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Banking

The banking industry is opening up — literally. Whether through regulation or market forces, open banking is now a reality. Banks face many challenges: declining customer loyalty, an emergent fintech class, and commerce platforms that continue to inch toward providing financial services. The tried-and-true banking business model is fracturing, and strategic decisions loom.

Banking Solutions

The Future Of Digital Banking

Traditional competitive and industry lines are fading into the background as fintech providers and commerce platforms offer a greater array of banking services. Fintech represents both risk and opportunity: the risk that fintech providers will poach margin-rich or relationship-oriented business and the opportunity to partner with or buy those companies that have a more natural mindset to innovate. Like any startup community, the fintech market can be volatile. Some will evolve gracefully, some will crash, some will soar, and some will be acquired and be a new strategic threat to you. On the other hand, commerce platforms can scale — rapidly. You will need to be digitally astute and nimble to win in a market that is often digital-first.

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Growth In A Customer-Led Market

2017 and 2018 CX Index results show that the banking industry is struggling to create and maintain a human connection with customers. If customer loyalty is an economic engine, that engine is sputtering. This erosion of loyalty is happening while fintech providers and commerce platforms move more aggressively into banking services. Banks need to embrace open banking, unleashing the power of data and scale. But job No. 1 is to rebuild the relationship with customers.

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Banking Insights

Blog

How Banks Still Make It Too Hard For People To Open An Account

Four common missteps deter would-be customers from opening bank accounts. Learn what they are and how to avoid them.
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Blog

First Apple, Now Amazon: Goldman Sachs' Move To Help Big Tech Into Banking

First it was Apple. Now it’s Amazon. One thing’s for sure: Goldman Sachs knows it needs to go big or go home with retail banking. Learn about the game-changing partnership on the horizon.
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Our Banking Team

Zhi Ying Barry

Zhi-Ying Barry

Senior Analyst

Jacob Morgan

Senior Analyst

Huard Smith

Vice President, Principal Consultant

Predictions 2020

Predictions 2020: On The Precipice Of Far-Reaching Change

A new decade begins with great uncertainty. Sweeping changes are poised to take place. But which ones? Read Forrester’s Predictions 2020 Guide to discover the dynamics that will define 2020 and beyond.

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Dive deeper and get your questions about 2020 answered. Register now for our complimentary predictions webinar on January 23.