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Retail Banking Trends book 2022

Capgemini
Capgemini

This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape. COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams. Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient. Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance. The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.

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RETAIL
BANKING
TRENDS 2022
Top Retail Banking Trends 2022 2
Company Confidential © Capgemini 2021. All rights reserved |
TOP RETAIL BANKING TRENDS 2022 – PRIORITY MATRIX
Market disruption
1 The blurring lines between Super FinTechs and banks
2 Banks double down on cost transformation to improve financial health
Creating & enabling new value
3 Banking-as-a-Service can unlock latent market potential
4 Banking on the cloud to unlock new value frontiers
5 The power behind experiential Banking 4.X era: emerging data ecosystems
6
Frontrunners will build digital-only subsidiaries to remain relevant and resilient in
the FinTech era
Enterprise security and sustainability
7 Cybersecurity is becoming a competitive differentiator for banks
8 Banks to step up their transition to become planet-centric enterprises
New horizons/industry evolution
9 5G projects and exploration to pick up speed
10 DeFi-ning the next banking evolution
Relative
priority
of
adoption
(2022)
Business impact (2022)
Medium
High
Significant
Medium High Significant
9 6
10
3
2 4 5
8
7
1
Top Retail Banking Trends 2022 3
Company Confidential © Capgemini 2021. All rights reserved |
THE BLURRING LINES BETWEEN SUPER FINTECHS AND BANKS
Super FinTechs are reshaping the
FS industry by disrupting three
things dear to incumbents: market
share, margins, and customer base.
Mobile app
Multi-currency card
Revolut premium
Revolut business
Cryptocurrencies
Euro IBAN account
Travel insurance
Revolut Metal
Vaults
Open API
App store
Stock trading
Donations
Rewards
Commodities
Revolut junior
Savings Vault
2015 2016 2017 2018 2019 2020
Mobile app
Multi-currency card
Mobile app
Multi-currency card
Mobile app
Multi-currency card
Revolut premium
Revolut business
Cryptocurrencies
Euro IBAN account
Mobile app
Multi-currency card
Revolut premium
Revolut business
Cryptocurrencies
Euro IBAN account
Travel insurance
Revolut Metal
Vaults
Open API
App store
Mobile app
Multi-currency card
Revolut premium
Revolut business
Cryptocurrencies
Euro IBAN account
Travel insurance
Revolut Metal
Vaults
Open API
App store
Stock trading
Donations
Rewards
0.1 million
0.6 million
2 million
6 million
12 million
Business products
Retail products New product/service
Top Trends in Retail Banking for 2022 by Capgemini
Top Retail Banking Trends 2022 4
Company Confidential © Capgemini 2021. All rights reserved |
BANKS DOUBLE DOWN ON COST TRANSFORMATION TO IMPROVE
FINANCIAL HEALTH
With the Banking 4.X era on
the horizon, financial
institutions must focus on
efficiency and productivity.
Banks are re-assessing their
cost base as a hedge
against uncertainties.
Rethinking IT spending
priorities
Restructuring banking
operations
Close
branches
Reduce
discretionary
spending
Scale down
non-performing
business lines
Optimize
workforce
costs
Exit
non-
profitable
geographies
43%
51%
61%
Postpone
large digital
transformation
initiatives
34%
67%
Decrease
IT budget for
maintenance
39%
Outsource
mid- and
back-office
activities
45%
Reduce
IT budget
for new
initiatives
32%
61%
Top Trends in Retail Banking for 2022 by Capgemini
Top Retail Banking Trends 2022 5
Company Confidential © Capgemini 2021. All rights reserved |
BANKING-AS-A-SERVICE CAN UNLOCK LATENT MARKET POTENTIAL
Embracing the BaaS platform approach will
allow banks to leverage ecosystem capabilities
to create and tap new value streams. Banks
with a BaaS platform are well-positioned to
harvest value from the burgeoning embedded
finance market – an addressable market worth
more than USD7 trillion by 2030
Traditional banks
% of executives in
agreement with the
benefits realized
Innovate and
create new
banking
products and
services
Expand customer
base
Reduce
distribution &
customer
acquisition costs
Gather new data
about customers
Diversify
revenue
sources
80%
77%
69%
74%
70%
Top Trends in Retail Banking for 2022 by Capgemini
Top Retail Banking Trends 2022 6
Company Confidential © Capgemini 2021. All rights reserved |
BANKING ON THE CLOUD TO UNLOCK NEW VALUE FRONTIERS
Cloud computing is enabling banks to embrace the NEW and decode the NEXT evolution of banking – Banking 4.X. Cloud
deployments are financially efficient, enabling substantial savings while allowing organizations to benefit from new functionalities
in terms of innovation and time to market for products and services.
improved productivity
Free the workforce to spend more time
on value-adding tasks
robust business continuity
management
Maintain high service-level adherence
and stable straight-through processing
Cloud transformation
benefits:
banking executive
view
72%
60%
reduced Total Cost of
Ownership (TCO)
Switch to OPEX from CAPEX
model with cloud migration
75% of executives
believe
simplified operations
Decouple banks legacy IT with
modern cloud-based applications
72%of executives say
elastic environment
On-demand scalability of technology,
processes, and capabilities
66% of executives
highlight
of executives state
faster innovation
Reduced time to market, efficient
integration with third parties and
access to new technologies
79% of executives
mention
of executives state
Top Trends in Retail Banking for 2022 by Capgemini

