Retail Banking remains a key focus for Banks who are looking to combine Digital and Mobile strategies with smart, in-branch experiences to build the “Smart Bank”. In doing so, a strong Mobile strategy is a must, but it’s not the be-all-end-all, given a recent McKinsey Report found that only 20% of customers are “bank in my pocket” only patrons.
For the rest, Synechron’s EFMA World Branch Report found that 63% of respondents are planning to change their branch model in line with digital transformation. One area that remains ripe for innovation is the ATM – with 3M units around the world already and 4M anticipated by 2021.
Watch the ATM space for continued focus on new business models like Bitcoin ATMs and data-enabled ATM controls to better manage cash and fraud. Here’s a snapshot view on what’s ahead for Retail Banking.