Below is an excerpt of the Digital Banking Report entitled, '2017 Retail Banking Trends and Predictions', with insights from a crowdsourced panel of close to 100 global financial services leaders and the results of a global industry survey.

By collecting insights from leading influencers, ranking the trends using an industry survey, and including extensive analysis around each trend, we have created the most comprehensive annual trend report in the banking industry. For the second consecutive year, the research, analysis and Digital Banking Report entitled, “2017 Retail Banking Trends and Predictions,” were sponsored by Kony, Inc.. The 93-page report is now available here.

Top 10 Retail Banking Trends for 2017

The ranking of the top 10 trends and predictions was done by providing a list of possible trends and asking banks and credit unions globally to provided their top 3 predictions. We asked some of the same questions of industry suppliers and vendors for a total of over 900 responses. Of the 760 financial institutions that provided their top 3 trends, the highest ranking prediction was that the industry was going to remove friction from the customer journey (54%). The next two most mentioned trends were the improved use of data and advanced analytics and improvements in multichannel delivery (mentioned by 54% and 45% respectively).

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Most surprising was the emergence and importance given to the opportunity of open banking APIs (mentioned by 32% of FIs). This trend was only mentioned by a few industry leaders last year. Rounding out the top 10 for 2017 were; partnering with fintech firms (29%), expansion of digital payments (29%), responding to regulations (18%), exploring advanced technologies (11%), emergence of challenger banks (10%) and investment in innovation (9%).

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