Banking Playing Catch Up in Technology – Conceding Battle for Payments

According to the 2018 Global Retail Banking Report from The Economist Intelligence Unit and Temenos, global banking organizations are focusing on advanced technologies, customer experience and security of data in their efforts to keep pace with consumer expectations. At the same time, many have conceded the battle for payments to fintech and big tech organizations. Subscribe to The Financial Brand via email for FREE!As the banking industry continues to move more transactions to digital channels and adjusts the technology used in back-office operations, costs are being reduced, productivity is increasing and response to risk and compliance needs are improving. As a result, and for the first time in its five-year history, the annual Economist Intelligence Unit survey on the future of retail banking, conducted for Temenos, shows that global bank executives are now more concerned with technology-driven trends than they are by regulation. About 58% of respondents in the survey said "changing customer behavior and demands" will have the biggest impact on retail banks in the years till 2020, citing a survey of 400 senior banking executives across the globe.