2018 is almost here and it feels as though it’s been one of the most awaited years for UK retail banks. It’s the year that I truly believe we’ll see the high street banks put the customer at the centre of every move they make, primarily down to the implementation of PSD2 compliance (and the more stringent CMA rules in the UK), plus the rise of tangible use cases for emerging new technologies.

With PSD2 and the CMA rules serving as the most significant development that the industry has seen, retail banks will need to take an ‘Open Banking’ approach to embrace this change, utilising open APIs that power ‘Banking as a Platform (BaaP) to provide meaningful added value services that are good for the customer and good for the bank.

In promising news, our recent GFT research at the end of the 2017, found that this model is the primary approach for true digital transformation, with a staggering 77% of respondents saying that this methodology creates greater customer engagement, and 67% saying that it stimulates the development of new applications.

Banks know that they are sitting on a wealth of information, especially unstructured customer data, which is not currently being used to its full capacity. Powered by open APIs, it is also likely that we will see the rise of AI solutions, such as chatbots, process automation and personalised interfaces that will ultimately be critical to the success of digital transformation projects in 2018.”

Christian Ball is head of retail financial services, GFT

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.