White paper: A whole new world – How technology is driving the evolution of intelligent banking in Europe
The Economist Intelligence Unit (EIU), on behalf of Temenos, surveyed over 400 global banking executives on the changes they see taking place in their industry to 2020 and 2025, their organisational response, and the longer-term impact on their strategic development.
The report highlights that new technologies such as artificial intelligence (AI), open APIs and cloud are driving retail banks towards advanced data and analytics. Banks are using these to develop compelling propositions and experiences for their customers while keeping their money and their data safe.
The survey is part of a global research programme on retail banking, which includes in-depth interviews with retail banks, fintechs, and regulators from North America, Europe, Africa and the Middle East, Asia-Pacific, Latin America.
In addition to the global EIU report, Temenos have published a European specific report, looking at banks within the region. Key highlights include:
- The largest share of European bankers (35%) see acting as a true digital ecosystem – offering both banking and non-banking services as the future of banking.
- A quarter of respondents believe tech giants will be their biggest non-traditional source of competition by 2020; 31% believe that will be the case by 2025.
- New technologies are the primary driver of change for retail banks, both in 2020 and up to 2025, overtaking changing customer behaviour and demands for the first time.
- Open banking and PSD2 is driving the agenda for European banks. Launching an open banking strategy is a top priority for the coming year for 29% of European respondents.
Find out what ABN Amro, Nationwide, and bunq amongst other are thinking about digital banking, innovation strategies and where are they directing their digital investments.
CLICK HERE TO READ THE WHITE PAPER
