Over the last decade, the banking landscape has been irrevocably changed.
Digital disruptors, new technologies, new regulations and increasing customer demands mean banks have had to adjust their business models to deal with these new market challenges.
Between January and March 2019, 405 global retail banking executives were surveyed by The Economist Intelligence Unit on behalf of Temenos. They were asked about the changes taking place in their industry to 2020 and 2025. We’ve compiled their answers, detailing organizational responses and how their long-term strategy will be impacted.
Key points from this year’s survey:
- New technologies are more important than customer demands and regulation for the first time in its 6-year retail banking survey history
- Retail banks’ top new proposition for innovation is building their own greenfield digital bank
- Three in five respondents expect banks deploying more computing power in the public cloud by 2025 than they currently deploy in all the private cloud data centers
- Banks are realising the opportunities of open banking and are now pursuing more proactive strategies such as becoming aggregators of their own as well as financial and non-financial products and in some cases seeking to build digital ecosystems.
- Banks are still looking to work with fintechs with 56% of respondents saying that fintech-bank collaboration in sandboxes will become mainstream by 2025