As we enter the next phase of digitalisation, how banks differentiate their digital experiences from competitors and provide personalised services to all types of customers is the new challenge. Digitally-native entrants have forced incumbent banks to respond by launching their own digital banking brands, which are more agile in adapting to consumers’ evolving expectations and increasingly utilise technology partners to compete. In the era of open banking, consumers have more choice than ever about who they trust to manage their money and how to make payments.
Financial institutions are having to keep pace with technology trends and accelerate product launches. The increase of open API connectivity is accelerating consumer adoption of alternative payment methods as financial services shift from channels to becoming increasingly decentralised and distributed through embedded finance. How do banks stay relevant in this new world?
This report, commissioned by HPS, outlines key trends that will impact the “bank of tomorrow” and recommends how financial institutions should adapt.