The retail banking industry in the UK is being driven by powerful forces, creating an imperative for change. The landscape will change significantly in response to the evolving forces of customer expectations, regulatory requirements, new competitors, technology, demographics, and shifting economics. Banks need to decide what they want to embrace from impact and change. Staying the same is not an option for banks. They need to explore different retail banking trends to be agile and open.
Banks must address challenges and retool to win in 2020. They must develop strategies that can keep up with the changing retail banking landscape and integrate changes in markets, customers, risk regulation, operations while implementing real-world large scale-change.
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UK Retail Banking Trends 2020
With AI chatbots and live chats, customer service is becoming more interactive and user-focused. Some banks apply predictive analytics to users’ spending patterns and translate the information gained into bespoke user tips, thereby helping customers to manage their transactions more efficiently. Also, the customer-centric approach is increasingly being adopted by institutions to potentially revolutionize debt collection, a sector that has been under served for long when it comes to customer-centricity. The majority of the banks are making investments in the customer-centric business model to gain long-term benefits.
The changing digital landscape and more things “going digital” is compelling banks to focus on cybersecurity. Multiple new technologies are exposing customer data to greater risks and banks are considering cybersecurity as a major threat to their business prospects.
Banks really need some proactivity rather than just following the cybersecurity regulations to keep up with the threats that are constantly evolving. According to our experts, global banks face several attempts to breach their cyber defenses, and one-third of them succeed in stealing data. Technologies such as digital ID and AI-powered custom further open new avenues for cybercriminals.
Securing customer data is imperative for banks to sustain in the long-run. Give SpendEdge a try by requesting a free demo of our procurement platform and gain exclusive insights into challenges facing the retail banking industry.
The technology is extremely complicated but allows multiple parties to access a digital ledger that cannot be altered. Financial organizations are constantly searching for ways to transform their business operations by utilizing blockchain technology. This could lead to changes in payments, verification, cleaning, and settlements in 2020.
Banks have already acted as a venture capitalist to help blockchain companies raise millions of dollars. Now they are planning to enhance their services by providing a fast, secure, and simple way to transfer money internationally. Early adopters have already proved its potential and shown what is possible.
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