About fifteen years ago, more than half of all banking transactions occurred within the branch network; today, that number is down to less than 10 percent. The bigger news, however, is that by 2022, at least one in two transactions is likely to flow through channels not owned by banks but by a multitude of digital ecosystems, FinTechs, and other third-party interfaces, thanks to open banking and the rapid rise of digital channels.
Clearly, new digital realities are closer than they appear.
In this rapidly changing universe, winners will be those that are agile enough to anticipate and respond to change, innovative enough to create and deliver new customer value, and competent enough to take advantage of the fresh possibilities presented by digital technologies. Their sharpness of vision and speed of execution is what will define them. And a remarkable understanding of changes not only within the industry but also implications of developments outside of it is what will differentiate them. A truly digital strategy to take advantage of APIs for customer-centric innovation, new open banking realities, and transformational industry trends will be crucial for success. This report, a reflection of our experience and understanding of markets the world over, brings to you twelve such trends. Each trend points towards the definitively apparent role of technology as an enabler and driver of business. In 2019, all banks will accelerate their digital transformation efforts and journeys to interlock technology with business for substantively positive outcomes.
At Infosys Finacle, we have the unparalleled opportunity to learn, experience and shape the evolution of banking in over 100 countries. With the Trends report each year, our endeavor is to inform your direction and discretion, and strengthen your digital journey. No forecast, prediction or trend can provide a model playbook for success, and the individual trends captured in the report may not play out concurrently or identically across the globe. I am confident, though, that this report will empower you with sound insights about the changes likely to impact your business over the next twelve months. It will, most certainly, be invaluable to help you better identify your organization’s strategic priorities for the coming months.