It is clear that banks today face profound industry challenges driven by evolving customer expectations, digital challengers and increasing regulation scrutiny.

Nonetheless, we believe the future is open with opportunities, particularly in 10 key trends we are seeing in technological innovation and new business models, such as digital banking, open banking, apps, predictive banking, customer experience and personalization, platforms, data analytics, regtech, security and intelligent authentication. 

Our monthly article series, aims to arm banks with practical insights as they seek to leverage those trends for sustainable competitive advantage and growth in the long run.

The first article, Does banking’s future now outweigh its past?, sets the scene by looking at the pros and cons of updating legacy systems vs. taking bolder actions that lead to transformational change. What we are seeing is many financial institutions investing heavily to drive innovation, enhance agility and become more customer centric, with a majority of investments comprising patchwork upgrades and incremental change.