Top Trends in

Retail Banking: 2020

What you need to know
 TABLE OF
CONTENTS
Introduction 4

Trend 01: Digital-era workforce preparation has become a top priority 6

Trend 02: Banks are collaborating with FinTechs to explore point-of-sale financing 8

Trend 03: Banks are slowly beginning to explore unsecured consumer lending
through digital channels 10

Trend 04: Blockchain solutions being used to improve KYC and identity
management programs 12

Trend 05: Banks embrace design thinking 14

Trend 06: Banks are leveraging AI to create a seamless customer onboarding journey 16

Trend 07: Collaboration with RegTechs continues to rise 18

Trend 08: Technology innovation is driving banks’ risk-compliance initiatives 20

Trend 09: The Open X ecosystem of the future will require players to
work collaboratively 22

Trend 10: Contextual banking empowers banks to provide superior

customer experience 24

Conclusion 26

About the Authors 27

3
Introduction
The banking industry is undergoing a paradigm shift in which traditional players are
struggling to stay relevant in terms of product offerings, future-ready innovations, seamless,
and individualized customer experience at every touchpoint, and service engagement.
Competition from BigTechs and challenger banks is adding complexity and encouraging banks
to move beyond traditional products to meet hanging customer needs.

A new ecosystem has emerged - Open X, that is characterized by more effective and open
collaboration with new industry players such as FinTechs facilitated by API application
programming interface) standardization and shared customer data insights. Therefore, banks
are exploring partnerships, new business models, avenues for growth, and ways to personalize
offerings. Incumbents are exploring point of sale financing and unsecured consumer lending,
and also enhancing their digital channels expertise to reach a broader customer base.

The growing influence of BigTechs, such as Google, Amazon, Facebook, and Apple, and other
high-tech players has raised the bar for customer service and seamless user experience.
Increasingly, banks are turning to design thinking methodology to understand the customer
journey, extract deep insights, and develop a user experience across the customer lifecycle.

Advancements in technology also have created a gap between the existing skill sets of the
incumbent workforce and capabilities needed to implement those technologies. Awareness
is growing about the importance of building a future-ready workforce to retain ongoing
relevance. To foster a digital mindset among bank employees, training programs are being
designed and implemented. The intelligent bank of the future is on executives’ strategic
radar screen.

Exhibit 1: Top trends in retail banking – 2020

Digital-era workforce preparation has become

01 a top priority

02 Banks are collaborating with FinTechs to explore 05 Banks embrace design thinking
point-of-sale financing

03 Banks are slowly beginning to explore unsecured

consumer lending through digital channels
Intelligent
Deep 06 Banks are leveraging AI to create a seamless
Customer customer onboarding journey
Blockchain solutions are being used to improve Bank Insights
04 KYC and identity management programs

The Open X ecosystem of the future will require

09 players to work collaboratively Open
07 Collaboration with RegTechs continues to rise
Data-Driven
Bank Compliance

10 Contextual banking empowers banks to provide 08 Technology innovation is driving banks’ risk
superior customer experience compliance initiatives

Source: Capgemini Financial Services Analysis, 2019

4 Top Trends in Retail Banking: 2020

Today’s cutting-edge technologies offer banks the opportunity to innovate existing processes
to meet growing customer expectations. Banks are exploring machine learning (ML) and
artificial intelligence (AI) to create a seamless customer journey across various bank-customer
interactions. Know Your Customer (KYC) identity validation is a growing blockchain-enabled
trend being explored industry-wide by major banks.

Investment in technology to meet regulatory compliance is a growing industrywide

requirement encouraging established banks to collaborate with RegTechs. The goal is to realize
the full potential of technology to meet guidelines and also to create a competitive advantage.
Consortia of banks, RegTechs, and regulators are developing collaborative stakeholder
ecosystems. Banks are investing in development programs both within and outside of the bank
to meet changing market forces.

Top Trends in Retail Banking: 2020 aims to explore, understand, and analyze developments
expected to drive the retail banking ecosystem this year and beyond.

5
Trend 01: Digital-era workforce preparation has
become a top priority
Retail banks are equipping employees with digital competencies to
cope with rapid technology disruption in the industry.

Background

• The banking industry is undergoing rapid digital disruption. Technological advancements

have kept the entire banking business ecosystem in a state of continuous flux.
• Within this dynamic ecosystem, employees’ legacy competencies are quickly
becoming obsolete.
• Traditional training cannot meet changing business priorities and the ever-shifting demand
for capabilities required to cope in this digital space.
• Bank staff require skills in ML to derive insights about customers, and in AI to automate
processes and improve customer experience.

Key Drivers

• Banks now compete with FinTechs and GAFA tech giants (Google, Amazon, Facebook, and
Apple) for the most technologically skilled employees.
–– Moreover, banks’ lack of talent development makes it increasingly challenging to attract
digitally skilled staff.
• Bank employees need a digital mindset to deliver work faster, be more flexible and agile, work
with less certainty around outcomes, and at the same time work effectively in teams.
• A digitally skilled workforce will enable banks to build more suitable digital services for
customers and remain competitive.

Exhibit 2: Creating a digital mindset program

Identifying emerging employee skill sets, Identification Initiation Establishing training programs with
career pathways and upskilling opportunities technologically equipped trainers

Scaling the training program Adoption

Adoption ofof Offering learning resources in a range
Resources
across organization using agile Scaling Digital
Digital of formats including virtual classrooms,
Creation
methodology mindset
mindset podcasts, videos, etc.

Aligning trained workforce to identified roles Assessment Assessing the impact with continuous
Alignment
within bank’s business priorities feedback from the stakeholders

Source: Capgemini Financial Services Analysis, 2019

6 Top Trends in Retail Banking: 2020

 Trend Overview

• Banks are investing heavily in developing workforce skills in emerging technologies and
creating upskilling opportunities with internal career mobility.
–– In early 2019, JP Morgan Chase announced a five-year, US$350 million global investment
in a future-ready workforce by developing and piloting innovative new education and
training programs aligned with high-demand digital and technical skills.1
• Banks are bringing innovation to training programs to transform their employees into a
digital workforce.
–– DBS bank invested nearly US$14.5 million in a five-year program to upskill its 10,000
Singapore-based employees in digital banking and emerging technologies to help them to
thrive in the digital economy and adapt to the future of work.2
• In-house data training has become a priority that focuses on data science, data architecture,
data engineering, and performance insight.
–– UK retail and commercial bank NatWest invested US$1.3 million in a data academy
that aims to take advantage of emerging technologies, including AI and ML, to meet
organizational goals.3
• Banks are using virtual reality (VR) to simulate customer engagement via virtual retail
banks. Simulations include a range of situations, from advising customers about products
to preparing for more unlikely situations such as emergencies, criminal activity, or even a
terrorist attack.
–– Dallas-based Comerica Bank paired its internal innovation team with San Francisco
startup Mursion to simulate customer engagement scenarios through VR retail banking
promise centers.4

Implications

• Traditional banks must future-proof their workforce to compete with new-age digital
financial institutions.
• With a tech-savvy workforce, banks will be able to build services for a demanding
customer base to compete with challenger banks and other new entrants.
• The use of virtual classrooms, video articles, and podcasts is an elegant way to train
employees without investing a lot of resources and time.
• Banks will update the core skills of staff even more. Increasingly, employees with a
technical background will be hired, which will further change the cultural dynamics of
incumbent banks.

