We met with 136 retail banking executives to understand their top priorities and how they are preparing for and adapting to key trends shaping their organizations. This year, executives are prioritizing:

  • Profitability and business growth
  • Business optimization
  • Improved customer experience
Business woman reading a device

Retail banks seek to curb spending more than other banking sectors

46%
plan to sustain or increase their OpEx budgets
43%
plan to sustain or increase their CapEx budgets
72%
on average are accelerating application modernization

 

  • Technology and digital acceleration remains the top macro trend
    82% say technology and digital acceleration is the most impactful trend (-4pp YoY)
  • Retail banks exceed other industries in producing digital results
    58% are producing results from their digital strategies (vs 34% for all industries)
  • Traditional AI usage is up, and most retail banks are exploring GenAI
    35% have implemented or are implementing traditional AI, with 86% exploring GenAI

 

Female retailer using a device

Organizations generating expected results from their digitization strategies—the digital leaders—share common attributes that enable them to accelerate outcomes compared to others.* For example, in retail banking, digital leaders:

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Extend digital strategies to their external ecosystem

+15pp

vs. others*

Retail banking digital attribute 2

Cite legacy systems as a significant challenge

-20pp

vs. others*

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Produce results from data privacy and protection strategies

+50pp

vs. others*

* those building or launching digitization strategies
pp = percentage points

1

Modernize retail banking legacy infrastructure to improve agility and reduce costs.

2

Drive retail banking innovation and agility to adapt to new opportunities quickly.

3

Become more data-driven, harness AI and generate insights to improve retail banking efficiency and customer outcomes.

4

Accelerate digitization and personalization to improve customer acquisition and retention customer retention in retail banking.

5

Secure your retail banking data and infrastructures to maximize resiliency and trust.

6

Bake-in ESG data enablement and reporting to track and prove sustainability targets.

CGI member-partners a consultant conducting a presentation in the conference room

 

 

At CGI, we help retail banks advance their digital transformation to improve the customer experience, optimize operations, and drive revenue growth. Learn more about:

 

Digital transformation    Intelligent automation    Advanced analytics    Artificial intelligence  Cybersecurity