Top 10 Retail Banking Trends & Predictions

For the sixth consecutive year, Digital Banking Report has surveyed a panel of over 100 global financial services leaders for their thoughts and predictions on retail banking and credit union trends. The crowdsource panel includes bankers, credit union executives, industry analysts, advisors, authors, and fintech followers from Asia, Africa, North America, South and Central America, Europe, the Middle East, and Australia. They’ve created a research, analysis and Digital Banking Report entitled “2017 Retail Banking Trends and Predictions,” sponsored by Kony, Inc.. The 93-page report is now available here.

One of the clear  conclusions we can draw from the summary is that improved use of data and advanced analytics and improvements in multichannel delivery — mentioned by 54% and 45% respectively — is going to be key to success in the near term.

OrboAnywhere data extraction tools are the perfect suite of resources for financial institutions that are looking ahead to the scenario described above, as well as “removing friction from the customer journey” — basically the Omnichannel — which was mentioned by 54% of the panelists.

“The relentless speed of digitization and automation, the rise of fintech and regulatory initiatives will encourage all financial institutions to become more transparent and nurture richer ecosystems of data and partners. It will also force them to better foster internal and external collaboration, accelerate culture change and truly empower their workforce. It will urge them to balance tech investments for customers and employees and furthermore, create a need for open, cognitive systems which not only understand, reason and learn, but also interact with people, entities and other systems.”

– Christophe Langlois, Executive Consultant at IBM