Retail banking priorities have shifted in 2023
The retail banking market changed in significant ways during the first half of 2023, thanks to events like the crisis that took down several large regional banks. These events have influenced consumer behavior and prompted financial institutions to reassess their strategies. Here's a look at how this is impacting the trends and priorities that are transforming the industry.
As 2023 got underway, we laid out the retail banking priorities for the year ahead (in this article and, separately, in this free report).
Looking back at the predictions and analysis, the areas of focus we highlighted remain highly relevant, but with a few shifts in emphasis emerging.
The industry’s pursuit of digital transformation is unwavering. Some facets of this, such as work to improve data analytics and multichannel delivery, have seen a slight decline in emphasis, but these two priorities remain important to enhancing customer experiences, increasing engagement and driving data-driven decision-making.
Other priorities, like addressing financial wellness, have gained more urgency with banks and credit unions, in response to an increase in consumer demand for advice.
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