A host of different factors are intersecting to subtly but distinctly change the way the banking industry will operate in the near future.
Demographic shifts are feeding new customer expectations, which are in turn creating an opening in the market for nonbank competitors and upstart firms. Industry observers now predict that within a decade, the biggest bank will be a technology firm.
A number of recent industry reports have attempted to detail how banks are responding to the challenge, whether through investment, data management or new strategies to engage with customers. But with every step, there are obstacles.
Even as customers primarily conduct transactions over mobile, banks are discovering they still expect branch service to be an option. Traditional apologies for service interruptions may not sit well with a customer base both expecting efficient service and potentially able to choose technology firm offerings as an alternative. And technology investments themselves are up for scrutiny, either because of potential workforce impact, or just the burden of increased costs.
Here is a look at some findings in recent industry studies of banking technology trends.This post was originally published here