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This blog provides:
- An overview of the retail banking industry
- Insights into emerging trends in retail banking 2020
Although many have predicted the doom of traditional retail banking with the rise of new entrants especially in fintech that focuses on superior customer experience, we believe that traditional banking companies still have a bright future. The emerging trends in retail banking such as AI and RPA are aimed at enhancing customer experience and matching performance with that of innovators in the banking industry. Apart from these, we can also expect several transformations in the approach and operations of banking companies. Infiniti Research has worked with dozens of banking companies across the globe and played a pivotal role in helping them to adopt agile business strategies to survive the dynamic market conditions.
During the COVID-19 crisis, it is critical for companies in the banking sector to take calculative and well-executed measures to ensure business continuity in the long run. Contact us to know how industry experts at Infiniti Research can help you plan and create comprehensive action plans to navigate the crisis.
Based on our observations and expertise, here are some of the emerging retail banking trends that players need to be prepared for in 2020:
- Reorganizing around customers rather than products or channels: In 2020, an emerging trend in retail banking that we can expect to see is that banks will gradually move their focus away from products and services and begin organizing themselves around creating exceptional customer experiences. They will aim to develop the ability to view customers as a single unit by recognizing their uniqueness and tailoring offerings to suit their needs rather than being ‘pushy’ to buy banking products or avail different services.
- The growth of social media: Social media is not just one of the emerging trends in retail banking, but it has become widely popular across industries. In 2020 and beyond, retail banking companies will embrace social media platforms as a primary source to connect, engage, inform, and understand their customers. It is also expected to become an important platform where customers research banking products/ services and make a purchase decision. Mastering social media capabilities will be a core competency for retail banking companies to cope with the emerging trends in retail banking.
For an in-depth market analysis on how COVID-19 will impact the banking sector and data-driven insights to plan your next moves, request more info here.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us