1
JP Morgan Chase, “JPMorgan Chase makes $350 global investment in the Future of work,” March 18, 2019,
https://www.jpmorganchase.com/corporate/news/pr/jpmorgan-chase-global-investment-in-the-future-of-work.htm.
2
DBS, “DBS to invest SGD20 million over five years to transform employees into digital workforce,” August 2017,
https://www.dbs.com/newsroom/DBS_to_invest_SGD20_million_over_five_years_to_transform_employees_into_digital_workforce_in_
support_of_Singapores_aim_to_be_smart_financial_centre.
3
Business Insider, “Natwest is investing $ 1.3 million in in-house training for employees to better understand data,” February 1, 2019,
https://www.businessinsider.com/natwest-employee-data-skill-training-2019-2?IR=T.
4
wbresearch.com, “Virtual Reality is Becoming a Banking Reality and Comerica Bank is Embracing the opportunity,” February 10, 2019,
https://futurebrancheseast.wbresearch.com/comrica-bank-vr-strategy-ty-u.

7
Trend 02: Banks are collaborating with FinTechs to
explore point-of-sale financing
Point-of-sale financing appeals to consumers who want more
flexibility than traditional credit purchases allow.

Background

• Technology-backed point-of-sale (PoS) financing that provides short-term consumer loans is

disrupting millennials’ use of credit cards and traditional loans.
• The amount of paperwork, time, and additional fees required to get traditional loan
approvals is spurring interest in fast, execution-driven PoS financing in the consumer
financing space.
• FinTechs identified technology-enabled PoS financing as a way to provide today’s shoppers
with the digital user experience they expect.
• As banks fall behind in advanced mobile-first financing solutions, FinTechs are devising
innovative, hassle-free ways to serve customers.

Key Drivers

• PoS financing offers vast market potential – currently estimated at US$391 billion – and is
gaining more traction among online shoppers.5
• Banks cannot ignore the shift in consumer spending behavior toward PoS financing and
miss the opportunity to tap into this growing market.

Exhibit 3: Impact of point-of-sale financing

Shifting Consumer spending behavior Advantages of POS

financing for merchants
More likely to Banks focusing Customers who Customers who Customers who
purchase, if on partnering have used POS would spend would like to opt
payment backed with FinTechs in financing at more money POS financing
by POS area of lending least once if given POS as an online 01 Increase in sales
financing and credit financing option payment option
02 Allows customer to purchase
$
items of greater cost
03 Provides a positive company
image to customers
76% 52% 47% 39% 28% 04 Recruits and retains customers

05 Improves cash flow

Increase in sales for merchants
32% 06
with POS financing option Widens customer base

Average increase in order value for

75%
merchants with POS financing option

Source: Capgemini Financial Services Analysis, 2019; The Financial Brand,” Growth of POS Financing Is Both Threat and Opportunity in
Retail Banking,” Steve Cocheo, June 19, 2019; Payments Journal, “7 Reasons Companies Should Consider Third-Party POS Financing,”
Miron Lulic, September 26, 2018.

5
The Financial Brand, “Growth of POS Financing Is Both Threat and Opportunity in Retail Banking,” June 19, 2019,
https://thefinancialbrand.com/84711/point-of-sale-pos-lending-finance-fintechs-banks/

8 Top Trends in Retail Banking: 2020

 • Banks were losing the race to FinTechs as FinTech firms have established a PoS lending
ecosystem, which includes players from large e-commerce, traditional retailers, to even
payments companies.
• Banks are exploring opportunities to collaborate with FinTechs to move into the PoS
financing market. Banks see lending and credit as focus areas for FinTech partnerships.6
• 28% of shoppers now prefer to buy from retailers with PoS financing options, according to
a Payments Journal study.9

Trend Overview

• Firms moving to PoS financing range from mainstream banks to small and large retailers and
merchants, and from credit card payments companies to major e-commerce players.
• Banks are realizing that FinTechs can help them to bridge the gap between consumers and
retailers when it comes to PoS financing.
–– SunTrust, BMO Harris Bank NA, and Fifth Third Bancorp have partnered with Atlanta-
based FinTech Greensky, to solidify their PoS lending business.7
ƒƒ Greensky’s platform connects consumers, merchants, and banks and has funded more
than US$12 billion loans, helping banks reach over 1.7 million new customers.8
• Banks in collaboration with FinTechs, are enhancing their solutions to also cater to
customers across various demographics.
–– San Francisco-based FinTech Affirm, in collaboration with Cross River Bank, partnered
with Walmart in 2019 to offer PoS financing online for nearly 4,000 US Walmart
Supercenters. Approved shoppers select a repayment term of three, six, or 12 monthly
installments and know their exact monthly repayment amount.10
• Major banks are launching consumer lending and PoS arms as they realize the
market opportunity.
–– JP Morgan Chase launched My Chase Plan in 2019 to allow card customers to select from
past purchases of more than US$500 and finance them over an extended period with
monthly fees, rather than interest-based repayments.11

Implications

• Despite being the largest lenders, banks still require FinTech technology and talent to
drive PoS financing and to capture the growing unsecured consumer market.
• Banks can use their robust network, customer base, and existing back-end services while
leveraging a FinTech next-gen user experience to create a winning combination.
• As technology advancements simplify adoption of PoS financing platforms, more and
more merchants and retailers are likely to get onboard.
• A bank/FinTech platform will benefit both consumers and merchants. PoS loans can help
clients increase buying power as merchants drive sales by offering customers instant loan
approvals at no extra cost.

