As Leading Banks Focus on Achieving Next Level Growth & Digital Innovation
Hampshire, UK – 8th February 2017
New research from leading fintech analysts, Juniper Research, forecasts that, by 2021, nearly 3 billion users will access retail banking services via smartphones, tablets, PCs and smartwatches, up 53% from this year.
Update August 2022, see updated research and whitepaper:
- Latest Research:
- Free Whitepaper:
- Why Banking-As-A-Service Is Driving Banking Innovation
The research finds that usage will continue to rise as consumers increasingly opt for banks offering the convenience of rapid, multi-channel digital services. This means that banks will need to focus on providing a more frictionless digital experience to their customers, especially if they are to remain market leaders.
Tech-Innovation Drives Digital Transformation
The new research, Retail Banking: Digital Transformation & Disruptor Opportunities 2017-2021, found that while traditional banks have so far remained a step behind in delivering innovation and maintaining their competitive edge against new fintech players, the situation is gradually changing.
“Technology is currently the big differentiator for all types of banks; including traditional banks and the so-called challenger banks. Investments in banking technology reached record levels in 2016 and traditional banks are expected to focus on digital transformation initiatives”, added research author Nitin Bhas.
Juniper predicts that in 2017, big banks will acquire challenger players including tech-startups and digital-only banks, and this will further accelerate the rollout of traditional players’ digital strategy.
“Technology is currently the big differentiator for all types of banks; including traditional banks and the so-called challenger banks. Investments in banking technology reached record levels in 2016 and traditional banks are expected to focus on digital transformation initiatives”, added research author Nitin Bhas.
Juniper predicts that in 2017, big banks will acquire challenger players including tech-startups and digital-only banks, and this will further accelerate the rollout of traditional players’ digital strategy.
Digital Transformation Readiness Index
Juniper’s Digital Transformation in Banking Readiness Index analysed leading global tier-1 banks to evaluate their digital transformation readiness scores and highlight their respective positioning within the digital innovation roadmap.
It identified the leading banks for digital transformation in the sector:
It identified the leading banks for digital transformation in the sector:
- Banco Santander
- Bank of America
- Barclays
- BBVA
- BNP Paribas
- Citi
- HSBC
- JP Morgan Chase
- RBS
- Société Générale
- UniCredit
- Wells Fargo
These banks scored highly and were found to be progressing rapidly towards the final stages of digital transformation. These players have invested heavily in technology, have excellent digital portfolios, and are already witnessing significant cost savings.
The ‘Digital Transformation in Banking Readiness Index’, and the whitepaper ‘Futureproofing Digital Banking 2017’, are available to download from the Juniper website.
Related Research
For related research please browse our Fintech & Payments section and associated topics:
Juniper Research is acknowledged as the leading analyst house in the digital commerce and Fintech sector, delivering pioneering research into payments, banking and financial services for more than a decade.
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