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Retail Banking Sector Dominated by Rising Adoption of Digital, Mobile Operation Platforms

Press Release   •   Aug 16, 2017 05:20 EDT announces the addition of a new report on the global retail banking sector. The report examines the global retail banking sector keeping its focus on dominant trends likely to shape the sector in the coming years. Various technologies that have become part of the banking sector in recent years are the focus of the report, along with detailed elaborations on the steady growth potential of digital banking channels. The report is titled ‘2017: Key Trends in Retail Banking.’

The arrival of artificial intelligence in the retail banking sector has revolutionized the industry and is expected to remain the determinant factor in the industry’s evolution in the coming years. Due to the menial nature of many retail banking operations, digital tools have been widely adopted in order to make banking more accessible to the consumer. Reaching out to existing as well as new customers has become easier with the use of digital tools, making them a key factor for the retail banking industry in the coming years.
Mobile platforms for banking have become widely popular across the world due to the convenience they present to consumers. Mobile-only operations are also starting to become popular in the retail banking sector and could emerge as a key trend in the coming years. Managing retail banking operations digitally has emerged as a profitable and convenient method for many BFSI sector players, making it likely to remain a central theme in the retail banking sector in the coming years.
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Regionally, the EU and the UK are likely to be the dominant contributors to the global retail banking sector’s evolution due to the steady incorporation of technological advances in the region’s banking sector. The widespread prevalence of mobile banking platforms in the EU is likely to benefit the retail banking sector in the coming years. The retail banking sector has benefited from its relative insulation from the political and economic uncertainty regarding Brexit and is likely to exhibit steady growth in the coming years.
Nevertheless, the rising adoption of digital banking protocols has led to growing attention being paid to the security of the digital mechanisms. Cyber security is likely to remain the key concern of banking sector players looking to expand their digital capability, as the rising risk of cybercrime has made consumers wary.
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The growing regulatory support to the adoption of digital banking technology in developing countries is likely to be a major driver for the retail banking sector in the coming years. Key markets such as China and India have paid great attention to the incorporation of digital infrastructure in administration in recent years, which is likely to help the banking sector adopt a similar approach in these regions. Growing use of smartphones in these developing countries and the steady government support for schemes that aim to boost the telecommunications sector is also likely to help the banking sector in the region align with the major trends in the global market.