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Top Trends in Retail
Banking: 2020
November 2019
Link: https://www.capgemini.com/top-trends-in-
2020/
2© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Use of Blockchain solutions to improve KYC
and identity management programs
Banks are exploring
unsecured consumer lending
Collaboration with FinTechs to explore
point-of-sale financing
Workforce preparation for Digital-era
The Open X ecosystem
Contextual banking
Intelligent Bank Open Banking
Deep Customer Insights
Banks are leveraging AI to create a
seamless customer onboarding journey
Banks embrace design thinking
Data-Driven Compliance
Collaboration with RegTechs
continues to rise
Technology innovation is driving banks’
risk compliance initiatives
04
03
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07
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09
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Top Trends in Retail Banking for 2020 by Capgemini
3© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
Trend 1: Digital-era workforce preparation has become a top priority
Impact of technological
advancements and
rapid digital disruption
3© Capgemini 2019. All rights reserved |
Within this dynamic ecosystem, employees’
legacy competencies are quickly becoming
obsolete.
Traditional banks must future-proof their
workforce to compete with new-age digital
financial institutions
Traditional training cannot meet changing
business priorities and the ever-shifting
demand for required capabilities
Bank staff require skills in AI, ML to derive
insights and automate processes and
improve customer experience.
Top Trends in Retail Banking for 2020 by Capgemini
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
4© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Trend 2: Banks are collaborating with FinTechs to explore point-of-sale financing
Source: Capgemini Financial Services Analysis, 2019
4© Capgemini 2019. All rights reserved |
Drivers
Banks are collaborating with
FinTechs to move into the PoS
financing
Banks still require FinTech
technology and talent to
drive PoS financing
PoS financing offers vast market
potential and is gaining traction
among online shoppers.
Banks need FinTech’s technology to
create a winning combination
Banks cannot ignore the shift in
consumer spending behavior
toward PoS financing
More customers will get onboard as
technology advancements simplify
adoption of PoS financing
FinTech firms have established a
PoS lending ecosystem
A bank/FinTech platform will
benefit merchants as they can
drive sales by offering customers
instant loans at no extra cost
Implications
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
5© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Trend 3: Banks are slowly beginning to explore unsecured consumer lending through
digital channels
Source: Capgemini Financial Services Analysis, 2019, TransUnion, “FinTechs Continue to Drive Personal Loan Growth,” February 21, 2019, https://newsroom.transunion.com/fintechs-continue-to-drive-personal-loans-to-
record-levels/.
Future Growth Opportunity in
Unsecured Lending
Person loan balances
in the US increased
by USD 21 billion
in 2018
In US, FinTech loans
now comprise 38% of
all unsecured personal
loan balances
In US, average
unsecured personal
loan debt per borrower
is USD 8,402 as of
Q4, 2018
Size of personal loan
balances in the US is
USD 138 billion as
of 2018
Personal loan
originations in the US
increased by 22%
during Q3, 2018
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
6© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
Trend 4: Blockchain solutions being used to improve
KYC and identity management programs
6© Capgemini 2019. All rights reserved |
Benefits of using Blockchain in
KYC Process
One source
system for
customers to
upload KYC data
Improved
data security
Bank accesses
KYC data
from blockchain
Immutable
database assures
data does not
change in time
Other institutions
verify KYC
already performed
by bank
Blockchain can
reduce
operational cost,
save time
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
7© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Trend 5: Banks embrace design thinking
Source: Capgemini Financial Services Analysis, 2019; Medium, “What is Design Thinking? (And What Are The 5 Stages Associated With it?),”Benjamin Hunter Miller, September 5, 2017.
