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Future Factors
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Future Factors

The 3Rs of Retail Banking: Regulate; Revise; Re-Envisage

The Economist Intelligence Unit
EIU, 2015
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7

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  • Innovative

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While retail bankers are still coming to grips with new regulations, they’re also grappling with the technologies that will ineluctably change the face of banking. The Economist Intelligence Unit surveyed 208 global industry executives and reports that implementing digital strategies and strengthening new, more profitable businesses are increasingly in bankers’ sights. Meanwhile, technology “disruptors” could present challenges to the financial sector. getAbstract suggests this forward-looking study to financial industry professionals.

Take-Aways

  • A December 2014 survey reported that bankers believe regulation, “changing customer behavior and demands,” and the threat of new entrants and competitors will have the greatest impacts on retail banking through 2020.
  • Executing a digital strategy and enhancing customer segmentation are bankers’ top foremost priorities.
  • Sales motives drive digital strategies for 40% of respondents, though only 28% feel technological investments will attract new customers.

About the Author

The Economist Intelligence Unit is an independent research and analysis organization.

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