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Top 10 banking trends for 2023

January 10, 2023 5-MINUTE READ

In brief

Rising rates catalyze product innovation

Rising rates will be the rocket fuel that ignites banks’ product innovation. It will come in the form of offerings similar to that of Amazon Prime.

The renaissance of the branch

Without in-person interaction most banks have struggled to maintain close relationships. 2023 will see a renewed focus on branches.

The metaverse demystifies

Just as mobile did, the metaverse is opening a new world of possibilities. It won’t be without risk—but banks were invented to manage risk.

Right culture, right talent

Talent will make ever-increasing demands on banks’ leadership. If it isn’t given its due, it will become a burning platform.

Risk everywhere

As new risks emerge, banks that focus on helping customers solve their problems, rather than on collections, will outperform their peers.

Data becomes a product

Treating data as a product is a shift in mindset that has the potential to transform the foundations of banking.

Fintechs: from disruptors to enablers

Incumbents are poised to reassert themselves as the “rightful owners of banking”—if they can find fintech-like offerings at reasonable prices.

Green gets real: the search for common ground

Banks can’t deliver net zero on their own—but pressure is rising to address the climate crisis. Consensus will be a priority in 2023.

Life centricity: from journeys to intent

As bigtechs and super-apps continue to grow, banks will look beyond customer journeys to address customers’ holistic well-being.

Core modernization: a change of heart

Tech modernization is a “forever” process. But a convergence of forces will make 2023 the watershed for the start of core modernization.

Frequently asked questions

Michael Abbott

Senior Managing Director – Global Banking Lead

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