6
Forbes, “Bank/Fintech Partnerships Will Be A Huge Disappointment In 2019,” January 7, 2019,
https://www.forbes.com/sites/ronshevlin/2019/01/07/bankfintech-partnerships-will-be-a-huge-disappointment-in-2019/#736227cc37ba
7
Forbes, “A Fintech Billionaire’s Consumer Loans Come Under Fire In Alabama,” July 25, 2019,
https://www.forbes.com/sites/nathanvardi/2019/07/25/a-billionaires-consumer-loans-come-under-fire-in-alabama/#32edb77925d7.
8
Daily Forex Report, “GreenSky is Winning with Customers and Businesses,” August 31, 2018,
https://www.dailyforexreport.com/greensky-winning-customers-businesses.
9
PaymentJournal, “Does the Answer to POS Consumer Financing Lie in Bank-Fintech Collaboration?” February 15, 2019,
https://www.paymentsjournal.com/PoS-consumer-financing-bank-fintech-collaboration/.
10
Walmart, “Affirm and Walmart Announce Omnichannel Partnership,” February 27, 2019, https://corporate.walmart.com/
newsroom/2019/02/27/affirm-and-walmart-announce-omnichannel-partnership.
11
Forbes, “JPMorgan Chase Enters A Hot Fintech Space: Point-Of-Sale (PoS) Financing,” Ron Shevlin, March 4, 2019,
https://www.forbes.com/sites/ronshevlin/2019/03/04/jpmorgan-chase-enters-a-hot-fintech-space-point-of-sale-pos-
financing/#4aa72474f158.

9
Trend 03: Banks are slowly beginning to explore
unsecured consumer lending through
digital channels
The digital unsecured lending market is a new business source that
many institutions have yet to exploit.

Background

• Traditional banks have not maximized opportunities in unsecured consumer lending even
though technological advancements enable better outreach, accessibility, and faster time to
market to meet growing demand.
• Customers want the same ease of doing business as they have with online retailers, and
merchants and FinTechs are providing it.
• At a time when bad corporate loans burden many banks, unsecured loans can open new
revenue streams with limited and distributed individual exposures of risk.

Key Drivers

• Millennials, looking for instant financing through digital means, are drawn to digital
unsecured lending.
• The adoption of digital technologies by both customers and other service providers makes
digital distribution channels a profitable operating model for banks.
• Non-bank players and FinTechs have identified digital channel opportunities and have
created seamless user experience lending platforms.
• Traditional banks threatened by FinTech competition for unsecured lending business seek
to attract millennials to remain relevant.

Exhibit 4: Future growth opportunity in unsecured lending

01 02 03 04 05

In US, average unsecured

In US, FinTech loans now personal loan debt Size of personal loan
Person loan balances Personal loan originations
comprise 38% of all per borrower is balances in the US is
in the US increased by in the US increased by
unsecured personal USD 8,402 as of USD 138 billion
USD 21 billion in 2018 22% during Q3, 2018
loan balances as of 2018
Q4, 2018

Source: Capgemini Financial Services Analysis, 2019; TransUnion, ‘FinTechs Continue to Drive Personal Loan Growth,’ February 21, 2019.

10 Top Trends in Retail Banking: 2020

 Trend Overview

• Banks are exploring the unsecured consumer lending business because it has become a fast-
moving marketplace with steady growth.
–– The market size of unsecured personal loans in the United States is estimated to reach
US$156.3 billion by the end of 2019.12
• In response to the growing appeal of unsecured consumer lending, major banks are
extending their lending services in collaboration with digital tech platforms.
–– HSBC began using Amount, a tech platform from online lender Avant, to process and lend
to consumers digitally. Easy-to-use Amount offers consumers a streamlined and swift
experience and processes loans within a day.13
• With the use of analytics, digital onboarding, and digital loan disbursement, banks are
improving operational efficiency.
–– Mumbai-based HDFC bank began sourcing loans through digital channels in 2015, which
helped improve cost to income from 33% to 28% within two years.14
• Traditional lender banks are revamping their legacy processes and policies to compete with
FinTechs’ favorable terms, greater transparency, and faster approval and funding processes.
–– Goldman Sachs launched Marcus, a consumer lending platform.15
–– Barclays also offers US consumers a low-cost, digital-only bank to compete with Goldman
Sachs‘s Marcus.16

Implications

• Banks must embrace agile methodology to offer digital unsecured lending and keep pace
with FinTech counterparts.
• Traditional banks may collaborate with FinTechs to build relationships around the customer
lifecycle journey via digital offerings and enhanced experience.
• To streamline and make loan processing quicker, banks need to move away from legacy
operating structure and use data analytics to ensure credit risk and fraud detection teams
are working collaboratively, not in silos.
• To accelerate growth, banks must automate the underwriting process and use analytics
to identify borrowers and customers with credit card balances to increase conversion
opportunities.

12
TransUnion, “2019 Predictions: Consumer Credit, Balance and Delinquency Rates,” January 14, 2019,
https://www.transunion.com/blog/consumer-credit-balance-delinquency-rates-2019-predictions.
13
Bloomberg, “HSBC U.S. Partners With Web-Based Avant to Offer Personal Loans,” October 23, 2018,
https://www.bloomberg.com/news/articles/2018-10-22/hsbc-u-s-partners-with-web-based-avant-to-offer-personal-loans.
14
Economictimes, “E-clicks help HDFC Bank save costs, raise disbursal,” April 05, 2017,
https://economictimes.indiatimes.com/industry/banking/finance/banking/e-clicks-help-hdfc-bank-save-costs-raise-disbursal/
articleshow/58019896.cms.
15
Goldman Sachs, “Marcus By Goldman Sachs Launches In The UK,” September 27, 2018,
https://www.goldmansachs.com/media-relations/press-releases/current/marcus-by-goldman-sachs-launches-in-the-uk.html.
16
PYMNTS, “Barclays Rivals Goldman’s Marcus With Digital Bank,” October 15, 2018,
https://www.pymnts.com/news/digital-banking/2018/barclays-goldman-sachs-marcus-credit-savings-loans/.

11
Trend 04: Blockchain solutions being used to improve
KYC and identity management programs
Banks are looking to blockchain technology to streamline KYC and
identity management programs to manage regulatory requirements
more effectively.

Background

• Stringent, slow, and complex KYC compliance processes can lead to bad customer
experiences that affect customer loyalty.
• KYC is an essential element of identity management, and in modern-day banking, it plays a
vital role in tracking and preventing fraud, terrorist financing, and money laundering.
• In the aftermath of the 2008 financial crisis, regulators and law enforcement agencies
required KYC processes and compliance that were often stringent, slow, and complicated,
which led to less-than-optimal customer experience and sometimes impacted
customer loyalty.
• The emergence of distributed ledger or blockchain technology has allowed banks to look at
KYC from a fresh perspective and drive massive improvements.

