Top retail banking trends and priorities for 2023
As we enter 2023, the banking industry is focused on delivering an improved digital banking experience with new technologies, products and partnerships. While new research shows an urgency for change, the question becomes whether banks and credit unions will make the investment needed during a time of economic uncertainty.
The banking industry is at the crossroads of digital transformation opportunities and the challenges of an uncertain economic reality. While the industry seems to understand what is required to compete with alternative digital banking providers and meet the needs of an increasingly demanding consumer, a hesitation to fully embrace the change needed to move forward at speed and scale remains.
In many instances, legacy culture becomes a barrier to required change needed to become digital banking organizations. In several banks and credit unions, the fear of risk or a focus on cutting costs limits the potential of digital banking transformation.
New research, 2023 Retail Banking Trends and Priorities, sponsored by Q2, found that the pandemic increased the understanding of what was needed to compete in the future. The progress made to date, however, varies widely based on the asset size of institutions, the commitment to change, and the level of resources committed to become digital financial technology organizations.
This is the tenth year for this highly anticipated report, which will be offered soon to the marketplace at no charge for the first time ever. Digital Banking Report surveyed a panel of global financial services leaders from Asia, Africa, North America, South and Central America, Europe, the Middle East and Australia for their thoughts on retail banking and credit union trends and strategic priorities. The report will include a crowdsourced panel as well as in-depth interviews from industry analysts, advisors, authors and fintech influencers who provide deeper understanding into the key trends.
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