A well-known customer intelligence company, Infiniti Research, has announced the completion of their recent article on category scan: retail banking market updates and future trends. This article provides industry insights based on Infinitis discussions with top retail banking companies across the globe and several customers leveraging their services.
The retail banking industry is undergoing an unprecedented wave of change. To avoid being left behind, it is essential for them to choose the right business strategy. The adoption of technology into retail banking services is a primary enabler of better customer experience and more streamlined operations. However, attracting new customers remains a key challenge in this sector.
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Retail Banking: Recent Innovations and Market Updates 2019
Personalization is gaining increased importance in the retail banking industry. It is a great way for companies in this sector to enhance their customer satisfaction as well as to increase their economic value. Customer retention rate is more in the case of banks that understand customers financial needs and interact with them in ways that reflect their preferences. In an era of hyper-personalization and competitive pressure, it is vital to deliver meaningful insights and advice-on-demand to customers apart from the speed and convenience of transactions.
Transformation in branch banking
Traditional bank branches are slowly losing their importance as digital banking facilities are eliminating the use of hard cash. Furthermore, the fixed-cost involved in setting up and maintaining a branch is high, therefore in order to survive these branches need to be increasingly productive. However, branches will not experience a complete shutdown in the years to come, rather they may continue to function as centers for flagship information, advisory, and engagement hubs.
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Local markets may close for outsiders
Traditionally restricted markets including China, India, and Korea will be joined by others in the case of restricting market share for foreign institutions through local regulation and subtle preferences wherein domestic institutions are more favored. Consequently, the ability of emerging market financial institutions to penetrate into markets outside of their home countries will become limited. This can only be avoided in case the regional and bilateral trade agreements concluded over the next five years drives select opportunities for certain institutions where financial services are included in the scope of the agreements.
Cybersecurity will be paramount
Recent cases of high-profile data breaches have generated fear and uncertainty among retail banking customers, prompting retail banking companies to undertake strict measures to curb such incidents. As the regulation over cybersecurity is rising, banking companies will need to do more in terms of intervening and keep pace with the constantly growing and changing cyber threats. It is expected that by 2020 leading banks will have developed advanced cyber-security strategies that are more aligned with their business aims, risk-management protocols, and regulatory requirements.
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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
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