Key Drivers

• There is no global standard for KYC practice, as it varies by bank. The result is redundant
work that poses challenges when institutions collaborate to verify customers’ identities.
• Compliance with changing regulations is labor-intensive and a costly task for banks.
• Banks need to automate real-time inter- and intra-bank data exchanges, third-party
data exchange, and cut down on the operational cost of meeting the regulations at the
same time.
• Each time data is transferred from customer to server to perform a KYC check, it can be
intercepted and hacked, and that poses a threat to banks.

Exhibit 5: Blockchain saves cost, time, and effort

Customer uploads KYC Less or no need for

data to blockchain data security

Other institutions verify KYC Bank accesses KYC data

already performed by bank from blockchain

Source: Capgemini Financial Services Analysis, 2019; OpenLedger, “Blockchain and KYC: Know Your Customer Better,” Bryan Weinberg,
January 16, 2019.

12 Top Trends in Retail Banking: 2020

 Trend Overview

• Banks are exploring distributed ledger technology, or blockchain, to streamline

KYC processes.
–– Blockchain provides an architecture to collect information from various sources into a
single, cryptographically secure, and unchangeable database.
–– Blockchain creates a system where a user will go through a KYC process only once, and
then the platform can be used every other time to confirm their identity without the
need for third-party verification.
–– Blockchain’s KYC solution can enable banks to address issues around customer
on-boarding, cut costs, and overcome digital security risks.
• Banks are forming consortia to study and implement blockchain for KYC.
–– Major Indian banks like SBI, ICICI, and HDFC joined the 37-member BankChain community
to explore blockchain for KYC.17
–– OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG) successfully completed a
proof-of-concept for a Know Your Customer (KYC) blockchain.18
• FinTechs such as Cambridge Blockchain, KYC-Chain, SelfKey are already working on real-
world products related to the use of blockchain technology for KYC, and products are
available for trial use for banks.

Implications

• Blockchain in KYC is a promising application of distributed technology that can reduce

operational cost, save time, and address security risk concerns.
• In contrast to typically complex and repetitive KYC process, blockchain-based solutions
enable customers to create and manage their identities, including relevant details, and
grant access permission to multiple participants.
• Banks can achieve tighter control, reduce regulatory risk by restricting human input,
and drive standardization with blockchain by making updates to a centralized database.
Blockchain uses encryption that segregates and limits client data to select viewers, which
will help banks to comply with data privacy and data transfer regulations.

17
Livemint, “Banks link up on BankChain to exploit blockchain solutions,” June 14, 2018,
https://www.livemint.com/Industry/plB1lU0booCDVWyIkd8rOM/Banks-link-up-on-BankChain-to-exploit-blockchain-solutions.html.
18
OCBC website, “OCBC Bank, HSBC and MUFG, together with the Infocomm Media Development Authority, complete proof-of-concept on
ASEAN’s first industry Know Your Customer blockchain,” October 03, 2017, https://www.ocbc.com/group/media/release/2017/ocbc-hsbc-
mufg-kyc-blockchain.html.

13
Trend 05: Banks embrace design thinking
Banks are conducting workshops to gain first-hand insight into
customer needs and expectations and then build digital prototypes
around the learnings.

Background

• Design thinking is an iterative process to understand the user, challenge assumptions,

and redefine challenges to identify alternative strategies and solutions that might not be
immediately apparent. It is gaining momentum across industries, and banks are beginning to
embrace design-thinking methodology.
• Customers want the same experience from their banking platforms that they get from
digital lifestyle applications offered by BigTech players.
• Digital disruption in financial services is the result of changing consumer preferences, and
now, established players must meet the growing needs and expectations of their customers.
• Superior customer experience is now a must for banks, as design-centric technological
innovation gains widespread industry acceptance and adoption.

Key Drivers

• People expect a banking experience that fuses with their digital lifestyle.
• As customers shift to digital banking, firms’ channels of operations are in flux and
branches are closing.
• FinTech players were the first to identify this demand shift and offer customers a digital
banking experience.
• Banks must transform their offerings. A customer-centric approach can keep
transformation cost-efficient and bolster customer adoption and loyalty.

Exhibit 6: Stages of design thinking

Empathize Define
Define the challenge Research, observe,
& explore the understand & create
human context a point of view

Design
thinking
Test methodology Ideate
Implement the Brainstorm
product, show & ideas good & bad,
don’t tell, don’t stop at
start to refine the obvious
the product

Prototype
Start creating,
experiment, fail
cheap & fast

Source: Capgemini Financial Services Analysis, 2019; Medium, “What is Design Thinking? (And What Are The 5 Stages Associated With it?),”
Benjamin Hunter Miller, September 5, 2017.

14 Top Trends in Retail Banking: 2020

 Trend Overview

• To survive in the digital age and remain relevant to today’s customers, banks need to
embrace design thinking. Customers are switching to FinTechs and challenger banks that
offer seamless customer experience.
–– A 2018 survey by Oracle found that 69% of respondents (5,200 individuals) from 13
countries) wanted their entire financial lifecycle on digital channels with a seamless
experience.19
• Banks are conducting workshops to understand customer needs, expectations, and goals,
and are creating product prototypes to match the digital experiences customers seek.
–– Australian Bankwest conducted design-thinking customer workshops to create a
smoother, faster loan application process for small- and medium-sized enterprise
customers.20
• Banks are researching customer onboarding pain points and working to resolve issues
digitally through personalized solutions that achieve better account open conversion rate.
• Banks are increasing their investment in internal design teams and innovation labs with new
disciplines and specialists, such as UX designers, visual designers, and digital strategists.21
• Customer interactions are moving from branches onto various interactive interfaces, and
major banks are embracing the design-thinking interactive approach.
–– Capital One introduced a text-based chatbot assistant, Eno, to help customers manage
their money using their mobile phones. Previously, the bank launched an Amazon Alexa
app to enable customers to get information about upcoming payments, to check account
balances, and pay their credit card bill using their voice.22

Implications

• Design thinking can help banks create customer-centric offerings to eventually build
loyalty. Firms can use this methodology in all customer solutions.
• A design-thinking approach at the hub of a bank’s digital transformation strategy can
bridge the customer-requirements’ gap.
• Banks must use a design-thinking approach to develop applications that communicate in
a conversational, personal tone. Enhancing customer experience will result in increased
customer loyalty.

