A well-known market intelligence solutions provider, Infiniti Research, has announced the completion of their recent free downloadable resource on how technology will change the banking sector over the next decade. This supplement provides insights into the key banking sector trends to expect in the future and how technology will help overcome some of the critical banking industry challenges.
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Banking sector trends to expect in the next decade. (Graphic: Business Wire)
Today, the banking sector is becoming strategically focused on providing a technologically advanced response to consumer expectations. Retail banking companies are taking inspiration from fintech firms and emphasizing on digitizing core business processes and revamping organizational structures to be better prepared for the future of banking. As a result, technology is playing a major role in influencing how modern banking companies address changing customer needs.
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Top retail banking trends to expect in the next decade
Customers to take more control of their data
A large amount of customer data gets shared without their knowledge. However, such practices will soon disappear. Consumer banking accounts can be expected to come with controls that lets them choose which third parties can access their data and how. This is largely due to big banks implementing Application Programming Interfaces (API) with such built-in controls.
Growth of online lending
Banks are forced to make quicker decisions on loan applications from small-business and retail customers due to the ever-increasing competition. To achieve this, banks will have to enhance their own loan origination systems through upgrades from core service providers or partner with fintechs to address their shortcomings.
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Challenger banks likely to raise more money
Challenger banks have been successful in raising record-breaking amounts of venture capital in 2018. The reason behind their fundraising success is that challenger banks address common consumer problems that are unaddressed by traditional banking establishments.
Download the free resource to read the full article: How technology will change the banking sector over the next decade.
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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
View source version on businesswire.com: https://www.businesswire.com/news/home/20190429005471/en/
Contacts:
Infiniti Research
Anirban Choudhury
Marketing Manager
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UK: +44 203 893 3400
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