Retail Banking Trends 2016: Hot Topics Entering Planning Season

by Daniel Latimore, October 5, 2016
Industry Trends
Global

Abstract

Celent has released a new report titled Retail Banking Trends 2016: Hot Topics Entering Planning Season. The report was written by Dan Latimore, senior vice president of Celent’s Banking practice.

Bankers should consider ten trends grouped into three themes: achieving digital and omnichannel ambitions, exploiting innovation and Fintech, and executing around legacy and ecosystem transformation.

Six key technologies are gaining traction: biometrics, real time, immersive PFM, artificial intelligence and robotics (including RPA), natural language, and analytics. In navigating this space, Celent advises bankers to cast a wide net, hone relationships, and buy real options.

“As banks head into planning season, they’re trying to narrow their priorities into a focused short list; this work will help them makes sense of an increasingly tumultuous world. Several of these trends have been around in one form or another for several years and have evolved. Others are brand new. All have been the subject of many discussions with our bank and vendor clients,” says Latimore.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

Digital and Omnichannel

4

 

Achieving Digital Ubiquity

5

 

Acknowledging Mobile Primacy

6

 

Addressing Customer Experience

8

Innovation and Fintech

10

 

Finding Fintech Everywhere

10

 

Investing in Innovation

11

 

Moving Cloud into Production

12

Legacy and Ecosystem Transformation

14

 

Modernizing Middle and Back Office

14

 

Perfecting Partnerships (Open Banking)

14

 

Continuing Cybersecurity

15

 

Managing Regulation

15

Six Emerging Technologies

16

 

Biometrics

16

 

Real Time

16

 

Immersion PFM

17

 

AI/Robotics

17

 

Natural Language

17

 

Analytics

17

Path Forward

18

Leveraging Celent’s Expertise

19

 

Support for Financial Institutions

19

 

Support for Vendors

19

Related Celent Research

20

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