19
Oracle, “The New Digital Demand in Retail Banking, 2018,” April 11, 2018 https://www.oracle.com/a/ocom/docs/dc/new-digital-demand.pdf.
20
Temenos, “Creating an award-winning, customer-centric innovation strategy,” July 12, 2019,
https://www.temenos.com/community/success-stories/bankwest/.
21
Financial Brand, “7 Financial Institutions Taking Innovation Labs to the Next Level,” Steve Cocheo, November 28, 2018,
https://thefinancialbrand.com/77058/bank-credit-union-innovation-lab-accelerators/.
22
Pymts.com, “Teaching Chatbots To Speak The Language Of Consumers,” March 14, 2017,
https://www.pymnts.com/chatbot-tracker/2017/teaching-chatbots-to-speak-the-language-of-consumers/.
15
Trend 06: Banks are leveraging AI to create a
seamless customer onboarding journey
Banks are enhancing relationships by streamlining services that
involve customer interactions thanks to AI.

Background

• Current bank onboarding processes involve multiple departments such as the front
office, operations, risk, compliance, etc., which require time to complete, thus making the
process complicated.
• Regulatory nuances before every new onboarding make the process more complex
and costly.

Key Drivers

• With many banks facing customer retention challenges, a less-than-stellar onboarding

experience may significantly impact customer loyalty and referrals – and bank profitability.
–– Capgemini’s research suggests that in the next 12 months, 12.8% of overall respondents
are likely to switch their primary bank. Among Gen Y customers 17.4% and 20.6% tech-
savvy customers are also likely to switch their primary bank.23
• Faster and more efficient customer onboarding experiences from new-age technology
firms such as Facebook and Amazon have changed customers’ expectations.
• Banks also face stiff competition from disruptive challenger banks that offer seamless
solutions with quicker turnaround time for tech-savvy millennials.

Exhibit 7: Key challenges of current client onboarding process

Challenges in legacy customer on-boarding Reasons for increase in overall onboarding costs

Customers Customers lost Customers Customers

lost due to due to dissatisfied dissatisfied 1 Extended onboarding process
untimely client ineffective with the lack with KYC
follow up operational of visibility on process and
controls & application multiple 2 Loss of revenue
technology status document
issues request
$
3 High operating cost

4 Diminished competitiveness

19% 10% 13% 92%

5 Increased exposure to regulatory risk

Source: Capgemini Financial Services Analysis, 2019; Fintech Futures, “The future of client onboarding,” September 24, 2018.

23
Capgemini Voice of Customer Survey, 2019.

16 Top Trends in Retail Banking: 2020

 Trend Overview

• Banks are investing in AI through natural language processing (NLP), biometrics, optical
character recognition (OCR), etc., for providing superior customer experience and improving
the onboarding process.
• Banks are developing AI capabilities to handle fraudulent activities. Furthermore, NLP is
being used to analyze classified documents during onboarding.
–– HSBC invested US$2.3 billion on a digital platform and AI capability to reach tech-savvy
customers. AI capabilities help to handle hundreds and thousands of invoices and trade
documents.24
• Banks use AI to personalize solutions by aggregating and categorizing customer activity to
provide an integrated view of customer’s financial history and design solutions to improve
customer satisfaction.
–– Royal Bank of Canada has launched an AI-backed budgeting tool that personally advises
customers based on their financial history. Within the first month of its launch, 230,000
budgets were set up, and customers saved a total US$83 million.25
• AI is also instrumental in helping banks automate their KYC processes to minimize customer
onboarding time significantly.
–– Standard Bank South Africa used Workfusion’s AI-backed automation cloud solution to
reduce customer onboarding time from 20 days to just five minutes.26
• AI adoption is gaining ground with the rise in popularity of digital assistants and chatbots
designed to know and serve tech-savvy customers better.
–– More than 32% of financial institutions use AI in voice recognition and predictive analytics,
according to the National Business Research Institute.27

Implications

• Onboarding customers via AI-powered mobile apps will gain popularity among banks, as
these platforms can provide a personalized experience that can readily meet millennials’
expectations.
• AI capability to detect patterns in a vast amount of texts is a prime technology to be used
in meeting ever-changing regulatory requirements.
• Banks can use AI to enhance customer support services. Gathering data from customer’s
records, the AI-powered automated application can process the data and provide
relevant information.
• Risk assessment through AI will gain traction because AI-powered solutions can analyze
the latest transactions and market trends to identify potential risks. This can expedite the
loan approval process for banks.

24
South china Morning Post, “HSBC spends US$2.3b on digital platforms, AI and new technology to reach tech savvy customers,”
Enoch Yiu, April 06, 2018,
https://www.scmp.com/business/banking-finance/article/2140428/hsbc-spends-us23b-digital-platforms-ai-and-new-technology
25
Bloomberg, “RBC first bank in Canada to launch a personalized, AI-powered budget solution through award-winning mobile app,” April 25,
2019, https://www.bloomberg.com/press-releases/2019-04-25/rbc-first-bank-in-canada-to-launch-a-personalized-ai-powered-budget-
solution-through-award-winning-mobile-app.
26
Workfusion, “Digitizing Africa’s largest bank with Everyday AI and smarter RPA,” June 20, 2019,
https://www.workfusion.com/customer-spotlight/standard-bank/.
27
Kore.ai, “Top Use Cases for AI enabled Chatbots in Banking,” March 21, 2019,
https://blog.kore.ai/top-used-cases-for-ai-enabled-chatbots-in-banking.

17
Trend 07: Collaboration with RegTechs continues
to rise
An increase in the number of regulations and the associated cost of
compliance is creating traction for RegTech adoption among banks.

Background

• Technology adoption and the growth of banks’ customer and financial data have heightened
data management and security risk exponentially.
• Globally, the regulatory environment is becoming increasingly rigorous and complex, and
banks’ existing compliance and data handling processes are often inefficient in meeting the
requirements cost-effectively.
• Financial institutions are in immediate need of in-house expertise in both regulations and
technology to drive compliance implementations effectively.
• A new stream of technology firms has risen that uses advanced technologies to automate
workflows, with better reporting and analytics that provide more in-depth insights on the
entire compliance process.

Key Drivers

• In the last 10 years, an increase in regulatory changes has resulted in banks spending
billions of dollars per year to meet these obligations.
• Not meeting compliance requirements on time is costly for banks. In the United States and
the UK alone, fines levied on banks by regulatory authorities will top US$400 billion by 2020.28
• Banks either have to completely adapt their operations to the new regulations or try to
implement these regulations on their existing workflow. The latter will cause the cost to pile
up and will negatively impact the bank’s profitability.
• Legacy challenges and the lack of technology adoption and in-house technical capabilities
have created an urgent need for firms to seek external expertise.

