That’s not 2,016 banking predictions, which could be good, but banking predictions for the year 2016.
Happy New Year.
As is usual at the start of the year, I normally make a bunch of predictions about what will happen in retail, investment and transaction banking … but this year is not usual so I’m not going to do that. The reason is that I’ve found lots of others doing it better, and so I’ve picked the best prediction blogs in braking and blockchain as my theme for this week and will link to them.
One of the best is Jim Marous at The Financial Brand, who surveys the brightest minds in retail banking worldwide to produce his annual list of the Top 10 Retail Banking Trends and Predictions for 2016
http://thefinancialbrand.com/55952/2016-top-banking-trends-predictions-forecast-digital-fintech/ (FYI, please don’t whine about this weeks posts. Am in a place where laptop isn’t working on wifi so updates via iPhone #pain = you’ll have to copy and paste links which would usually be embedded. Will get sorted over the week 😉
Anyways, I joined in this year’s survey and said:
“For the past few years a number of technologies have been rising in a perfect storm: cloud, Big Data, mobile apps and more. In 2016, the eye of the storm will hit as we see a massive focus upon mobile wallet development to increase usage from Chase, Samsung, Apple and Google; Open API structures to democratize finance and banking by enabling all bank processing to be simplified to a plug-and-play capability; Contextual Data Analytics to introduce more intelligence into customer contact, and laying the ground for augmented intelligence towards the end of the decade; and finally blockchain for shared ledger structures will continue to be a hot topic, as it enables any financial counterparties to exchange value with trust in real-time for almost free. These have all been discussed in 2015, but will make an even more dramatic impact in 2016.”
But there are many bigger and brighter minds than mine out there, so here are the top 10 predictions for retail banking in 2016:
1. The ‘Platformification’ of Banking
2. Removing Friction from the Customer Journey
3. Making Big Data Actionable
4. Introduction of ‘Optichannel’ Delivery
5. Expansion of Digital Payments
6. Executing on Innovation
7. Exploring Advanced Technologies
8. Emergence of a New Breeds of Banks
9. Mining New Talent
10. Responding to Regulatory and Rate Changes
You can read the full list here http:/thefinancialbrand.com/55952/2016-top-banking-trends-predictions-forecast-digital-fintech/ with some great comments and quotes including:
Tomorrow we’ll move on to the top investment banking predictions for 2016 from Accenture.
Jim Marous is the publisher of Retail Banking Strategies for The Financial Brand. Marous also publishes the Digital Banking Report, a subscription-based publication that provides deep insights into the digitization of banking. There are 150 reports in the digital archive that are available to subscribers. You can follow Jim on Twitter and LinkedIn.