The banking industry is undergoing a paradigm shift; incumbent industry leaders are being forced to rethink their future growth strategy as they are struggling to remain relevant. Growing competition from BigTechs, FinTechs, and challenger banks has added to the complexity created by ever-changing stringent regulatory and compliance requirements. Customer’s expectations are also heavily influenced by the seamless customer journey offerings of BigTechs (such as Google, Apple, Facebook, and Amazon). The Changing banking ecosystem has brought in new unexplored opportunities for banks, and it is encouraging banks to move beyond traditional products to meet changing customer needs. Banks are looking to collaborate with their FinTechs and RegTechs counterparts. Incumbents are exploring point of sale financing and unsecured consumer lending, and also enhancing their digital channels expertise to reach a broader customer base. Banks are also embracing the open banking API-led economy and collaborating with third-parties to create an open-shared marketplace. Technological advancements such as AI is also fueling banks’ effort to evolve their customer onboarding and customer touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a user experience across the customer lifecycle. This analysis of the top retail banking trends for 2020 aims to help readers understand the fast-changing dynamics of the banking ecosystem.
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