Exhibit 8: Drivers for adoption of RegTech solutions by banks

Rise of specialized Increasingly stringent

RegTech players regulatory requirements

Technology enabling Drivers for

innovative compliance adoption of
Increasing cost
solutions RegTech solutions
of compliance
by banks

Legacy systems that Greater volumes

preclude efficient of sensitive data
compliance to manage

Source: Capgemini Financial Services Analysis, 2019

28
Thomson Reuters, “U.S., EU fines on banks’ misconduct to top $400 billion by 2020,” September 27, 2017,
https://in.reuters.com/article/banks-regulator-fines/u-s-eu-fines-on-banks-misconduct-to-top-400-billion-by-2020-report-idINKCN1C210D.

18 Top Trends in Retail Banking: 2020

 Trend Overview

• Financial institutions are engaging with RegTech firms and outsourcing their compliance
functionality to test and scale regulatory solutions faster.
–– A Thomson Reuters’ study suggests that 24% of firms are collaborating with RegTechs as
part of their compliance strategy.29
• RegTechs are leveraging technology to meet complex regulatory requirements more
effectively to strengthen compliance.
–– ING and Commonwealth Bank are working with RegTech Ascent, which uses AI to
update clients about regulatory changes and how it impacts their business, including
automatically generating audit reports and providing dashboards to help clients manage
their compliance activities.30
• HSBC and Wells Fargo are working with Provenir, a risk analytics and decisioning solutions
provider to manage their lending compliance.31
• Banks and RegTechs, along with regulators, are forming consortia to create an ecosystem of
collaboration to manage regulatory compliance better.
–– The RegTech Council, with 90 institutions as members that include 20 regulators, 20
big firms, and 20 technology players, provides a transparent collaboration forum for
stakeholders.32
• Banks are now encouraging each other to increase investments in RegTech firms.
–– Union of Arab Banks has called on financial institutions in the region to increase their
investments in RegTech.33

Implications

• RegTech has become a key factor that enables cost-effective compliance for banks in an
environment of increasing regulatory requirements.
• RegTech provides fast implementation of regulatory solutions. Also, it minimizes
inaccurate data entry by removing human intervention that cuts overall costs.
• RegTech offers measurable returns, mostly operational, but banks can use this strategic
collaboration to serve customers better and adopt the latest technologies to remain
relevant as well.

29
Thomson Reuters, “Cost of Compliance Report 2018,”
https://legal.thomsonreuters.com/content/dam/ewp-m/documents/legal/en/pdf/reports/cost-of-compliance-special-report-2018.pdf.
30
Ascent, https://www.ascentregtech.com/about-us/, accessed September 2019.
31
Gomedici, “RegTech Companies in the US Driving Down Compliance Costs to Enable Innovation,” February 25, 2017,
https://gomedici.com/regtech-companies-in-us-driving-down-compliance-costs-innovation.
32
RegTech Council, https://jwg-it.eu/regtech-council, accessed September 2019.
33
Finextra, “Middle East bank chief calls for more regtech spending,” March 22, 2019,
https://www.finextra.com/newsarticle/33573/middle-east-bank-chief-calls-for-more-regtech-spending.

19
Trend 08: Technology innovation is driving banks’
risk-compliance initiatives
Through technological innovations, banks can meet regulatory
requirements and subsequently leverage this to gain a competitive
advantage and deliver customer-centric solutions.

Background

• Digitization across banking functions has resulted in out-of-control data growth in terms of
volume and sophistication, which is pushing traditional infrastructure beyond its limit.
• The higher expectation of transparency among banks and regulatory bodies has fueled the
need to modernize outdated risk management and compliance systems in banks.
• Risk management functions have also begun to leverage technologies such as AI for the
crackdown of unethical transactions, digital collection of taxes, new-age cybersecurity
models, and fraud detection.
• Banks are tapping into a wide range of advanced digital competencies to drive compliance
innovation and gain a competitive advantage.

Key Drivers

• Data growth has created the need for more effective reporting and drawing of practical
operational insights, which traditional risk management and compliance systems
find challenging.
• Increasingly complex regulations around anti-money laundering (AML) and KYC are
pushing banks to automate onboarding processes.
• Advancements in ML, NLP, RPA (robotic process automation), and advanced data analytics,
are providing swift solutions to data and risk management related issues across the
financial services industry.
• Risk management in today’s complex environment demands effective handling of large
volumes of data and a big-data approach can help banks better manage large data sets,
where traditional database management systems are too slow.

Exhibit 9: Technologies enabling enhanced risk management and compliance

Artificial Intelligence/Machine Learning

Analysis of data to detect suspicious transactions

Technologies
enabling Robotic Process Automation
enhanced Automating compliance processes
risk management to improve efficiency
Big Data
and compliance
Efficient management of large
data volumes for deeper risk insights

Cloud
Speedy and scalable implementation of
risk management solutions

Source: Capgemini Financial Services Analysis, 2019

20 Top Trends in Retail Banking: 2020

 Trend Overview

• Disruptive technological advancements in the field of risk management and compliance

and cybersecurity are guiding financial institutions in their pursuit of managing advanced
compliance requirements.
–– People’s Bank of China is leveraging AI, big data, and cloud computing capabilities to
improve its ability to identify, prevent, and decrease cross-market and cross-sector
financial risks.34
• Banks are embracing the potential use of AI/ML tools such as NLP to fight cyber-attacks by
analyzing the spending and transactions of customers and detecting suspicious activities.
–– The Financial Stability Board and the Monetary Authority of Singapore (MAS) are
exploring the use of NLP to analyze suspicious transactions and identify those that
warrant further attention.35
–– Australia’s intelligence agency, the Australian Transaction Reports and Analysis Centre
(AUSTRAC), leverages AI/ML tools for detecting and deterring suspicious activity.36
• Banks are deploying RPA to automate compliance processes and improve
operational efficiency.
–– Royal Bank of Scotland and Mumbai-based multinational bank ICICI have each
implemented RPA and cognitive technologies. ICICI reported a 60% reduction in response
time and 100% accuracy improvement.37
• Major banks are exploring cloud-based technology solutions to manage their AML risk
management system.
–– HSBC, in collaboration with Google Cloud, is launching a cloud-based AML risk
management system, which would use ML to inspect the data from the banking behavior
of more than 38 million customers.38

Implications

• Banks must take advantage of cutting-edge technologies such as automation, cognitive

and AI, and update their legacy systems.
• Banks are facing challenges in adopting new technologies (including delays over learning
curves, IT and system complexity), but firms that wait may wind up playing catch-up
with competitors.
• While technology may appear to be the remedy to compliance challenges, using an
internal taskforce is equally essential. Banks must expand budgets to cover workforce
training programs or hire employees who are skilled and knowledgeable in compliance.
• Banks are increasingly collaborating with technology partners, such as RegTechs, to create
the right framework to help them meet regulatory requirements and create a competitive
advantage.