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Retail Banking Trends book 2022

  • 2. Top Retail Banking Trends 2022 2 Company Confidential © Capgemini 2021. All rights reserved | TOP RETAIL BANKING TRENDS 2022 – PRIORITY MATRIX Market disruption 1 The blurring lines between Super FinTechs and banks 2 Banks double down on cost transformation to improve financial health Creating & enabling new value 3 Banking-as-a-Service can unlock latent market potential 4 Banking on the cloud to unlock new value frontiers 5 The power behind experiential Banking 4.X era: emerging data ecosystems 6 Frontrunners will build digital-only subsidiaries to remain relevant and resilient in the FinTech era Enterprise security and sustainability 7 Cybersecurity is becoming a competitive differentiator for banks 8 Banks to step up their transition to become planet-centric enterprises New horizons/industry evolution 9 5G projects and exploration to pick up speed 10 DeFi-ning the next banking evolution Relative priority of adoption (2022) Business impact (2022) Medium High Significant Medium High Significant 9 6 10 3 2 4 5 8 7 1
  • 3. Top Retail Banking Trends 2022 3 Company Confidential © Capgemini 2021. All rights reserved | THE BLURRING LINES BETWEEN SUPER FINTECHS AND BANKS Super FinTechs are reshaping the FS industry by disrupting three things dear to incumbents: market share, margins, and customer base. Mobile app Multi-currency card Revolut premium Revolut business Cryptocurrencies Euro IBAN account Travel insurance Revolut Metal Vaults Open API App store Stock trading Donations Rewards Commodities Revolut junior Savings Vault 2015 2016 2017 2018 2019 2020 Mobile app Multi-currency card Mobile app Multi-currency card Mobile app Multi-currency card Revolut premium Revolut business Cryptocurrencies Euro IBAN account Mobile app Multi-currency card Revolut premium Revolut business Cryptocurrencies Euro IBAN account Travel insurance Revolut Metal Vaults Open API App store Mobile app Multi-currency card Revolut premium Revolut business Cryptocurrencies Euro IBAN account Travel insurance Revolut Metal Vaults Open API App store Stock trading Donations Rewards 0.1 million 0.6 million 2 million 6 million 12 million Business products Retail products New product/service Top Trends in Retail Banking for 2022 by Capgemini
  • 4. Top Retail Banking Trends 2022 4 Company Confidential © Capgemini 2021. All rights reserved | BANKS DOUBLE DOWN ON COST TRANSFORMATION TO IMPROVE FINANCIAL HEALTH With the Banking 4.X era on the horizon, financial institutions must focus on efficiency and productivity. Banks are re-assessing their cost base as a hedge against uncertainties. Rethinking IT spending priorities Restructuring banking operations Close branches Reduce discretionary spending Scale down non-performing business lines Optimize workforce costs Exit non- profitable geographies 43% 51% 61% Postpone large digital transformation initiatives 34% 67% Decrease IT budget for maintenance 39% Outsource mid- and back-office activities 45% Reduce IT budget for new initiatives 32% 61% Top Trends in Retail Banking for 2022 by Capgemini
  • 5. Top Retail Banking Trends 2022 5 Company Confidential © Capgemini 2021. All rights reserved | BANKING-AS-A-SERVICE CAN UNLOCK LATENT MARKET POTENTIAL Embracing the BaaS platform approach will allow banks to leverage ecosystem capabilities to create and tap new value streams. Banks with a BaaS platform are well-positioned to harvest value from the burgeoning embedded finance market – an addressable market worth more than USD7 trillion by 2030 Traditional banks % of executives in agreement with the benefits realized Innovate and create new banking products and services Expand customer base Reduce distribution & customer acquisition costs Gather new data about customers Diversify revenue sources 80% 77% 69% 74% 70% Top Trends in Retail Banking for 2022 by Capgemini
