In 2020, smart banks will inevitably increase their use of intelligent systems of engagement. 2020 was a massive year in the world and in financial services. Digital Technology Trends in Banking: 2020-2025. New entrants have attracted millions of customers. 2020 may demonstrate the seriousness of banks’ commitment to environmentally and socially responsible lending. Financial institutions will need help embracing AI to its full potential. LendingClub’s merger with Radius Bank received conditional approval by the OCC. 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. COVID-19 - Banking industry trends. From making everything move smoother and faster to the evolving and changing role of banks, experts don’t necessarily agree on what’s coming next. This analysis outlines the top trends in retail banking for 2020. In 2020, consumers will become more discerning about “free banking” and “bundled banking,” as they search for understanding and clarity on fees and charges. By Alison MacLaren | October 29, 2020 Key concerns and recommendations for the banking industry… Read by decision makers across product, marketing, and digital, Tearsheet connects with its audience across web, email, podcasts, the Outlier membership program and in-person events. Through the prism of Tearsheet's reporting, we look back at the year that was. Currently a lot of banks have siloed data pools which can’t be pulled, however over the next year, it will be rare to see banks not using AI in an efficient way. 1. As PSD2 is implemented in the US, a new wave of innovation will change B2B and B2C banking as we know it. When complex fraud detection models are able to be read and understood by people, then we firmly believe the power of AI will shine through across the banking industry.”, Rishav Chopra is head of strategy, operations & revenue optimization at Intuit. “According a new study from QuickBooks and Wakefield Research, 80 percent of small businesses feel stressed about their cash flow, and the time it takes payments to process plays a huge role in this. For example, N26 customers can now access TransferWise’s fast and simple international payments services from within their N26 app.”. Our chief banking "meteorologist" Alan McIntyre has been keeping an eye on developments across the globe. Key issues to watch. In a similar way, bankers need to manage day-to-day developments while adapting their strategy in response to longer-term shifts. The global banking strategy for major institutions is focused on improving the customer experience using mobile devices and innovation with these top 22 mobile banking trends. Consumers sometimes avoid the monthly fees of traditional bundled bank accounts and instead use the services of check cashers, which are often associated with high one-off fees. Tearsheet is the only media company obsessively focused on technology’s impact on the financial services and fintech industry. Azlo is creating an ecosystem that focuses on the survivability of new businesses which entails many diverse aspects above and beyond traditional banking services.”“Intelligent services are also becoming more and more prevalent as the barriers to starting a business are disappearing. This year, banks may offer consumers relief from fees and help them make better money decisions. Fintech and modern financial services have to go beyond this mental model of banking and focus on the success and welfare of its customers. Many fraudsters look for loopholes in the process or registering, activating or using a mobile device in relation to an online account or transaction. The industry should expect such tougher rhetoric as competition for savers and borrowers becomes fierce. Mobile Everything, But Same Old Banking Mark Crichton is senior director of product management at OneSpan. Instead, banks will need to complement the brick-and-mortar experience with innovative digital experiences in order to continue to engage and retain customers.”, Jillian Williams is a principal at Anthemis, “We are seeing an increasing amount of U.S.-born challenger banks pop up and raise money, as well as some other fintech startups add to their platform to start to look more like banks. See the digital banking industry trends of 2021. To date, we’ve seen the most traction for challenger banks targeting those that aren’t currently served well by traditional banks in the U.S. Request for payment (RfP) is one such overlay service that The Clearing House is pushing in the U.S. and we’ll see banks seek out technology solutions to support and roll out these services to customer-facing channels. App development whether in-house or outsourced needs to consider the best security mechanisms to protect the app and importantly the brand. Not just technology; changing customer behavior, digital transformation, and growing regulatory requirements have made it obvious for the banking industry … Consumers are increasingly aligning their buying to socially conscious providers. But acknowledging the elephant in the room, here are 10 issues, trends, and innovations that experts expect to have the biggest impact on the banking industry in 2021 and beyond. Please try logging in with your registered email address and password. This kind of speed and frictionless commerce are vital to stay current and explore the many creative directions that younger consumers have.”, Carson Lappetito is president of Sunwest Bank “Financial technology such as smartphone payments, better integration and mobile banking, will become an even greater focus in the banking industry, as innovative companies continue to disintermediate banks by offering a vastly better customer experience.”, “We can also expect to see continued regulatory scrutiny placed on depository fintech companies, due to the current lack of regulatory oversight and FFIEC compliant cybersecurity programs. What stays key: Smart, inventive employees augmented by the right technology. Whether it’s freezing your card when it’s lost or providing you with analytics on where you money is going, customers can now take these actions from their mobile apps — without going into a bank branch or calling customer service. These insights will be useful across the bank from relationship managers to product