The real trick is being ready for the trip
In 2017, the global banking industry encountered numerous changes. Keeping that in mind, it is prudent to analyze core factors that'll drive impending industry changes and challenges that banks are likely to face in 2018.
Driving factors to watch out for
PSD2 will not be limited to European Union; we'll see its propagation in other parts of the world in 2018. Newer API (application programming interfaces) development and its monetization will drive the open banking success story.
While banks continue to progress in different directions, they might encounter challenges along the way. Some of anticipated challenges are:
All these advancements will yield results in terms of better customer satisfaction and improved revenue streams for banks.
The key to making the most of these developments lies in having appropriate strategies in place. Strategies that prioritize directions, proactively assess customer sentiments, and rethink business models are the need of the hour.
The article was originally published on Banking Exchange and is reposted here by permission.
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