Several trends will drive developments in retail banking in 2015, covering external factors such as regulation and internal factors such as mobile innovation. Banks will have to react by streamlining their product ranges, modernizing their channel strategies, and updating their propositions to combat new entrants.
Identify the most important trends that will affect retail banking in 2015.
Assess the impact of regulatory, competitive, and technological developments on the retail banking industry.
Learn what actions you need to undertake to exploit these trends and stay ahead of your competitors.
What will be the dominant trends in retail banking in 2015?
What impact will developments in regulation, technology, and competition have on the retail banking sector?
How will providers respond to the changing banking environment in 2015?
Pressure from regulators and the drive to reduce costs will force banks to rationalize their product ranges. This reduction in complexity will result in more customer-centric portfolios, which will in turn drive higher levels of cross-selling.
Banks will increasingly outsource their product innovation to third parties. They will use "accelerator" programs to mentor financial technology specialists and leverage their expertize to bring new ideas to market in shorter time periods and at lower cost.
New entrants will target particular niches, forcing incumbents to start segmenting their consumer propositions in response, for example by creating digital-only providers or brands targeted at the youth market.