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Introduction

The pace of change is relentless in retail banking and 2020 will see the industry continue its digital transformation. This report identifies and analyzes the key trends that will impact the global retail banking sector in 2020.

Highlights

  • Retail banks plan to increase IT budgets with enhancement of digital banking products and services a key focus area of 2020.
  • Legacy modernization and product development are critical investment areas to achieve true digital transformation of retail banking.
  • Open banking will have a very significant impact on the sector in 2020 as retail banks move beyond regulatory compliance and explore the many customer use cases.

Features and Benefits

  • Test and improve your 2020 investment strategy based on a clear understanding of the priorities and focus areas of your competitors.
  • Understand where the industry is focusing its product development activities this year and make the right decisions about your own product roadmap.
  • Gain insight into the latest thinking about both digital, mobile and open banking, and shape your own plans accordingly.

Key questions answered

  • Where are retail banks making the biggest increases in terms of IT budgets?
  • Where are the immediate and forthcoming product opportunities in digital retail banking?
  • How can my organization take advantage of the opportunities in open banking?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Retail banks to prioritize digital banking products and services in 2020 IT investment plans

  • More than 90% of retail banks plan to increase their IT budgets
  • Enhancing digital capabilities is strategic priority for retail banks as they undergo transformation plans

Retail banks see legacy modernization as key in addition to digital banking in transformation plan

  • Streamlining customer and business processes will lead to new opportunities for revenue growth
  • Increased spending expected for digital banking and product development

Open banking moves beyond regulatory compliance to digital engagement in 2020

  • Retail banks expect open banking to have a transformative effect on the industry in 2020
  • Security, fraud protection, and sharing data with third parties are core challenges

Appendix

  • Methodology
  • Further reading
  • Author

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