Top trends and priorities focus on digital acceleration, the end-to-end customer experience and security

We met face-to-face with 127 retail banking executives to better understand their top trends, priorities and challenges. Digital acceleration is the most impactful macro trend executives face this year; and, to keep pace, they are investing in client-facing digital transformation (top IT priority) to improve the end-to-end customer experience (top business priority). At the same, executives are under pressure to address the growing threat of financial crime—their most impactful industry trend for 2023. Discover executives’ top trends, priorities and more.

 

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Key findings

Digitisation remains top IT focus
For 4 straight years, client-facing digitization remains the top IT priority.

Digital acceleration is felt acutely
86% feel high impacts from accelerating digital demands (more than other banking sectors).

Sustainability creates future value
59% see sustainability as highly core to value creation, yet monetising it is a challenge.

Ecosystems included in cyber strategy
51% are extending cybersecurity strategies across their ecosystem.

Analytics drives personalization
Advanced analytics to personalise the customer experience is a top 5 business priority.

Person making online transaction by tapping their debit card

What digital leaders do to accelerate results

47% of executives in Retail Banking say their organisations are producing results from their digital strategies in 2023, exceeding other banking sectors by at least 9 percentage points. When comparing insights from the 47% producing results from digital strategies (digital leaders) to those building or launching digital strategies (digital aspirants), common attributes emerge. Areas in which digital leaders excel include business and IT alignment, cybersecurity and privacy strategy results, and modernisation.

Retail banking digital attribute 1

Closely align business and IT operations to support strategy

Digital leaders

71%

Digital aspirants

52%
Retail banking digital attribute 2

Produce results from privacy strategies

Digital leaders

69%

Digital aspirants

22%
Retail banking digital attribute 3

Produce results from cybersecurity strategies

Digital leaders

75%

Digital aspirants

30%

5 recommendations for navigating new market realities with resilience

1

Improve the customer experience
by using APIs and enhancing site and application navigation to drive loyalty.
2

Rationalise your cloud journey
by migrating non-core systems first and executing a multi-cloud solution strategy.
3

Increase personalisation
by investing in data analytics, artificial intelligence and agile methods to customise services.
4

Adopt open standards
wherever possible to become cloud-provider agnostic.
5

Advance data management
by securing executive sponsorship, defining your baseline, and setting realistic objectives.

 

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At CGI, we help retail banks improve the end-to-end customer experiences through digital transformation.

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