The retail banking industry is witnessing rapid adoption of online and mobile banking platforms creating vast opportunities to reduce operational costs and increase customer connectivity. Retail banks are enhancing their integrated and innovative banking approaches that holistically cater to growing customer expectations and regulatory compliance.
On account of these industry transformation initiatives, the global retail banking market is forecasted to be worth $15.69 billion in 2030, as per the latest market analysis reports. The reports identify the market to witness a growth spike at a CAGR of eight percent during the forecast period. The market growth is predominantly due to the growing customer preference for digital channels such as mobile and internet banking, compelling banks to prioritize the digital customer experience. The burgeoning growth is also partly due to the rising working population, improved economic conditions, and increased government investments in banking sectors.
On that note, this edition of Banking CIO Outlook brings the spotlight on the key technological advancements in the retail banking landscape and how banks are integrating innovative approaches to enhance product offerings and delivery channels to improve customer-centricity. The edition features thought leadership articles from Mark Sanchioni, Chief Banking Officer at Ridgewood Savings Bank, who sheds light on the significance of creating stronger internal partnership referrals to improve ROI. It also features invaluable insights from Karen McDermott, Global Head of Financial Services Industries, Marketing and Communications at SAP, who talks about how modern-day technologies enable traditional banks to bring stability to cryptocurrencies.
Along with these critical insights from industry experts, the edition features KinPOS Corporation, a high-tech software company that offers an application software suite and mPOS and wallet mobile payment solutions to process transactions for banks and other financial institutions.
We hope this edition shows you the path to finding an appropriate retail banking solution provider to assist you with the industry-best approaches to achieve your financial goals by investing in optimal strategies that ultimately enhance the customer experience.
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