Retail Banking

Rather than follow a smooth road to full recovery, 2013 looks set to provide a rough and uneven path for the retail banking industry. Lackluster economic growth prospects in most developed markets create an uphill setting for income growth, while the impact of political and regulatory demands will congest core revenue lines and drive additional operational costs.

While compliance will remain dominant on the executive agenda, with data privacy and tackling financial crime key demands, banks will be forced to address the customer satisfaction issue to improve the revenue growth trajectory. This will drive a focus on enhancing the customer experience, with the need to effectively work across the online and mobile channels, and increasingly social media, in a consistent, user-friendly and integrated manner. In turn, this will demand investment not just in the front office but in the wider banking platform to streamline customer-facing business processes to improve performance and deliver efficiency.

Research coverage

Ovum’s Retail Banking research stream looks at the industry trends and drivers that influence banks’ technology strategies. Aside from general IT investment trends, coverage includes:

• The impact of new regulations
• Renovating the banking platform
• Enhancing online banking
• Developments in mobile banking
• Innovation in retail payments
• The impact of social media
• Data protection and privacy
• Managing risk and compliance

2013 Signature Research

• Delivering innovation in payments: operational models and the impact of mobile and contactless payments
• Creating the modern banking platform: examining the benefits, and best practice in deployment
• Securing the retail bank: tackling financial crime and IT security
• Enhancing customer experience in the digital channel age

View our Retail Banking Technology research