A new report by the Economist surveyed 203 global banking executives to understand the challenges and changes they face. Over one-half (135) of the respondents work for banks with assets of less than $50b. The report concluded that, "The digital revolution has moved from existential threat to potential survival strategy for the world’s retail banks."
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Retail Banking: In tech we trust
The digital revolution has moved from existential threat to potential survival strategy for the world’s retail banks. For the first time in three years, the post-crisis regulatory squeeze no longer tops our retail banking trends. Banks may not like the renewed regulatory focus on know-your-client and suitability, but they now have a more pressing draw on their resources: financial technology (fintech). The scale of disruption is unprecedented, across every market, every distribution channel and every single product line. Fintech poses a potentially fatal risk and will be a severe test of banks' IT systems and their ability to respond to rapid changes in customer expectations, short product development times and growing cyber risks.
