LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the power forces shaping the retail banking industry in 2020.
The UK retail banking industry is expected to change significantly due to increasing customer expectations, changing regulatory requirements, new competitors, and technologies. Banks need to keep an eye on these factors and evaluate their impact on organizations. Also, they need to integrate changes in markets, customers, risk regulation, and operations while implementing real-world large scale-change.
At SpendEdge, we understand that the retail banking industry is driven by powerful forces and creating an imperative for change. Therefore, we have highlighted the key trends shaping the retail industry.
UK Retail Banking Trends 2020
Banks are increasingly using AI chatbots and live chats to improve their customer services. They are applying predictive analytics to translate the information gained into bespoke user tips by analyzing users spending patterns. This is revolutionizing debt collection and helping customers to manage their transactions.
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Cybersecurity has become a prime concern for the retail banking industry. The advent of new technologies is exposing customer data to greater risks and creating new challenges for banks. The industry needs some proactivity to keep up with the threats and secure the data. There have been several attempts of data breaches in the last few years, and many of them succeeded. To know how you can secure the data of your customers, get in touch with our experts now!
This technology allows multiple parties to access digital ledger. Organizations in the retail industry are increasingly leveraging blockchain technology to transform their business operations. Also, many banks are acting as a venture capitalist for blockchain companies and helping them raise millions of dollars.
To gain more insights into the trends impacting the UK retail banking industry, read the complete article here!
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