Published on : Feb 17, 2017
ALBANY, NY, Feb 17, 2017: According to the report, titled “ 2017: Key Trends in Retail Banking,” the U.K. and the European Union will pioneer efforts to practically apply the principles of open banking in 2017 because of the regulatory demands. It further adds that banks will collaborate to set standards and protocols on security, data protection, and accountability.
A key trend would be the keenness to tap into the opportunities provided by API (application program interfaces). Banks will increasingly leverage APIs, Internet of Things (IoT), and artificial intelligence (AI) to access additional data required to provide high-quality data-led insight. This would enable them to uncover consumer behavior and chart winning strategies. AI will also be utilized to communicate better with banks through chat bots.
Increasing thrust on integration of retail banking and fintech to up transparency and efficiency is another trend to look out for in 2017. While on one hand fintechs provide agility to innovate technologies, banks supply capital, large customer bases, and expertise in working with regulators. It is predicted that fintech will be increasingly monitored by global regulators in 2017 as it continues to come up with disruptive technologies and as more players foray into it. Blockchain technology, which is a part of fintech and is being leveraged by most prominent investment banks, will now be used by retail banks too.
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Apart from fintech and blockchain, other technologies that will gain further prominence in the retail banking sector are cloud computing and Internet of Things (IoT). Other trends shaping the retail banking landscape in 2017 will be the gigantic thrust on digital transactions, especially through banking and payment apps, and reduced need for ATMs and physical transactions.
Data breaches will continue to dog retail banks in 2017 and most likely will up allocation for heightened security. Banks will also significantly spend to enhance customer experience through further customization of services. They would also work on bettering integrated multichannel delivery and expend a lot of energy in navigating the complex regulatory environment.
The report furnishes a thorough insight into the possible key trends in the retail banking sector so that both leading providers and relatively new institutions in the field can make the most of them and stay on top of their customers’ preferences. It enables retail banks to chart appropriate strategies and take sagacious decisions in order to stay ahead of competition in a dynamic atmosphere.
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