Design
Thinking
Methodology
Empathize Define
Ideate
Prototype
Test
Define the
challenge &
explore the human
context
Research, observe,
understand & create
a point of view
Brainstorm ideas
good & bad, don’t
stop at the obvious
Implement the
product, show &
don’t tell, start to
refine the product
Start creating,
experiment, fail
cheap & fast
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
8© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Key Drivers
Complicated onboarding
experience may significantly
impact customer loyalty
Personalized experience that can
readily meet millennials’
expectations
Onboarding experiences from
Facebook and Amazon have
changed customers’ expectations
Banks can use AI to enhance
customer support services
Challenger banks also pose a threat
with quicker turnaround time
Expedited loan approval process
with AI powered risk assessment
Key Benefits
Trend 6: Banks are leveraging AI to create a seamless customer onboarding journey
Source: Capgemini Financial Services Analysis, 2019
8© Capgemini 2019. All rights reserved |
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
9© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Trend 7: Collaboration with RegTechs continues to rise
Source: Capgemini Financial Services Analysis, 2019
9© Capgemini 2019. All rights reserved |
Rise of specialized RegTech players
Increasingly stringent
regulatory requirements
Technology enabling innovative compliance
solutions
Increasing cost of compliance
Legacy systems that
preclude efficient compliance
Greater volumes
of sensitive data to manage
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
Retail Banking Trends 2020 | November 2019
10© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Trend 8: Technology innovation is driving banks’ risk-compliance initiatives
Source: Capgemini Financial Services Analysis, 2019
10© Capgemini 2019. All rights reserved |
Drivers
Data growth has created the need
for more effective reporting
Banks must update their legacy
systems with automation,
cognitive and AI
Increasingly complex regulations
around anti-money laundering
(AML) and KYC
Banks waiting to adopt technology
may wind up playing
catch-up with competitors
Advancements in ML, NLP, RPA
(robotic process automation), and
advanced data analytics
Banks must expand budgets to
cover workforce training
programs in compliance
Risk management in today’s
complex environment demands
effective handling of large
volumes of data
Collaboration with RegTechs to
help banks meet regulatory
requirements
Implications
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
11© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Trend 9: The Open X ecosystem of the future will require players to work collaboratively
Source: Capgemini Financial Services Analysis, 2019
11© Capgemini 2019. All rights reserved |
Benefits of a Open X ecosystem
Hyper-personalization
Offerings customized
at individual level
Portfolio expansion
Leveraging products
of other ecosystem
partners
Customer penetration
Ability to reach new
customer segments
Process efficiencies
Creating operational
synergies working with
ecosystem players
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
12© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019
Source: Capgemini Financial Services Analysis, 2019
12© Capgemini 2019. All rights reserved |
Trend 10: Contextual
banking empowers banks to
provide superior customer
experience
Drivers
The contextualized
experiences offered by
Netflix and Spotify – have
set new customer
experience standards.
Contextual banking can
optimize the execution of
every transaction
Customers expect banking
tasks to be simple, efficient,
appropriate to the context
Banks need to leverage data
from all sources and
channels to create a
contextual data repository
AI, and ML have enabled
banks to continuously learn
about consumer
preferences and create
personalized offers
Banks need to invest in big
data, advanced analytics,
and AI to build
data insights
Technology is enabling banks
to obtain real-time customer
data and target their
personalization
Contextual banking can
enable banks to initiate
cross-selling of products, or
services
Implications
Intelligent
Bank
Open
Banking
Deep
Customer
Insights
Data-
Driven
Compliance
Top Trends in Retail Banking for 2020 by Capgemini
A global leader in consulting, technology services and digital transformation,
Capgemini is at the forefront of innovation to address the entire breadth of clients’
opportunities in the evolving world of cloud, digital and platforms. Building on its
strong 50-year heritage and deep industry-specific expertise, Capgemini enables
organizations to realize their business ambitions through an array of services from
strategy to operations. Capgemini is driven by the conviction that the business
value of technology comes from and through people. It is a multicultural company
of over 200,000 team members in more than 40 countries. The Group reported
2018 global revenues of EUR 13.2 billion.
About Capgemini
Learn more about us at
www.capgemini.com
This message contains information that may be privileged or confidential and is
the property of the Capgemini Group.
Copyright© 2019 Capgemini. All rights reserved.
People matter, results count.

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Top Trends in Retail Banking: 2020

  • 1. Top Trends in Retail Banking: 2020 November 2019 Link: https://www.capgemini.com/top-trends-in- 2020/
  • 2. 2© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Use of Blockchain solutions to improve KYC and identity management programs Banks are exploring unsecured consumer lending Collaboration with FinTechs to explore point-of-sale financing Workforce preparation for Digital-era The Open X ecosystem Contextual banking Intelligent Bank Open Banking Deep Customer Insights Banks are leveraging AI to create a seamless customer onboarding journey Banks embrace design thinking Data-Driven Compliance Collaboration with RegTechs continues to rise Technology innovation is driving banks’ risk compliance initiatives 04 03 02 01 06 05 07 08 09 10 Top Trends in Retail Banking for 2020 by Capgemini
  • 3. 3© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 Trend 1: Digital-era workforce preparation has become a top priority Impact of technological advancements and rapid digital disruption 3© Capgemini 2019. All rights reserved | Within this dynamic ecosystem, employees’ legacy competencies are quickly becoming obsolete. Traditional banks must future-proof their workforce to compete with new-age digital financial institutions Traditional training cannot meet changing business priorities and the ever-shifting demand for required capabilities Bank staff require skills in AI, ML to derive insights and automate processes and improve customer experience. Top Trends in Retail Banking for 2020 by Capgemini Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance
  • 4. 4© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Trend 2: Banks are collaborating with FinTechs to explore point-of-sale financing Source: Capgemini Financial Services Analysis, 2019 4© Capgemini 2019. All rights reserved | Drivers Banks are collaborating with FinTechs to move into the PoS financing Banks still require FinTech technology and talent to drive PoS financing PoS financing offers vast market potential and is gaining traction among online shoppers. Banks need FinTech’s technology to create a winning combination Banks cannot ignore the shift in consumer spending behavior toward PoS financing More customers will get onboard as technology advancements simplify adoption of PoS financing FinTech firms have established a PoS lending ecosystem A bank/FinTech platform will benefit merchants as they can drive sales by offering customers instant loans at no extra cost Implications Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 5. 5© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Trend 3: Banks are slowly beginning to explore unsecured consumer lending through digital channels Source: Capgemini Financial Services Analysis, 2019, TransUnion, “FinTechs Continue to Drive Personal Loan Growth,” February 21, 2019, https://newsroom.transunion.com/fintechs-continue-to-drive-personal-loans-to- record-levels/. Future Growth Opportunity in Unsecured Lending Person loan balances in the US increased by USD 21 billion in 2018 In US, FinTech loans now comprise 38% of all unsecured personal loan balances In US, average unsecured personal loan debt per borrower is USD 8,402 as of Q4, 2018 Size of personal loan balances in the US is USD 138 billion as of 2018 Personal loan originations in the US increased by 22% during Q3, 2018 Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 6. 6© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 Trend 4: Blockchain solutions being used to improve KYC and identity management programs 6© Capgemini 2019. All rights reserved | Benefits of using Blockchain in KYC Process One source system for customers to upload KYC data Improved data security Bank accesses KYC data from blockchain Immutable database assures data does not change in time Other institutions verify KYC already performed by bank Blockchain can reduce operational cost, save time Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 7. 7© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Trend 5: Banks embrace design thinking Source: Capgemini Financial Services Analysis, 2019; Medium, “What is Design Thinking? (And What Are The 5 Stages Associated With it?),”Benjamin Hunter Miller, September 5, 2017. Design Thinking Methodology Empathize Define Ideate Prototype Test Define the challenge & explore the human context Research, observe, understand & create a point of view Brainstorm ideas good & bad, don’t stop at the obvious Implement the product, show & don’t tell, start to refine the product Start creating, experiment, fail cheap & fast Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 8. 8© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Key Drivers Complicated onboarding experience may significantly impact customer loyalty Personalized experience that can readily meet millennials’ expectations Onboarding experiences from Facebook and Amazon have changed customers’ expectations Banks can use AI to enhance customer support services Challenger banks also pose a threat with quicker turnaround time Expedited loan approval process with AI powered risk assessment Key Benefits Trend 6: Banks are leveraging AI to create a seamless customer onboarding journey Source: Capgemini Financial Services Analysis, 2019 8© Capgemini 2019. All rights reserved | Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 9. 9© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Trend 7: Collaboration with RegTechs continues to rise Source: Capgemini Financial Services Analysis, 2019 9© Capgemini 2019. All rights reserved | Rise of specialized RegTech players Increasingly stringent regulatory requirements Technology enabling innovative compliance solutions Increasing cost of compliance Legacy systems that preclude efficient compliance Greater volumes of sensitive data to manage Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini Retail Banking Trends 2020 | November 2019
  • 10. 10© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Trend 8: Technology innovation is driving banks’ risk-compliance initiatives Source: Capgemini Financial Services Analysis, 2019 10© Capgemini 2019. All rights reserved | Drivers Data growth has created the need for more effective reporting Banks must update their legacy systems with automation, cognitive and AI Increasingly complex regulations around anti-money laundering (AML) and KYC Banks waiting to adopt technology may wind up playing catch-up with competitors Advancements in ML, NLP, RPA (robotic process automation), and advanced data analytics Banks must expand budgets to cover workforce training programs in compliance Risk management in today’s complex environment demands effective handling of large volumes of data Collaboration with RegTechs to help banks meet regulatory requirements Implications Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 11. 11© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Trend 9: The Open X ecosystem of the future will require players to work collaboratively Source: Capgemini Financial Services Analysis, 2019 11© Capgemini 2019. All rights reserved | Benefits of a Open X ecosystem Hyper-personalization Offerings customized at individual level Portfolio expansion Leveraging products of other ecosystem partners Customer penetration Ability to reach new customer segments Process efficiencies Creating operational synergies working with ecosystem players Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 12. 12© Capgemini 2019. All rights reserved |Retail Banking Trends 2020 | November 2019 Source: Capgemini Financial Services Analysis, 2019 12© Capgemini 2019. All rights reserved | Trend 10: Contextual banking empowers banks to provide superior customer experience Drivers The contextualized experiences offered by Netflix and Spotify – have set new customer experience standards. Contextual banking can optimize the execution of every transaction Customers expect banking tasks to be simple, efficient, appropriate to the context Banks need to leverage data from all sources and channels to create a contextual data repository AI, and ML have enabled banks to continuously learn about consumer preferences and create personalized offers Banks need to invest in big data, advanced analytics, and AI to build data insights Technology is enabling banks to obtain real-time customer data and target their personalization Contextual banking can enable banks to initiate cross-selling of products, or services Implications Intelligent Bank Open Banking Deep Customer Insights Data- Driven Compliance Top Trends in Retail Banking for 2020 by Capgemini
  • 13. A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of over 200,000 team members in more than 40 countries. The Group reported 2018 global revenues of EUR 13.2 billion. About Capgemini Learn more about us at www.capgemini.com This message contains information that may be privileged or confidential and is the property of the Capgemini Group. Copyright© 2019 Capgemini. All rights reserved. People matter, results count.