34
Bloomberg, “How Central Banks Are Using Big Data to Help Shape Policy,” Jeanette Rodrigues and Alessandro Speciale, December 19, 2017,
https://www.bloomberg.com/news/articles/2017-12-18/central-banks-are-turning-to-big-data-to-help-them-craft-policy.
35
Financial Stability Board, “Artificial intelligence and machine learning in financial services,” November 1, 2017.
36
Australian Research Council, “Making a difference: Outcomes of ARC supported research 2016–17,” June 1, 2018, https://www.arc.gov.au/
news-publications/publications/making-difference-outcomes-arc-supported-research-2016-17/new-software-detect-money-laundering.
37
Gieom “INTELLIGENT OPERATIONS IN THE BANKING INDUSTRY,” January 1, 2019,
https://www.gieom.com/wp-content/uploads/2018/12/Whitepaper_Gieom-Intelligence-Operations-in-Banking.pdf.
38
Business Insider, “HSBC is partnering with Google to improve AML processes,” November 30, 2018,
https://www.businessinsider.com/hsbc-google-cloud-partner-anti-money-laundering-2018-11?IR=T.

21
Trend 09: The Open X ecosystem of the future will
require players to work collaboratively
Banks are collaborating with ecosystem players and leveraging
shared markets to help them establish pivotal roles within the Open X
ecosystem.

Background

• Open banking regulations have altered the FS landscape, resulting in new ecosystem
entrants. Until now, banks have looked at open banking from a compliance-only view
and have not successfully passed along benefits to customers or effectively capitalized
on opportunities.
• As customers become aware of the benefits of an open ecosystem, banks, and other
ecosystem players can leverage the shared marketplace to develop and provide
targeted products.

Key Drivers

• Customers expect their primary FS provider to offer solutions for all their financial needs
– proactively. A shared marketplace will empower banks to provide solutions across a
portfolio of products and services.
• Banks now acknowledge the need to collaborate with ecosystem partners to stay relevant
and to compete with BigTechs and challenger banks.
• FinTechs have encountered challenges when attempting to scale up their operations,
which is encouraging them to participate in the shared marketplace and leverage other
players to complement and scale.
• The emergence of APIs as a data-sharing standard has instilled confidence in players to
leverage the shared marketplace more extensively.

Exhibit 10: Open X ecosystem – a future state of open ecosystem will ensure players to work collaboratively

Benefits of a Open X ecosystem

Hyper-personalization Portfolio expansion Customer penetration Process efficiencies

Offerings customized Leveraging products of Ability to reach new Creating operational

at individual level other ecosystem partners customer segments synergies working
with ecosystem players

Source: Capgemini Financial Services Analysis, 2019

22 Top Trends in Retail Banking: 2020

 Trend Overview

• As the industry transitions to service rebundling, open banking initiatives can provide
short-term operational relief. However, in light of the dynamic industry landscape and
ever-changing customer demands, open banking is predicted to evolve into a future-state
ecosystem, Open X, that includes incumbents and non-traditional players.
• Within the Open X ecosystem banks will provide personalized products and services by
extensively leveraging data, overcoming siloed/legacy mindsets, and collaborating with
other ecosystem partners to garner relevant information.
• A collaborative marketplace will allow firms to share data, infrastructure, and other
resources securely. Banks will develop products and services used by others as each
ecosystem player focuses on its strengths.
• Banks are already capitalizing on the shared marketplace through initiatives such as the
Financial Data Exchange (FDX) which now has 55 members across the FS domain.39
–– HSBC’s Connected Money app lets customers view their accounts at up to 21 different
banks in one place, and reflects the way banks are beginning to capitalize on the shared
marketplace.40
–– Wells Fargo recently partnered with data platform Plaid to offer customers the choice of
managing their finances in one place using APIs.41

Implications

• Open X is an inevitable future. Banks that share data and information in a standardized
and secure manner can benefit in four ways:
–– Hyper-personalization: Banks can access numerous data points to personalize products
for individuals versus a population segment.
–– Portfolio expansion: Banks can provide innovative offerings from FinTechs on their
platforms to expand the range of products.
–– Customer penetration: Participating in a shared marketplace will help the banks to
reach a new segment – the under-penetrated customer base.
–– Process efficiencies: FinTech solutions can significantly boost banks’ operational
capabilities, helping incumbents become leaner and more cost-effective.
• Open X will drive data-use excellence that fosters a seamless exchange of resources,
improved experience for customers, and expedited product innovation.

39
Finextra, “Visa and Mastercard join Financial Data Exchange,” August 28, 2019,
https://www.finextra.com/pressarticle/79603/visa-and-mastercard-join-financial-data-exchange.
40
Finextra, “HSBC launches Connected Money app,” May 09, 2018,
https://www.finextra.com/newsarticle/32074/hsbc-launches-connected-money-app
41
Pymnts.com, “Wells Fargo Teams With Plaid On API-Supported Data Exchange,” September 19, 2019,
https://www.pymnts.com/news/digital-banking/2019/wells-fargo-teams-with-plaid-on-api-supported-data-exchange.

23
Trend 10: Contextual banking empowers banks to
provide superior customer experience
Banks are leveraging new-age technologies to offer a contextual
banking experience – a concierge-like service in which customers are
offered products at the right place and time.

Background

• Attracting and retaining customers is an ongoing challenge for banks. Traditional promotion
of products and services does not resonate with today’s tech-savvy, next-gen customers
and banks will need to push boundaries and look at the context of how, where, and when to
engage customers. A contextual data repository can drive highly personalized engagement
in real time.
• Today’s consumers want banks to anticipate their needs and preferences and provide
custom and contextualized products. Therefore, the notion of applying context to banking
decisions and communications has been gaining popularity and profit potential.

Key Drivers

• The contextualized experiences offered by FinTech and BigTech players – and

by non-financial entities such as Netflix and Spotify – have set new customer
experience standards.
• These days, customers expect banking tasks to be simple, efficient, appropriate to the
context, supportive of their financial activities, and as straightforward as possible.
• Advanced analytics, AI, and ML have enabled banks to continuously learn about consumer
preferences and create personalized offers and communications that evolve.
• At the same time, mobile and Internet of Things (IoT) technologies are enabling banks
to obtain real-time customer data and target their personalization to the customer’s
present context.