and management teams, and directly to the bank’s customers – all powered by a seamless user experience. Multiple, interconnected phenomena continue to affect and threaten banking—they include everything from M&A to fintech profitability to credit-quality issues. Increasingly, it has become difficult for banks to keep pace with the expectations of consumers at the digital channels while managing costly translation layers back into siloed legacy code bases. Our industry is ripe for change. Top Mobile Banking Trends Coming in 2020. Do Not Sell My Personal Information (for CA). Green Dot is best known for its prepaid cards and managed debit card programs its managed for big brands. In 2019 we saw it with Uber and Lyft, Square Cash all launching debit cards for consumers to keep their money on their one platform, in 2020 tech companies will threaten traditional credit card companies like Chase or Wells Fargo with banklike capabilities.”, Lu Zurawski, practice lead, retail banking and consumer payments at ACI Worldwide, “There are interesting shifts happening in the way businesses and consumers are interacting, which will lead to some changes in how consumers bank. The European challenger banks are well-capitalized, but they don’t have the same brand recognition here as they do in Europe and will won’t necessarily be going after the same type of customer in the U.S. as they are currently serving in Europe.. 2020 may see the label "challenger bank" replaced with terms that are model-specific. The industry can help SMBs combat their cash flow issues by increasing the speed of payments through innovations such as next day credit card deposits and enabling faster settlement on ACH payments. These investments have primed the industry for innovation, but there is still more work to do. The ranking of the top ten trends and predictions was done by providing a list of trends identified by a panel of leading industry influencers and asking banks, credit unions and the supplier community globally to provide their top three predictions for 2020. It is not enough anymore for banks to simply offer basic services, such as loans and deposits, at a lower cost. Adobe Stock. Meteorologists make a distinction between long-term trends … “Mobile becomes the standard platform for financial interactions. They don’t remember life before the internet and expect to assess financial products and services independently, online first before selecting a specific provider. Open Banking. More banking industry trends and insights. From quicker payments to better customer experiences, the banking industry … Nick Miller. The start of a new decade is a good time to forecast what’s ahead for retail and commercial banks in 2020. It’s 2020, and things could get stormy for banks. Unexpected account charges are one reason why some two billion adults remain unbanked. Share share. The CARES Act allotted $659B for PPP, which provides small … In 2019, most payments were still facilitated by the SWIFT system—a network created in the 1970’s that hasn’t been updated at all. These new regulations create new incentives that will spur more data sharing from and between larger financial organizations, giving developers access to much richer data sets, As fintech companies move beyond Silicon Valley, new Fintech hubs are being created like Salt Lake City, Chicago, Mexico City and Atlanta. COVID-19 impacts: Q2 2020 update. 2020 will be less about the building blocks of real-time payments needed by banks and more about setting up new real-time payments services that attract consumers and fintechs.”, Ximena Aleman is the chief business developer at Prometeo Open Banking“2020 will be Open Banking MVPs year in Latam. This is just one scenario where we’re seeing “unbanking” taking effect – something that will continue to affect traditional banking institutions going into 2020.”, Richie Serna is CEO and cofounder of Finix, “Historically, open banking in the US has been driven by smaller niche banks that are licensing out their charter to innovative tech companies. It’s 2020, and things could get stormy for banks. When the right strategic partners are selected, there shoul… The 7 Biggest Technology Trends To Disrupt Banking & Financial Services In 2020. The bank has launched its own challenger bank brand to compete head on in digital banking. Over the years, we’ve seen some incredible new technology being built – both within and outside of our industry. There is generally consensus, though, that consumers are the beneficiaries of the increasing competition in the space. As digital banking technology continues to develop in popularity and expand with the latest digital banking technology trends, here are some mobile banking future trends to look out for in 2020. “People won’t ditch bank branches for online banking. ... Retail Banking Trends for 2020. Voice Activated Commands for Banking … The survey also includes some data points about the retail banking trends … “Consumers and banks are driving demand for products and services that interact with them in real-time, and this will push real-time payments to progress from being the “new norm” to becoming the “expected norm” in banking in 2020. “I see 2020 as the year of the consumer experience for digital banking. Banks have taken notice and understand that, “the best way forward is to join them.” Expect to see more investments, partnerships, integrations, and M&As between traditional banks and fintech players in 2020 as well as the mainstreaming and adoption of products and solutions stemming from partnerships made in the past few years.”, Craig Peasley is director, marketing, Adobe Document Cloud, at Adobe. Beginning in 2020, the winds of innovation will change direction, emanating outwards from the next gen cores into the marketplace of financial services.”, Michael Praeger is CEO and co-founder at AvidXchange “Banks should consider that Gen Z is much more research driven than their Millennial counterparts. More products, offerings, and options are available than ever before. March 4, 2020… The Deloitte Center for Financial Services estimates that the US banking industry may have to provision for a total of US$318 billion in net loan losses from 2020 to 2022, representing 