As 2023 got underway, we laid out the retail banking priorities for the year ahead (in this article and, separately, in this free report ). Looking back at the predictions and analysis, the areas of focus we highlighted remain highly relevant, but with a few shifts in emphasis emerging. The industry’s pursuit of digital transformation is unwavering. Some facets of this, such as work to improve data analytics and multichannel delivery, have seen a slight decline in emphasis, but these two priorities remain important to enhancing customer experiences, increasing engagement and driving data-driven decision-making . Other priorities, like addressing financial wellness, have gained more urgency with banks and credit unions, in response to an increase in consumer demand for advice. As always, adapting quickly to numerous headwinds — in the economy, technology, talent and regulation — remains imperative. We’ll start with an overview of the headwinds, then review the impact on the major priorities in banking. Bankers Are Juggling a Lot — Add Shifting Priorities to the Mix The challenges for both consumers and the banking industry include: Rising interest rates : The Federal Reserve raised interest rates in February, March and May, making loans more expensive for banks […]
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