  • 6. Top Retail Banking Trends 2022 6 Company Confidential © Capgemini 2021. All rights reserved | BANKING ON THE CLOUD TO UNLOCK NEW VALUE FRONTIERS Cloud computing is enabling banks to embrace the NEW and decode the NEXT evolution of banking – Banking 4.X. Cloud deployments are financially efficient, enabling substantial savings while allowing organizations to benefit from new functionalities in terms of innovation and time to market for products and services. improved productivity Free the workforce to spend more time on value-adding tasks robust business continuity management Maintain high service-level adherence and stable straight-through processing Cloud transformation benefits: banking executive view 72% 60% reduced Total Cost of Ownership (TCO) Switch to OPEX from CAPEX model with cloud migration 75% of executives believe simplified operations Decouple banks legacy IT with modern cloud-based applications 72%of executives say elastic environment On-demand scalability of technology, processes, and capabilities 66% of executives highlight of executives state faster innovation Reduced time to market, efficient integration with third parties and access to new technologies 79% of executives mention of executives state Top Trends in Retail Banking for 2022 by Capgemini
  • 7. Top Retail Banking Trends 2022 7 Company Confidential © Capgemini 2021. All rights reserved | THE POWER BEHIND EXPERIENTIAL BANKING 4.X: EMERGING DATA ECOSYSTEMS Firms that engage in data ecosystems will be future frontrunners by offering customers contextual and lifestyle banking experiences. Banks are awash with data but will leverage its value only by assimilating it within the value chain. Data ecosystems offer firms (banking and non-FS) an unprecedented opportunity to collaboratively share and manage information to create significantly greater value than they could develop unilaterally. 15.1% 13.9% 13.7% 11.8% 11.4% 10.8% 14.9% 13.5% 13.6% 11.8% 11.9% 11.3% Improved customer satisfaction (e.g. increase in NPS) Improved productivity Faster speed to market Reduced risks Faster innovation Cost reduction Benefits realized by engaging in data ecosystem in the last 2-3 years Top Trends in Retail Banking for 2022 by Capgemini
  • 8. Top Retail Banking Trends 2022 8 Company Confidential © Capgemini 2021. All rights reserved | FRONTRUNNERS WILL BUILD DIGITAL-ONLY SUBSIDIARIES TO REMAIN RELEVANT AND RESILIENT IN THE FINTECH ERA To deliver fast, economical, and experiential FinTech-inspired digital journeys, traditional banks are launching digital-only subsidiaries. With digital-only subsidiaries at their side, incumbents can consolidate their market position and fortify their value streams against emerging competition from new-age players. Makes adopting emerging technologies easier, faster Personalized services through better use of data enabled by modern core 57% Increased agility to meet changing customer demands Ubiquitous banking (anytime, anywhere) 50% Faster speed to market for products and innovations 56% 52% Easier to collaborate with ecosystem players 55% 63% Top Trends in Retail Banking for 2022 by Capgemini
  • 9. Top Retail Banking Trends 2022 9 Company Confidential © Capgemini 2021. All rights reserved | CYBERSECURITY IS BECOMING A COMPETITIVE DIFFERENTIATOR FOR BANKS Improves security Enhances CX Ensures compliance Drives efficiency Promotes agility Stay on top of the evolving regulatory landscape Intelligent and automated customer authentication with reduced time and effort. Bridge the gap by integrating legacy and disparate IT systems with new digital capabilities. The right people have right access to the right information Fortify customer trust with improved UX Top Trends in Retail Banking for 2022 by Capgemini Intelligent Identity and Access Management (IAM) solutions becoming the foundation for experiential digital banking services. It improves and enhances CX by providing seamless, omnichannel access for all applications with one secure identity, rather than requiring separate credentials for each service. Moreover, modern IAM solutions with intelligent capabilities (AI and ML) also speed up customer onboarding by automating critical customer journey processes
