The future of retail banking: A look into the crystal ball
A global study of over 300 banking industry insiders reveals intriguing and sometimes conflicting perspectives on the pace and nature of change that lies ahead in retail banking over the next few years.
The 2024 Retail Banking Crystal Ball research project gathered input from large global and national banks as well as regional banks, community institutions, credit unions, fintech firms, vendors and advisors spread across North America, Europe, Asia and other regions. To answer questions facing financial institutions as we enter the new year, the Digital Banking Report asked people in the industry to provide their projections regarding what will happen in the future … and when?
The research focused on 14 perspectives — shown in the first chart, below — within four key areas of banking:
- Competition and Consolidation
- Modern Technologies
- Payments
- Digital Transformation
The insights collected are very enlightening but they obviously need to be taken within the context that no specific component of financial services can be forecast with certainty. That said, the projected speed of adoption of some tools and techniques —e.g., use of generative AI and movement to the cloud — can’t be ignored. Likewise, the slow adoption of other projections (e.g. impact of social responsibility and use of blockchain technologies) should not be assumed.
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