So, what will the future look like(for banks)?
How will banks continue to grow revenues and remain profitable? What will it take to create and maintain advantage in this highly competitive industry? The future will require superior efficiency and operational excellence from all banks, while industry leadership will be attained by those institutions most adept at harnessing product, service and process innovation to anticipate and meet customer needs. Ultimately, banks will have to focus on their core strengths—those activities in which they excel—and partner with best-in-class specialists for everything else: achieving more by doing less.
The IBM Institute for Business Value identified five major industry trends that will impact the retail banking industry:
- Customers redefine the rules of the game
- Universal banks and ultra-focused niche players thrive
- Changing workforce composition dictates new approaches
- Regulatory burdens intensify
- Technology improves inexorably.
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