Predictions for 2018: more invisible clients
Most financial organizations will not see half of their clients in person in 2018 as digital engagement is becoming easier and consumers put a higher premium on their personal time, according to a new report by Forrester. It also predicts that few organizations will embrace open banking next year, The Financial Brand reports.
Silicon Valley competition may strengthen
Tech giants, including Amazon, Google and Facebook, are already present in the market of banking services, such as facilitating payments or offering loans to small businesses. They could expand into other areas, like consumer credit, trying their hand at the types of personal loans provided by fintechs, according to Bloomberg.
Open APIs in 2018 focus for retail banks
Technology investments by retail banks in 2018 will revolve around ‘topical’ areas like information security, advanced analytics and open banking APIs, as opposed to ‘future-looking’ areas such as conversational AI, robotic process automation or IoT, a new Infosys-Efma research says.
Raiffeisen to re-launch digital platforms
Raiffeisen Bank is accelerating its digital transformation as part of a strategy by 2020. It will upgrade and re-launch its mobile and online banking platform next year, is already working on introducing mobile payments and will also expand its analytics operations to understand customer demand in digital channels. More details here.