The Top 10 Retail Banking Trends and Predictions for 2014 are compiled from more than 60 global financial services leaders including bankers, credit union executives, industry analysts, advisors, publishers and editors, bloggers and fintech followers.
This year's list runs the gamut from a continuation of past trends to the introduction of new trends in delivery, payments, competition, operations, customer experience and marketing. Prioritization of these trends may differ by institution, but none should be ignored.
For the third year in a row, I have reached out to global leaders in the financial services industry to ask for their thoughts around upcoming banking and credit union trends and predictions. As in the past, the response was overwhelming, with more than 60 responses. The emphasis of this compilation is mostly North America, but most of the trends are global thanks to responders from the U.K. and the Asia Pacific region.
While everyone had their 'favorite' trend, and some provided a personal top 10 list, I consolidated their thoughts and came up with trends that were considered the most important. Two significant trends that are not listed, but impact virtually every trend discussed, are the omnipresence of previous and upcoming regulations as well as the continued investment in new technologies to make this year's trends a reality. Two trends that may prove important, but got less than expected mentions were the underbanked and alternative currencies like BitCoin.
This year's Top 10 Retail Banking Trends and Predictions are:
All of the contributors did concur, however, that a guaranteed prediction for 2014 is that disruption will continue at an unprecedented pace and that the industry will look different this time next year.
- Drive-to-Digital: Impacting delivery, marketing and service usage
- Payment Disruption: New players, technologies and innovations
- Increased Competition: Neobanks and non-traditional player pressures
- Branch Optimization: Maybe not branchless, but certainly less branches
- Focus on Customer 3.0: Digitally astute, social and yearning for insight
- Breaking Down Silos: Product and data silos begin to crumble
- Simplifying Engagement: Removal of friction and steps to engage
- Improving Contextual Experiences: Leveraging data for improved service
- Differentiating Brands: Avoiding commoditization in a digital world
- Global Innovation Perspective: Expanding view of tomorrow's innovations
The following infographic is a graphical representation of top trend and prediction terms provided by the contributors to this year's report. The size of each word represents the prominence of terms from the industry leader submissions.