Top Trends in Retail Banking 2014: Strategy Being Reshaped by Technology
Celent highlights 10 trends that bank executives and their ecosystem partners should monitor and act on in 2014.
In the report Top Trends in Retail Banking 2014: Strategy Being Reshaped by Technology, Celent examines the key trends that bankers and their partners should be watching in 2014. Business leaders as well as technologists must be conversant with key technology trends shaping the industry in order to position themselves for success.
Corporate strategy used to drive technology: most firms defined a value proposition and then decided which technological tools they needed to execute. That was certainly the case for banks. Times have changed, however; challenged by entrants and driven by the demands of tech-savvy customers, technology imperatives are shaping strategy in new and unprecedented ways. Celent highlights retail banking trends in the context of three overall themes driving banking technology:
- Digital and Omnichannel
- Innovation and Emerging Technologies
- Legacy and Ecosystem Transformation
“The banking industry is undergoing profound transformation, driven by technology advances, changing customer behavior, and a rapidly shifting business model,” says Dan Latimore, Senior Vice President of Celent’s Banking Group. “We are at the point where several long-term trends have been supercharged by technology that’s advanced enough to make activities that seemed like science fiction five years ago a reality today.”