Top commercial banking trends in 2020
January 22, 2020
January 22, 2020
Rising customer expectations, disruptive competitors, new technologies and increased regulation are just a few of the ongoing pressures forcing commercial banks to reimagine and evolve their business and operating models. Those with existing investments in digital and data platforms and the right ambition, tools and partners, are well positioned to be the frontrunners. Aggressive investments to drive efficiency and enhance the client and employee experience will keep them in the lead, with continuous momentum toward a new digital future. We see 2020 as the year commercial banks went from digitization to digital by building on these investments and truly unlocking the power of their data.
We’ve identified six trends we believe will guide commercial banks through the first year of this new decade.
This is where transformation really gets going. Commercial banks are moving beyond investment in operational and CRM platforms, reinventing all analog processes to become truly digital players.
RMs are engaging their clients with hugely enhanced insights. Relationship managers are poised to grow revenues and customer satisfaction with vastly improved, digitally driven business insights.
Smart partnering to lighten human workload processes. By highlighting the value of ecosystems and combining data, analytics and machine learning/AI, progressive innovators will prevail.
Opportunities expanding faster than banks’ adoption. Leaders are increasingly implementing AI and predictive analytics solutions, growing their businesses with real-time decisions at higher returns.
Digital decoupling & microservices allow innovation to take flight. Legacy systems can be reliable, but stall change efforts. Innovation will kick-start migration towards full digital transformation.
Banks that spurn partnerships struggle to stay at pace. Data and integration options in Open Banking enable a rich ecosystem to help banks differentiate products and provide customer-centric services.