidity and operating efficiency, which converges to good levels of resilience and ability to withstand adverse economic conditions”. And therefore, “if the economy deteriorates, the resilience acquired will help to face adversity in calmer conditions than in the past”, he adds.
“With the economy growing and maintaining labor levels close to full employment, on the one hand, and with companies exhibiting high levels of financial autonomy, on the other, the near future does not suggest signs of great concern”, points out Vítor Bento
In insurance, there is an expectation that, in the near future like 2030, there will be more people turning to this sector. “With public pension replacement rates expected to reduce, people need more support to plan their retirement and achieve financial protection”, says Helene Westerlind. Furthermore, there will be more people wanting to insure their assets against increasingly frequent climatic accidents, such as floods or fires, continues the CEO of Zurich Portugal, remembering the importance of increasing financial literacy in the country.
In fact, alongside the “major market trends” for 2030, financial literacy will be another of the topics to be addressed at the Money Summit that EY is organizing next Tuesday and where a total of 14 speakers will be present.
What is it?
It is a debate organized by EY and Credinfor that brings together the CEOs of the main Portuguese and foreign banks and insurance companies operating in Portugal.
When, where and at what time?
October 28th, Tuesday, at the Pavilhão de Portugal, in Parque das Nações, in Lisbon, from 9:00 am to 12:40 pm.
Who will be present?
- Rita Costa, managing partner of the financial services area at EY
- João Silva Lopes, Secretary of State for Treasury and Finance
- João Pedro Oliveira e Costa, CEO of BPI
- Mark Bourke, CEO, do Novo Banco
- Miguel Maya, CEO do BCP
- Paulo Macedo, CEO of Caixa Geral de Depósitos (CGD)
- Pedro Castro e Almeida, CEO of Santander Portugal
- Pedro Leitão, CEO of Montepio
- Vitor Bento, president of the Portuguese Banking Association (APB)
- Teresa Brantuas, CEO of Allianz
- Pedro Carvalho, CEO of Generali Tranquilidade
- Luís Menezes, CEO of the Ageas Portugal group
- Helene Westerlind, CEO of Zurich
- Gonçalo Matias, Deputy Minister and State Reform
Why is this meeting central?
The objective is to debate what banking and insurance will be like in 2030, taking into account technological developments and the social and economic changes that are currently underway.
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