凯捷（Capgemini）：2023年零售银行业关键趋势报告（英文版）（50页）.pdf

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1、RETAIL BANKING TOP TRENDS 2023CONTENTSForeword 3Introduction 4Trend 1:Smart branches feature experiential banking and convenience to spark customer connection 8Trend 2:Incumbents scout for mature FinTechs to complement capabilities and boost bank profitability 12Trend 3:More Banks commit to driving

2、circular economy sustainability 14Trend 4:Banks step up and own customer experience with embedded finance 18Trend 5:Financial wellness advice can help customers navigate cost-of-living challenges 20Trend 6:CMOs leverage actionable data insights to guide customer centricity 24Trend 7:Digital identity

3、 to unlock efficiency gains for banks 26Trend 8:Banks unlock value at scale by migrating workloads to the cloud 30Trend 9:A boom in synthetic data will catalyze data ecosystem growth 34Trend 10:As Banks explore decentralized finance,they remain cautious 38Conclusion 42Retail Banking Top Trends 20232

4、Anirban Bose Financial Services Strategic Business Unit CEO&Group Executive Board Member,CapgeminiFOREWORDThe world economy and banking industry are heading toward uncharted water in 2023 against a backdrop of macroeconomic volatility,inflation,cooling demand,and supply-chain disruptions.However,the

5、se disruptions will likely spark a focus on resilience and innovation.The impact of inflation and the rising cost of living presents an opportunity for banks to demonstrate customer care by leveraging data and offering appropriate,well-timed financial wellness support.Meanwhile,branches are transfor

6、ming into phygital centers by digitalizing routine services so staff can focus on customer engagement and high-value products.As the world comes to grips with climate change,banks have the power and position to play a crucial role in creating an environmentally sustainable world.Last year,we also re

7、cognized widening environmental,social,and corporate governance(ESG)obligations as a key strategic trend.While 2022 market volatility dulled the luster of some FinTechs,lets not write them off.Agile FinTechs are likely to bounce back vigorously with digital-,cloud-,and customer-centric approaches.Fu

8、rther,incumbents need the expertise of mature FinTechs for technological collaboration,acquisition,and incubation,as they reciprocate with institutional scale and stability.Given the threat landscape,we emphasized cybersecurity as a prerequisite for banks.And now,digital IDs are incrementally becomi

9、ng the norm as banks explore ways to protect customer identities online.On the customer-centricity front,the chief marketing officers role is evolving into that of a chief customer strategist owning and driving the customer engagement journey.Speed bumps and fresh prospects are on the 2023 radar scr

10、een,with banks facing strategic decisions around rates,modernization,security,and the potential for innovative business models and products.Our Top Retail Banking Trends 2023 offers insights and next-step examples.Retail Banking Top Trends 20233INTRODUCTIONThe global banking industry is in flux,mark

11、ed by operational optimization initiatives,digital transformation,and significant macroeconomic headwinds.MARKET DYNAMICSForeseeable headwinds signal risks and present opportunities as inflation stokes the cost of living worldwide and may necessitate governmental policy actions.In Q2 2022,earnings f

12、or some of the biggest US banks declined sequentially,both quarter over quarter and year over year,from 2021.1 As equity valuations decreased,market activity(including M&A and IPOs)slowed.Additionally,geopolitical uncertainty inflamed markets to fuel a surge in commodity prices.According to a World

13、Bank study,the world seems headed toward a global recession in 2023 as central banks try to control inflation through interest rate hikes.2 In Europe,rising interest rates and a subsequent increase in net interest income,topping 12%,drove robust H1 2022 growth for EU banks.3 However,recessionary tre

14、nds may portend weakened credit demand:the net income of the top 20 European banks fell by 9%year over year,primarily due to a 40%hike in loan losses.Additionally,operational costs grew by more than 8.5%.4 Oxford Economics suggests UK inflation may peak at 10.5%in January 2023 and average 5.4%over t

15、he year.5 CUSTOMER ENGAGEMENT AND EXPERIENCEWith a continued focus on customer centricity,experiential banking is gaining ground.Although many banks continue to optimize branch network size,they are also transforming brick-and-mortar facilities into“experience centers”to help the shift from transact

16、ional relationships to digital connectedness that creates truly meaningful customer engagement.Financial institutions(FIs)are retaining physical distribution to stay competitive.As a result,banks continue to modernize existing locations selectively.Retail banks and FinTechs will continue to collabor

