According to the report analysis, ‘2018: Key Trends In Retail Banking’ suggests that several trends will drive developments in retail banking in 2018, including factors as diverse as changes to the regulatory environment, the development of open banking, improvements in digital servicing, and the reconfiguring of branch networks. In addition, improvement in the digital servicing saves the time of the customer as well reduces the burden of the service providers. Earlier, many important documents were needed for opening the bank account but in the recent trends, with the Aadhar digital ID system in India, it can be easier to open bank account.
Consumer banking is known as retail banking, aims to be the one-stop shop for any financial services as possible on behalf of individual retail clients. Retail banking offered services including checking accounts, savings, personal loans, debit/credit cards and mortgages and others. Mainly, the retail banking focuses on the individual consumer. Many consumers are mainly exploiting the local branches services, which provide onsite customer services to all the customers. Whereas the inauguration of the internet leads to significant change in the retail banking and banks started providing greater range of services for their retail clients. Several banks now provide online banking services to customers purely through internet and mobile applications. Moreover, new banking innovations are also expected to grow in the mobile banking sector. They will also increase the products and services that banks are offering in the recent trend and help the bank to increase their customer base by developing customized platforms to fulfill the needs of every customer.
Development in the technology has changed the ways of operating several services and allowing the customers to access banks services more easily without any hurdle or going physically to the bank. New technology in banking is already transforming the landscape of financial sector. The technology of blockchain is set to essentially transform banking and financial services. It disperse the financial management from a central authority to a widespread network of computers. Moreover, the ATMs majorly transformed the banking system and bring new revolution. The new digital banking system will increase customer preferences and experiences by making them more informed by providing more data about their transactions performed. With the new developments in the recent trends the customers will be able to get immediate feedbacks on some crucial or serious issues which they previous had to wait for, or has to go to a bank to process the transactions. Usage of mobile banking is not new in the banking industry but the capabilities are set to change and become reliable and easy to use.
Technological developments ensure the usage of mobile apps and reduce the existence of middle man. With the help of internet banking a customer can assessed banking activities or services from any anywhere on the globe. Digital banking technology is also set to improve in 2018 banking trends. Many major banks are expected to increase the efficiency in their services with the extensive usage of external application programming interfaces (APIs) which reduce the interfaces of middle man. Therefore, the industry of retail banking is expected to grow in the near future.
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Ankur Gupta, Head Marketing & Communications