Top trends and priorities focus on digital acceleration, the end-to-end customer experience and security
We met face-to-face with 127 retail banking executives to better understand their top trends, priorities and challenges. Digital acceleration is the most impactful macro trend executives face this year; and, to keep pace, they are investing in client-facing digital transformation (top IT priority) to improve the end-to-end customer experience (top business priority). At the same, executives are under pressure to address the growing threat of financial crime—their most impactful industry trend for 2023. Discover executives’ top trends, priorities and more.
Digitization remains top IT focus
For 4 straight years, client-facing digitization remains the top IT priority.
Digital acceleration is felt acutely
86% feel high impacts from accelerating digital demands (more than other banking sectors).
Sustainability creates future value
59% see sustainability as highly core to value creation, yet monetizing it is a challenge.
Ecosystems included in cyber strategy
51% are extending cybersecurity strategies across their ecosystem.
Analytics drives personalization
Advanced analytics to personalize the customer experience is a top 5 business priority.
47% of executives in Retail Banking say their organizations are producing results from their digital strategies in 2023, exceeding other banking sectors by at least 9 percentage points. When comparing insights from the 47% producing results from digital strategies (digital leaders) to those building or launching digital strategies (digital aspirants), common attributes emerge. Areas in which digital leaders excel include business and IT alignment, cybersecurity and privacy strategy results, and modernization.
Closely align business and IT operations to support strategy
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Digital leaders 71% |
Digital aspirants 52% |
Produce results from privacy strategies
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Digital leaders 69% |
Digital aspirants 22% |
Produce results from cybersecurity strategies
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Digital leaders 75% |
Digital aspirants 30% |
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1
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Improve the customer experience |
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2
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Rationalize your cloud journey |
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3
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Increase personalization |
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4
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Adopt open standards |
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5
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Advance data management |
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At CGI, we help retail banks improve the end-to-end customer experiences through digital transformation. |