World Retail Banking Report 2016 18 April 2016

As FinTech firms target key aspects of the banking value chain creating disintermediation, banks are seeking to play a central role in today’s evolving digital ecosystems to remain relevant while delivering superior customer experience. 

The World Retail Banking Report 2016, by Capgemini and Efma, explores customer experience globally, the disruption and impact of FinTechs, and how banking customers’ perceive them. As customers begin to adopt FinTech products and services, FinTechs are capturing greater mindshare in the industry. 

While 90% of banking executives believe that change is accelerating towards digital banking ecosystems, only 12.9% say their core systems can support this movement. Banks are also lagging behind in terms of their perceived value proposition, agility, and ability to innovate. 

With these essentials key to remaining competitive, banks can no longer afford to act in isolation, and are likely to embrace FinTechs instead. Based on one of the industry’s largest survey responses from over 16,000 customers across 32 countries and more than 140 in-depth executive interviews, the report examines the necessity of developing a digital ecosystem and the essentials required for banks to establish symbiotic relationship with different stakeholders in the industry.

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