time for a banking revolution? - earnix · uk and europe, working in customer experience, insight,...
Post on 19-Aug-2020
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In early 2017 Marketforce and Earnix surveyed 300 retail banking professionals from across the UK and Europe, working in customer experience, insight, operations, IT, strategy and sales & marketing, to understand the role of analytics in the new banking age. The �ndings present an industry on the cusp of deep and widespread change, driven by new data sources and mounting competition.
TIME FOR A BANKING REVOLUTION?
FORECASTING FUTURE COMPETITION IN BANKING
50% expect the majority of older consumers to do the same.
88% expect the majority of Millennials to be using services that o�er customers integrated access to their accounts across multiple banking providers while...
HOW WILL CUSTOMERS ACCESS THEIR ACCOUNTS IN THE FUTURE?
72% believe that as access to multiple accounts through a single online portal increases, the advantage of an existing customer relationship will diminish and it will become more di�cult for banks to cross-sell
HOW WILL BANKS NEED TO ADAPT?
75%
3/4believe the current model of cross subsidisation will become unsustainable over the next 5 years while...
31%believe it is already broken.1
of respondents agree that the use of data analytics to o�er value-adding, insight-based services to customers will become critical to maintaining margins over the next 5 years.
As a consequence
92%
This will be enabled by access to new reams of customer data through open APIs and the expansion of the Internet of Things....
83% also expect it to be common within 5 years for banks to o�er data analytics-based services to manage their lives, not just their �nances, more e�ectively.
93% expect these developments to revolutionise the potential of
analytics in banking.
of respondents predict that advances in analytics and the increasing availability of data will create a signi�cant resurgence in Personal Financial Management services
86%
1The Future of Retail Banking 2016 report
WHAT ROLE WILL DATA PLAY?
believe this will in turn lead to banks having to signi�cantly overhaul their pricing and value models in order to maintain market share over the next 5 years. In fact...
63% expect to see a signi�cant increase in competition in the banking industry over the next 12 months.
This will be magni�ed by the rise of Open APIs as...
8/10 expect a signi�cant increase in competition over the next 5 years as a direct result of the increasing regulatory drive towards open banking.
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