Exhibit 11: Customer journey in contextual banking

He uses the mobile banking Bank detects Jon’s web action

Jon goes to a car dealer to app to check auto loan interest as event sends data to real-time
test drive and buy a car rates, and then compares them analytics engine
against dealer financing

Customer information is retrieved

from the data store Bank analytics engine
• Apply business rules
Jon - Banking Customer Customer Profile • Real-time analytical models
Pre-optimized Offers • Decision making

Pre-optimized offers to fit
Jon has a positive
John accepts offer – gets situational context is
experience, feels more
loan from bank assessed and a discounted
connected to the bank
auto loan is offered

Source: Capgemini Financial Services Analysis, 2019

24 Top Trends in Retail Banking: 2020

 Trend Overview

• Banks are now leveraging data and embracing new technologies that will add value within
the context of what the customer wants to do.
–– The Commonwealth Bank of Australia (CBA) launched its CommBank App 4.0 update
in mid-2019 to offer personalization explicitly tailored to individual customer needs,
with personal cash-flow management and smart alerts aimed at keeping more money
in customers’ wallets. The app leverages data analytics and AI to offer location-based
tracking as well as tax return notifications.42
• A contextual banking data repository includes customers’ current and historical data points
such as time of day, channel preference, location, product usage, payments, web search
history, etc.
–– Building a customer data repository will provide banks with an overarching view of who
their customers are and where they are in their customer journey.
• Banks are embedding AI-driven chatbots and voice assistants into mobile apps to enhance
both product delivery and contextual personalization.
–– Singapore-based OCBC bank embedded Clinc’s conversational AI in its mobile app giving
users voice-enabled instant access to their financial information. The voice assistant is
trained to handle specific banking use cases as well as the local vernacular and context.43
–– Chatbots such as TD Bank’s TD Clari and Olivia from Emirates NBD’s digital bank Liv
are focused on making banking more natural, contextual, and woven into customers’
everyday life.44, 45

Implications

• Contextual banking can optimize the execution of every transaction by understanding the
intent and context of each interaction between the bank and the customer.
• Banks need to leverage data from all sources and channels to create a contextual data
repository that can drive highly personalized engagement in real time.
• Banks need to invest in technologies such as big data, advanced analytics, and AI to build
data insights and drive decision making.
• Contextual banking can enable banks to initiate cross-selling of products, offers, or
services that customers have yet to discover.
• Banks that achieve contextualization and personalization at scale stand to make significant
performance gains, create a powerful barrier to disintermediation, and gain a substantial
competitive advantage.

42
ZDNet, “CommBank App 4.0 boasts location-based tracking and tax return notifications,” Asha Barbaschow, July 31, 2019,
https://www.zdnet.com/article/commbank-app-4-0-boasts-location-based-tracking-and-tax-return-notifications/.
43
Finovate, “Clinc’s Conversational AI Gives Voice to New App from Singapore’s OCBC Bank,” David Penn, September 13, 2019,
https://finovate.com/clincs-conversational-ai-gives-voice-to-new-app-from-singapores-ocbc-bank/.
44
Finextra, “TD integrates chatbot into app,” January 9, 2019, https://www.finextra.com/newsarticle/33179/td-integrates-chatbot-into-app,
45
Ibsintelligence, “Emirates NBD’s digital bank Liv. launches AI chatbot Olivia,” April 1, 2019,
https://ibsintelligence.com/ibs-journal/emirates-nbds-digital-bank-liv-launches-ai-chatbot-olivia/.

25
Conclusion
Current business trends indicate that banks are creating an ecosystem where collaboration
with FinTechs and RegTechs is becoming the norm to cater to a broader customer base.

As FinTech and BigTech players continue to raise the user experience bar, banks are applying
design thinking methodology to create a more seamless experience across all customer
lifecycle touchpoints.

Incumbents are working to improve legacy platforms through the power of ML, NLP, OCR,
AI, and blockchain. Next-gen technology is helping banks meet regulatory mandates and
create processes – such as unified customer onboarding – that boost operational efficiency by
streamlining functional silos.

Banks now realize the criticality of a culture in which employees receive future-readiness
training with a digital focus. Trends suggests that BigTechs and other tech firms are attracting
the most promising talent. Therefore, a bank culture that nurtures future talent is more
important than ever.

With customer-centricity as a guiding principle, banks in 2020 and beyond will focus on
investing and implementing emerging technology to meet changing consumer preferences. A
future-ready workforce with digital mindset are crucial for future success, hence, traditional
banks will invest in the transformation of employee training. As FinTechs and challenger banks
lead the technology race with superior customer engagement, banks will seek collaborative
partnerships to bridge the technology gap. Leveraging real-time context, banks can offer
customers personalized offers and enhanced experiences before they even realize the need.

Personalization will pave the road to future relevancy.

Disclaimer
The information contained herein is general in nature and is not intended, and should not be construed, as professional advice or opinion
provided to the user. Furthermore, the information contained herein is not legal advice; Capgemini is not a law firm, and we recommend that
users seeking legal advice consult with a lawyer. This document does not purport to be a complete statement of the approaches or steps, which
may vary accordingly to individual factors and circumstances, necessary for a business to accomplish any particular business, legal, or regulatory
goal. This document is provided for informational purposes only; it is meant solely to provide helpful information to the user. This document
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26 Top Trends in Retail Banking: 2020

About the Authors
Anand Singh is a Senior Consultant with the Market Intelligence Group at Capgemini Financial
Services. He has more than five years of experience in IT, consulting and strategic analysis.

Amith Chandrashekar is a Senior Consultant with the Market Intelligence Group at Capgemini
Financial Services. He has more than seven years of experience in consulting and strategic
analysis with a core focus on banking and financial services.

Vivek Kumar Singh is a Senior Manager with the Market Intelligence Group at Capgemini
Financial Services. He has over eight years of experience in IT, consulting and strategic analysis.

The authors would like to thank the SMEs listed below for their contributions to this paper:
• Erik Van Druten, Principal, Solution Manager Banking
• Ame Stuart, Vice President, Financial Services
• Krithika Venkataraman, Senior Manager, Market Intelligence Group
• Kalpesh Kothari, Portfolio Manager, Market Intelligence Group
• Chirag Thakral, Director, Market Intelligence Group
• Elias Ghanem, Vice President, Global Head of Market Intelligence Group
• Tamara Berry, Editor, Content Manager, Market Intelligence Group
• Kalidas Chitambar, Director, Creative Services
• Suresh Kumar Chedarada, Senior Consultant, Creative Services
• Sourav Mookherjee, Manager, Creative Services
• Dinesh Dhandapani Dhesigan, Consultant, Market Intelligence Group

27
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