The fourth global retail banking report from The Economist Intelligence Unit, sponsored by Temenos, finds an industry in flux but more certain about its future. By 2020 your bank may no longer manage your real-time digital transactions nor your new account opening, but it will still lie at the heart of your financial world. In previous years, banks feared that financial technology (fintech) firms would steal all their lucrative business lines. But domination is harder and more expensive than assumed. Fintechs’ dreams of disrupting the entire banking industry may disappoint. Retail banks still hold—and will retain—a huge advantage. They have three “big Cs” on their side: customers, compliance and capital. As a result, fully automated banking may never happen.
Sourced through Scoop.it from: www.bobsguide.com