In November 2016 The Economist Intelligence Unit (EIU), on behalf of Temenos, surveyed 200 senior global banking executives to investigate the views of retail banks on regulatory, customer, security and technology challenges they face in the years to 2020, and how they are responding to these.
Respondents were drawn from across the world, with 60 banking executives from each key region - Asia-Pacific, Europe and North Americ - and 20 from the rest of the world. Just over half (101) work for commercial retail banks, while 20% work for private banks, 15% in savings, 12% in community banks and the remainder in credit unions.
The shape of tech-dominated retail banking is becoming clearer. By 2020 your bank may no longer manage your real-time digital transactions nor your new account opening, but it will still lie at the heart of your financial world. Fintechs dream of disrupting the banking industry but retail banks still hold - and will retain - a huge advantage. They have three "big Cs" on their side: Customers, Compliance and Capital.