2018: Key Trends in Retail Banking
Several trends will drive developments in retail banking in 2018, including factors as diverse as changes to the regulatory environment, the development of open banking, improvements in digital servicing, and the reconfiguring of branch networks.
This report identifies seven key trends that will shape the retail banking market in 2018, to which providers will need to respond and adapt. It offers insight into -
- The likely impact of technological developments on the retail banking industry in 2018.
- Changes in the competitive and regulatory environments.
- Which providers are making the most headway in responding to and taking advantage of the these trends.
- Growth in open banking will be limited in 2018, with consumer resistance and slow progress by the largest banks being the main barriers. However, regulators around the world are establishing open banking frameworks that will boost adoption in the longer term.
- Major banks will continue to downsize their branch network in response to declining footfall and a desire to cut operating costs. Remaining branches will be repurposed to focus on advice provision and other added-value activities.
- Providers will increase efforts to improve their digital onboarding capabilities, using mobile image capture to automate the Know Your Customer process. An increasing number of providers will offer fully digital application procedures for complex products such as mortgages.
Reasons to buy
- Identifies the most important trends that will affect retail banking in 2018.
- Assesses the impact of competitive, consumer, and technological developments on the retail banking industry.
- Offers insight on the providers that are making the greatest impact in these areas.