7 innovative trends in retail banking you need to know now

Efma feature

13 June 2019

A co-branded report by Efma and Accenture reveals the top seven must-know trends in retail banking for 2019.

In recent years, innovation has taken center stage in retail banking. Banks have had to become experts in digitization and automation, are now accustomed to the cloud, and leverage data from numerous sources on a daily basis.

Yet what is regarded as ‘innovative’ changes increasingly rapidly – social media and mobile technology is now the norm and banks are getting to grips with more advanced technologies like machine learning and artificial intelligence (AI).

But what if innovation wasn’t exclusively synonymous with technology? The latest report from Efma-Accenture, titled ‘Innovative Trends in Retail Banking’, reveals that the human element is making a comeback in retail banking.

Humans vs. tech

Banks are now acknowledging the importance of the human element in building meaningful customer relationships. They are adapting their retail banking experiences to customer preferences and fostering lifetime relationships with them as well as providing them with the opportunity to interact with human advisors. This is what makes ‘setting a human purpose’ the top innovative trend of the report.

Another evident trend dominating the industry is that retails banks are ‘making employees and the brand become one’. Retail bank employees must understand the brand culture and commit to aligning their customer experience with that very brand promise. Find out more in the full report.

And the winners are…

2018’s edition of the Distribution & Marketing Innovation (DMI) Awards witnessed these trends in full swing. This joint initiative from Accenture and Efma, introduced in 2012, proved once again to be a veritable showcase of innovative projects in Retail Banking at a global level.

Seven award winners distinguished themselves through innovation, execution and impact among 421 nominations from 180 different organizations spread across 59 countries. This year’s winners include Bancolombia’s ‘Plink’ for the Artificial Intelligence Award and Banco Bradesco’s ‘Lollapalooza Brazil’ innovation for the Digital Marketing & Communication Award.

To discover the seven trends and award winners, download your free copy now.

Keywords : Innovation , Bank Products & Services , Digital/Mobile channels , Workforce management , AI/Robotics

Geography : International