  • 10. Top Retail Banking Trends 2022 10 Company Confidential © Capgemini 2021. All rights reserved | BANKS TO STEP UP THEIR TRANSITION TO BECOME PLANET-CENTRIC ENTERPRISES Banks are progressing from greenwashing to comprehensive sustainable business strategies with equal focus on the environment as well as social responsibility. Banks that prioritize transition towards green and sustainable business operations are more resilient to market disruption and could recover faster from a crisis. ESTABLISH RESPONSIBLE OPERATIONS AND PROCESSES ENGAGE STAKEHOLDERS DEFINE/ASSERT THE STRATEGY AND TRANSFORMATION PLAN CREATE NEW PRODUCTS AND SERVICES ADOPT GREEN IT PRACTICES MEASURE SUSTAINABILITY PROGRESS Top Trends in Retail Banking for 2022 by Capgemini
  • 11. Top Retail Banking Trends 2022 11 Company Confidential © Capgemini 2021. All rights reserved | EXPECT 5G PILOT PROJECTS AND EXPLORATION TO PICK UP SPEED 5G will power the new age of hyper- connectivity featuring real-time banking and instant customer gratification. By complementing 5G technology with edge computing, data processing could be brought closer to data sources, i.e., devices and customers. Fraud detection and security 5G Smart branches AR/VR in products and services Pop-up mobile branches Enabling IoT, and edge computing Top Trends in Retail Banking for 2022 by Capgemini
  • 12. Top Retail Banking Trends 2022 12 Company Confidential © Capgemini 2021. All rights reserved | DEFI – NING THE NEXT BANKING EVOLUTION Traditional banks must overcome their state of inertia to collaborate and develop Decentralized Finance (DeFi) propositions anchored to a robust compliance framework. DeFi holds the promise and the potential to overhaul conventional inefficiencies. The adoption by incumbents could unlock new value frontiers over the long term. Greater accessibility Puts idle capital to work Capital efficient financial system Composable and interoperable Increased transparency Top Trends in Retail Banking for 2022 by Capgemini
  • 13. This presentation contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright © 2021 Capgemini. All rights reserved. Capgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology. The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future. It is a responsible and diverse organization of 270,000 team members in nearly 50 countries. With its strong 50 year heritage and deep industry expertise, Capgemini is trusted by its clients to address the entire breadth of their business needs, from strategy and design to operations, fuelled by the fast evolving and innovative world of cloud, data, AI, connectivity, software, digital engineering and platforms. The Group reported in 2020 global revenues of €16 billion. About Capgemini Elias Ghanem Global Head of Financial Services Market IntelligenceCapgemini elias.ghanem@capgemini.com Chirag Thakral Deputy Head of Financial Services Market Intelligence teamCapgemini chirag.thakral@capgemini.com Vivek Singh Banking and Capital Markets Leader, Global FS Market Intelligence vivek-kumar.singh@capgemini.com Vaibhav Pandey Manager, Retail Banking and FinTech Market Intelligence, Financial Services vaibhav.a.pandey@capgemini.com Get the Future You Want | www.capgemini.com

Editor's Notes

  1. https://www.freepik.com/free-photo/pay-goods-by-credit-card-through-smartphone-coffee-shop_5598712.htm#page=1&query=banking&position=3