3.2% … Expect to see more new fintech hubs popping up in 2020 and beyond.”, Leo Gill is vp of innovation, banking solutions at Bottomline Technologies. ‘Nimble product factories’ at the core level that can rapidly define position (loan or deposit) behavior and expose it via RESTful APIs will reduce the cycle from product inception to deployment by an order of magnitude. Similarly, APIs will play a huge role in real-time growth as they’re required by the fintech community to interact with the banking services their customers need. Banking is, at its core, a service industry. You must be logged in the post a comment. Founders don’t want a prestigious MBA in order to learn how to erect a brick and mortar shop, they want easy-to-use tools that empower them to go to market as fast as they generate new ideas. For many, a 50 percent efficiency ratio still remains an aspirational threshold. Consolidating their position requires newcomers to convince investors there’s gold at the end of their customer acquisition rainbow. So what can banks do and how can they get there as we move into a new decade? Experts share their views on top banking trends in 2020. The banking industry is a modern network of financial institutions authorized by the state to supply banking services. Contents Foreword 4 Customer experience to drive revenue 5 Trend 1: Omnichannel strategy for a 360-degree customer view 5 Trend 2: Wow the customer with digital onboarding 7 This will navigate you to Accenture.com Sign In page. Banks are now competing with new entrants in the space, fintechs and platform providers, all who at their core leverage fine-tuned data and analytics and have exceptional customer engagement skills. Marwan Forzley is CEO at Veem“The rising popularity of financial technology will increase the collaboration between fintech and traditional finance consortiums in 2020 and beyond. The banking industry plays a huge role in the global economy and is undergoing a huge technological shift. close Close the share menu; Financial, Executive and Professional Risks (FINEX) N/A. Digital technology drives three major banking industry trends: digital transformation, brand specialization and partnerships. The conversation will shift from being about how to get set up for a real-time future, to what banks can be doing to become more competitive by leveraging real-time payments, digital overlay services, and more. Digital, and mobile devices specifically, has had a massive impact on how consumers manage their finances, yet most consumers are not very impressed with their online banking options. Chime recently opened offices in Chicago, Stripe opened offices in Mexico City, Salt Lake City now has Galileo, Plaid and WebBank while Atlanta has a healthy mix of established fintech companies and emerging startups that are changing the face of payments. Despite their traction, I don’t necessarily think they’ll have a leg up compared to their the U.S. competitors.”, Claudio Esposito is vp, banking product at Stash“2019 saw a wave of new challenger banks entering the market, with new checking and savings offerings being announced right and left. Radius Bank launched its small business banking platform and mobile app. “Partnering can extend products and platforms into new markets, expose brands to new customer segments and create scale,” Acxiom observes. It means 2020 should see banks begin to align their efforts with social issues, placing purpose on par with profits. There is already a separate, active Accenture Careers account with the same email address as your LinkedIn account email address. The People’s Bank of China is nearly there. Read our 2020 banking and capital markets outlook to understand how banks can fortify the core for the next wave of disruption; Check out our … We help commercial and retail lenders rebuild credit operations to thrive in the digital economy—and beyond. Throughout the 2010s, the financial industry felt the pressure to innovate. Meteorologists make a distinction between long-term trends in climate and the short-term fluctuations that they call weather. The variety of banking players is clouding business model nomenclature and, thus, incumbents’ responses. Banking industry trends, Q3 2020. Banking Industry Trends 2020 Tearsheet asked top executives and entrepreneurs in financial services and digital banking about the future of banking. Banks arguably took a herd-mentality approach last year to lending on certain issues. While customer experience can be tricky to quantify, client turnover is substantial, and client loyalty is rapidly becoming an endangered idea. But climate change remained the elephant — er, let’s pick a more timely vulnerable species: koal… These systems combine transaction and customer data with external sources of data, and deliver a unified view of the customer along with actionable insights. Because of this the corresponding increase in the attack surface that fraudsters will have access to gets worse. With OCC approval of Radius Bank, LendingClub is one step closer to becoming a marketplace bank, Green Dot launches Go2bank, its in-house challenger bank, Quontic is first bank to offer bitcoin rewards on debit card purchases, With PPP powering account growth, Radius Bank upgrades its business banking, 2020 in review: The year of the pandemic as seen through Tearsheet’s top stories. Powerful forces are shaping the industry PwC Retail Banking 2020 5 Against this background, 70% of global banking executives believe it is very important to form a view of the banking market in 2020 – to understand how these global trends are impacting the banking … For those who are in the traditional banking industry, I believe the focus will remain on integrating new technologies and enhancing digital offerings but the emphasis will be more around providing a more valuable, more personalized experiences for our clients. Top 10 Retail Banking Trends for 2020. Trend #1: AI in Banking. Most Gen Z-ers also grew up during the financial crisis of 2008, so providing resources that teach about money management and emphasize the ability to save will offer a desired sense of security.”, “From Square to Amazon to Microsoft, in 2020, neo and challenger banks will coalesce around a set of features centered around possession of the stored value of that customer. 