A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on the top banking industry trends dominating the European market. This article provides comprehensive insights about the key trends in the European banking sector.
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Banking Industry Trends in Europe. (Graphic: Business Wire)
European banking companies are rapidly moving from traditional banking techniques to digital banking in order to enhance customer experience and stay competitive in the market. Although retail companies in Europe are facing major challenges including increasing political volatility, new regulations, and persistent questions about the technological transformation of banking, the sector is expected to mark a positive growth in the next few years.
Bankers across Europe believe that technology and process innovation will transform the retail-banking landscape in the next three to five years. Are you prepared for this change? Request a free proposal to know how our banking industry analysis can help you stay updated with the opportunities and challenges in the market and formulate effective strategies to stay competitive.
European banking industry trends
Digitalization of corporate banking
Corporate banks in Europe are finally making the leap to go digital. This move comes after the increased dissatisfaction among national and multinational companies relating to the quality of service. Back office operations in most banking sector companies have already been digitalized and are expected to soon extend through middle and front office operations.
Get in touch with our experts for more insights on how to better understand banking industry trends and threats and how European banks should respond to them.
Growth of Fintech and RegTech
Last year, Fintech and RegTech spending continued to proliferate in EMEA’s emerging markets. As new banking companies are entering a competitive environment, such trends will persist. Banking industry trends such as increasing spending on FinTech and RegTech is intrinsically linked with improving levels of financial inclusiveness.
Open banking standards
In open banking retail/corporate customers are in control of sharing their financial assets and personal data with third-party providers of their choice. An open banking standard prescribes the steps which banking sector companies must take. In Europe, several top banking corporations are making a collaborative effort to create an open API standard.
Technological innovations to promote financial inclusion
One of the most prominent banking industry trends this year will be to connect and reconnect customers to the financial system. Although advancements have been made to bridge the gap between people having access to banking services and those who do not, progress needs to move at a rapid pace. This requires the collaborative efforts of national governments, financial service providers, telcos, and other technology vendors.
Acceleration of platformification
Bundling together multiple services into one online platform is known as platformification. It is aimed at providing an efficient, automated, and integrated customer experience. This consequently drives improved financial and operational performance.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us