Retail Banking Redesigned
Despite the ongoing and rapid transformation in the industry, it is important to keep in mind that there are also an endless number of new opportunities occurring to grow if one is positioned to take advantage of these.
In this whitepaper, we point out five focus areas for retail banks to consider, in order to succeed in a redesigned world of banking.
The retail banking industry is changing, driven by multiple megatrends thoroughly described throughout the recent years.
Competition from so-called ”big-techs”, non-financial services players entering the industry is a trend that has potential to change the landscape of retail banking, although until now, the main competition from these players have been connected to the payment segment.
However, not only the competitive situation is changing; the retail bank customers are also changing their behavior with high demands for good user experiences where convenience and agility is in focus. Also, mobility and connectivity is increasingly important in a world where everything is connected. At the same time, trust in the financial services provider is a highly valued feature.