The future of retail banking report 2016

Proudly sponsored by GFT, this report examines the trends that look set to shape the future of banking, from changes in the competitive landscape to the rising importance of customer engagement, digitalisation and the future of payments. Download it now to gain valuable insight into the dynamics that are defining new customer expectations across the industry.

Based on a survey of over 800 senior bankers conducted at the end of 2016, The Future of Retail Banking report examines key trends facing an industry on the brink of great change, including chapters on technological transformation and the rise of challenger financial institutions, Brexit, payments innovation, omnichannel, and customer engagement. At a crucial time for banking, the report challenges decision-makers from across the industry to innovate and adapt, or face extinction.

  • 84 percent believe customers will be more likely to switch their bank account in five years’ time.
  • 77 percent believe that the more radical changes in payments over the next five years will be driven primarily by non-banks.
  • 65 percent expect to use data from wearables to enhance their proposition by 2021.
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Artur Serra, Sales Executive Director Banking

"GFT is responding to growing demand from clients to help them rapidly align their capabilities and platforms to the challenges of the digital economy, which is driving a revolution in the sector. In Europe, PSD2 is accelerating the move towards Open APIs, creating new challenges but ultimately encouraging innovative propositions that bring banks closer to their customers", says Artur Serra, Sales Executive Director Banking.

This survey shows that becoming an integral part of a customer’s digital life is one of the biggest priorities facing today’s banking industry. By understanding the ‘customer journey’, banks can be more responsive; making themselves available to the customer at any time, via the customer’s channel of choice, offering more targeted and relevant interactions. Unfortunately this approach alone will no longer suffice. The market is evolving so rapidly that individual banks can find it extremely difficult to keep up by themselves; collaboration is essential, and many banks already recognise this and are taking steps to work together.

The monolithic structures found in traditional banks have begun to be dismantled in favour of more agile ways of working, incorporating products, services and channels from FinTechs and other banks in a modular banking approach. BBVA’s API Market and Telefonica’s O2 Banking (supported by Fidor) are powerful examples of this trend. Ultimately, we are moving towards a scenario where customer engagement is achieved by active personalisation, enabling a “made-to-measure” banking experience.

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