Key Trends in Retail Banking 2017: Financial Service
Summary Several trends will drive developments in retail banking in 2017, including factors as diverse as changes to the regulatory environment, the emergence of artificial intelligence, and the long-awaited entry of new mobile-only providers. Key Findings - The UK and the EU will be at the forefront of moves to practically apply the principles of open banking in 2017, spurred on by regulatory demands. The focus in 2017 will be primarily behind the scenes: banks will collaborate to establish standards and protocols on security, data protection, and accountability. - While open APIs will facilitate access to the additional data needed to provide high-quality data-led insight, it is through AI that such analysis will be provided. From the consumer perspective, AI will manifest itself through the medium of chat bots. - Fintech will come under increasing scrutiny from global regulators in 2017, with two key objectives in mind: keeping on top of new innovations and e...
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