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Top 10 Trends in Retail Banking & Payments for 2018

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Financial institutions and brick-and-mortar banks must shift their mindset, business model, and operating process to serve the modern consumer.


Top 10 Trends in Retail Banking & Payments for 2018

By Mobile Marketing and Technology Magazine 

Financial services, banking, investment and the economy itself, all are on the verge of a new model. It’s not a secret that many industries are being changed by disruptive technology. The retail apocalypse started in 2017 and it is forecasted that banking is next. Here are the top trends in retail banking and payments for 2018.

The physical banks of today must rethink how they serve their clients and focus on being more convenient. There is a good chance that blockchain technology will one day replace many current banking systems and banks may one day be replaced by Tech Firms.

As the Mobile Payments Industry continues to be on the rise and mobile devices are increasingly the fulcrum for these interactions, machine learning and artificial intelligence-based technologies are helping to track consumer behavior which can detect subtle shifts in the underlying data then revise algorithms. These unique capabilities make AI and machine learning technologies relevant for a broad range of payments applications.

According to Alite Group, transactions are accelerating, with faster payments initiatives progressing around the globe (much to the delight of criminals). Fintech and tech firms continue to try chipping away at banks’ revenue streams, and in Europe and parts of the Asia-Pacific, regulation is providing a helping hand.

Each year, Aite Group releases their Top 10 trends predictions in the financial services industry, for financial institutions and FinTech companies. Financial services, banking, investment and the economy itself, are all on the verge of a new model.  It is forecasted that consumers will increasingly use hybrid elements of mobile FinTech, Cloud payment solutions, in addition to using legacy banking.

 

Top 10 Trends in Retail Banking & Payments for 2018

Top 10 Trends Banking

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Clients of Alite Group’s Retail Banking & Payments service can download the 18-page report. Learn more here.

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