New Competitive Threats Pressure Banks in North America to Respond to Changing Customer Demands
The Economist Intelligence Unit (EIU), on behalf of Temenos, surveyed over 400 global banking executives on the changes they see taking place in their industry to 2020 and 2025, their organizational response, and the longer-term digital investments. The report highlights that new technologies such as AI, open APIs and cloud are driving retail banks towards advanced data and analytics. Banks are using these to develop compelling propositions and experiences for their customers while keeping their money and their data safe.
The survey is part of a global research programme on retail banking, which includes in-depth interviews with retail banks, fintechs, and regulators from North America, Europe, Africa and the Middle East, Asia-Pacific, Latin America.
In addition to the global EIU report, we have published a North American specific report, looking at banks within the region. Key highlights include:
• Nearly a third (33%) of North American bankers are feeling pressure from the changing competitive environment, compared to 28% globally
• 34% of North American bankers struggle to keep up with changing customer behaviour and demands
• 40% of bankers in North America see new technologies as having the highest impact on the banking sector
Find out what Varo Money and Vancity amongst other are thinking about digital banking, innovation strategies and investment focus.