Revolutionizing Retail Banking in the Digital Era

Retail banking is rapidly evolving, driven by the shift to digital solutions accelerated by the COVID-19 pandemic. Customers now prefer digital tools for simple banking transactions, budgeting, planning, and investing, including robo-advisors.

Key Drivers of Change

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Consumer Behavior

Consumer Behavior

Increased demand for digital banking channels.
Fintech Competition

Fintech Competition

Innovative, user-friendly solutions from fintech companies.
Operational Efficiency

Operational Efficiency

Need for cost reduction and streamlined operations through digital tools.

Future Trends in Retail Banking

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Digital Transformation

Heavy investment in technology to modernize and enhance customer experience. 70% of banks’ CXOs plan to increase digital transformation investment by up to 10% by 2024. (Source: World Retail Banking Report 2024)
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Omnichannel Banking

Omnichannel banking is a seamless communication across channels like mobile apps, websites, and physical branches, creating a unified experience for the customer. It's no longer about which channel a customer chooses but ensuring a cohesive journey across all of them.
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Open Banking

Open banking is poised to reshape the banking landscape. By securely sharing customer data through APIs, it fosters a more collaborative ecosystem. This unlocks a wave of innovation, with fintech firms developing personalized financial products and banks leveraging data for better risk assessment.
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The Path Forward

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To succeed, banks must:

  • Embrace digital transformation.
  • Foster innovation.
  • Focus on customer-centric approaches.
  • Develop advanced data and technology capabilities.
  • Adopt agile operating models.

Despite challenges from fintechs, incumbent banks can lead by adapting to these changes. Invest in digital transformation to thrive in the evolving financial landscape & win in the digital battlefield.

At Korcomptenz, we provide comprehensive consulting and advisory services, along with a range of testing solutions, to support your transformation initiatives. Contact us to discover how we can help you stay ahead in the evolving landscape of Retail banking.

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