10 questions to assess digital banking maturity, Payments Pulse Survey: Two ways to win in payments. BaaS is defined as the sharing of a bank… Experts share their views on top banking trends in 2020. Alan manages overall banking vision and strategy, investment priorities, client-offering developments and partnership networks. The start of a new decade is a good time to forecast what’s ahead for retail and commercial banks in 2020. The end-user perceives money as a potential for work and growth and they care less and less about the idea of a columned building being the gatekeeper for that potential. Process flows also need to be streamlined. Companies are also increasingly partnering with one another to best serve customers. How banks respond will determine whether they experience success or failure. Financial institutions are still holding back from providing enough data to use AI in its most complete from in the effort to prevent fraud. With change in the banking industry happening so quickly, it is impossible for any organization, of any size to “go it alone.” The value of establishing the right strategic partnerships has never been greater. According to a survey of more than 1,000 U.S. banking customers by Statista, over half of respondents said they were either already using a digital-only bank … Whether mobile is already part of your offering, or you will be launching a new mobile app – security needs to be baked in from the beginning, not bolted on at the end. In 2020, banks will finally get serious about translating their information advantage into a competitive advantage through data, analytics and actionable insights that will allow them to intelligently engage with their customers. Additionally, encouraging businesses to embrace omnichannel payments will help to provide them with the confidence of never missing a sale. The banking industry is up for major transformation in the upcoming years. The banking industry is ever in flux… and as we settle into a new year, one of the big priorities that many institutions are facing is an adjustment to the increased prominence of digital banking. Following this trend will enable banks to gather more information about their customers, anticipate their needs, and ultimately capture what is coveted most — primary ownership of that customer relationship. Then it was gun sales. Following 2019’s payments M&A, we expect many mid-sized banks this year to seek whole-bank deals or selective business acquisitions—emphasizing technology scale and in-market distribution unions. It’s safe to say that the commodification of the bank account is in full swing, but how challenger banks will differentiate themselves will take center stage in 2020 (and it can’t simply be with competitive interest rates). With more and more mature fintechs in the financial space and banks totally aware of their need to push innovation initiatives in the region, there will be an incremental interest in crafting new ways to leverage data. 2020 could see digital currencies move from speculative to proven, supporting uptake by central banks to clear and settle payments instantaneously. More specifically, we wanted to know what they thought would be the biggest banking theme in 2020 — something that would really move the needle for the industry. Digital-mature banks are seeing improved ROEs. Ultimately, these improvements to payments processing gives small businesses access to funds they desperately need right away, rather than waiting several days for a transaction to post, improving their cash flow and opportunity for success.”. Financial services clients expect meaningful and personalized experiences through intuitive and straightforward interfaces on any device, anywhere, and at any time. Many fintechs are essentially creating their own internal, “mini-core processors” or “banking ledgers” that record, track  & process customer deposits. We power payments innovation to help banks, payment providers and other players in the value chain win. Banks are facing increased competition in the battle for primary ownership of the customer relationship. A strong regulatory change called “Open Banking… You can then update your LinkedIn sign-in connection through the Edit Profile section. We’ve identified six trends we believe … I bet most innovative companies in each market will jump first and go further, gaining not only experience in this space but also customers’ sympathy and loyalty.”, Cameron Peake is co-founder and CEO of Azlo“Banking as an industry is becoming irrelevant. Join the conversation by following us on Linkedin and other social media. New fintech firms are proving that traditional payment rails can be combined with web dashboards, business software and new technology, like blockchain, to put the power of payments back into the hands of the users themselves, saving time and money while increasing security. It has transformed up to a great extent, but the technological impact is going to bring a major transformation in the upcoming years. To put pressure on competitors, leaders will also need to use their tech strength to grow revenue via higher assets, liabilities and material fee income. This year we’ll see more people continuing to crave that personal experience that comes with visiting a bank in person, and the death of bank branches will be greatly exaggerated. For Gen Z, digital payment products are incredibly important, specifically ones that offer multiple touch points and clean interfaces that are personalized and adaptable through interactions with the user. ... 2020 and has been extended through August 8, 2020. The first name is required and cannot be empty, The last name is required and cannot be empty. From quicker payments to better customer experiences, the banking industry is continuing to evolve. Client loyalty is a product born through sturdy relationships that start by comprehending the client and their expectations. As tension over immigration simmered in the U.S., one bank after another — JPMorgan Chase, then Bank of America, then SunTrust, then Barclays— pulled out of funding the private-prison industry. 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