Infosys Finacle presents the findings from the ‘Bank of the Future’ report – commissioned with the responses of top tier retail banks globally. A rapid digitalization of lifestyles and an increasing mobile first approach to banking, is changing customer expectations significantly and giving rise to new banking business models for the future. This industry shift, along with the effects of increased regulations and emergence of nimble, non-banking players, is creating disruptive models of specialized banking service providers.
Report Highlights
63% say customer apathy is the principal reason the Current Account Switching failed to take off.
Digital new entrants expected to take 21% market share in Europe in next five years
63% expect to see the end of free-if-in credit banking within the next five years
80% believe that within five years the majority banks will be forced to specialize in serving more specific needs and market segments in order to remain profitable