Innovation in Retail Banking 2023

in partnership with
Logo of Infosys Finacle

Inspiring better banking across 100+ countries.

View more
Digital Reinvention
23/03/2023 Study
01 Jun 2023
01/06/2023 Webinar

Innovation in Retail Banking 2023

The Future of Innovation During Times of Economic Uncertainty

Innovation has become a critical component of business growth in the banking industry. Beyond creating the ‘next big thing,’ innovation includes the creation of value through new or existing products, services, and processes. It also must incrementally improve customer and employee experiences, back-office efficiency, and revenue opportunities. Most importantly, banks need to innovate continuously and recompose their legacy business models to create new value for their stakeholders.

Traditional and non-traditional banking providers are increasingly responding to evolving customer needs and behaviors by creating new solutions at speed and scale. With a challenger mindset, these organizations are continuously rethinking back-office processes to enhance products and services that build engagement and create better experiences.

These efforts are expanding the set of potential financial partners that consumers and businesses consider using, resulting in shifting loyalties and market share.

Our research shows that while innovation leaders understand the importance of delivering improved experiences and products as quickly as possible, structural challenges continue to impede the speed and scale of innovation. Adding to the challenges of legacy cultures and processes, financial institutions are considering ‘scaling back’ investments in innovation as the industry faces uncertain economic times.

More than ever, those institutions that view the innovation process as a driver of future revenues (as opposed to a cost) will benefit the most as the economy returns to normal growth patterns.

The future of retail banking innovation has the foundation of internal and external data, advanced analytics, digital technologies, and new delivery 
alternatives. This will require them to modernize their technology landscape and lead with transformation initiatives that will enable them to fight for a share of “new-age banking”, conducted as digital-first, embedded finance, marketplace banking, and BaaS, among others.

Download the full report

Related news & insights

Open Finance
09/06/2023 Interview

NewTech Friday : Näktergal – Digitizing the lending system

Näktergal is a Stockholm-based fintech that was founded in 2015 by two experienced banking professionals, Erik Bennerhult and Mikael Abrahamsson,...

Open Finance
07/06/2023 Interview

Pazapa: Developing the rent-to-own market in France

Basma El Aboudi is the Co-Founder of Pazapa, a French proptech startup specialized in real estate leasing. We spoke with...

SME Banking
05/06/2023 Article

Financial services for the gig economy: Catering to the unique needs of independent workers

A recent Qorus report discusses the rise of the gig economy and its impact on the future of work and...

Sustainability & Regulation
05/06/2023 News

Helios launches a simulator to calculate the carbon footprint of your money in the bank

1000€ in a traditional bank emit an average of 475 kg eqCO2 per year.

Digital Reinvention
05/06/2023 Interview

Salmon: the sudden rise of a consumer finance challenger in the Philippines

Raffy Montemayor is Salmon’s Co-Founder and Business Head in the Philippines. He tells us more about the company, its offer...

Sustainability & Regulation
05/06/2023 News

Tandem delivers full year profitability for first time in the bank’s history

Tandem, the UK’s greener bank, delivers full year profitability for first time in the bank’s history after 12 months of...

Digital Reinvention
05/06/2023 News

CaixaBank helped ECB to develop a prototype to make immediate payments using the digital euro

CaixaBank has designed a mobile application prototype that simulates sending and receiving money instantly between individuals.

Open Finance
02/06/2023 Interview

NewTech Friday: Yalla – The super-app for individuals & businesses

Waleed Sadek is the CEO and Founder of Yalla. He tells Qorus about the Yalla platform, a digital financial services...