17、ate to overcome business model gaps while competing in areas of mutual strength,which may encourage incumbents to make strategic acquisitions and invest in mature FinTechs.LOOKING BACK AT 2022 Lets quickly recap our Retail Banking trends for 2022 and review our projections.A year ago,we said cloud c

18、omputing initiatives were here to stay.And now,banks are carefully migrating mission-critical data to the cloud to reap its full benefits.We were also right about the trajectory of decentralized finance(DeFi)in 2022:We are witnessing cautious but strategic move towards institutional DeFi solutions.M

19、eanwhile,new-age FinTechs are reeling under due to persistent funding winter and falling valuations.We expect incumbents to step-up their chase for attractive FinTechs to plug their business model and product gaps.All in all,we expect 40%of the trends that we discussed last year to remain prominent

20、in 2023 as well,while another 60%new trends that will shape the banking landscape in immediate short-term.Significant macroeconomic headwinds,specialized talent searches,and ongoing operational optimization and digital transformation set the stage for 2023 trends.As a result,we believe continuing fo

21、cus on reimagining brick-and-mortar branches for experiential banking,tackle new revenue initiatives,and guide customers through financial wellness guidance and education.Retail Banking Top Trends 20234TOP TRENDS FOR 2023We based our 2023 retail banking trends on analysis across five broad themes.Ch

22、anges in industry dynamics examines how smart branches offer customer convenience and connectedness via experiential banking,and retail banks pursuit of FinTech acquisition opportunities to bolster capabilities.Creating and enabling new values includes retail banks spearheading green and sustainable

23、 practices,and how banks that offer financial wellness advice can help customers handle cost-of-living challenges and boost loyalty.Customer centricity covers how bank chief marketing officers(CMOs)orchestrate customer experience(CX),supported by advanced data analytics that offer access to actionab

24、le insights to improve customer engagement.Business resilience delves into Digital IDs evolution into a universal,multi-purpose identification system,and how banks benefit from migrating data to the cloud.New horizons looks at the role of retail banks in stabilizing the high-risk decentralized finan

25、ce(DeFi)market.Exhibit:Top trends in retail banking 2023 Priority matrix12346109Smart branches feature experiential banking and convenience to spark customer connectionMore banks commit to driving circular economy sustainabilityBanks step up and own customer experience with embedded finance5Financia

26、l wellness advice can help customers navigate cost-of-living challengesCMOs leverage actionable data insights to guide customer centricityDigital identity to unlock efficiency gains for banksBanks unlock value at scale by migrating workload to the cloudA boom in synthetic data will catalyze data eco

27、system growthAs banks explore decentralized finance,they remain cautiousIncumbents scout for mature fintechs to complement capabilities,boost bank profitabilitySource:Capgemini Research Institute for Financial Services Analysis,2022Changes in industry dynamicsBusiness resilienceNew horizonsCustomer

28、centricity78Creating and enabling new values21084135796Business impact(2023)Adoption priority(2023)MediumHighSignificantMediumHighSignificantRetail Banking Top Trends 20235The matrix represents Capgeminis view of a retail banking operating environment coping with:Rising inflation and interest rates

29、coupled with stagflation trends Operational disruption due to geopolitical instability Brisk competition and increased focus on customer centricity to hedge against advances from new-age players Operational cost overruns and high capital lock-in Dynamic regulations and compliance mandates.Priority o

30、f adoption refers to the urgency of adopting a particular trend to maximize value creation in 2023 due to its importance to the sector.Business impact represents the effect of a trend on retail banking business in 2023 concerning customer experience(CX),operational excellence,regulatory compliance,o

31、r profitability.Circumstances vary for each firm depending on business priorities,geographical locations,and several other factors.For further information,please dont hesitate to reach out to us at .Retail Banking Top Trends 20236Retail Banking Top Trends 20237SMART BRANCHES FEATURE EXPERIENTIAL BAN

32、KING AND CONVENIENCE TO SPARK CUSTOMER CONNECTIONTransforming branches to experience centers helps banks shift from transactional relationships to digital connectedness that creates meaningful customer engagement.CONTEXTHistorically,retail banks created a robust network of branches to extend reach a

33、nd brand strength.However,digital adoption increased exponentially as the pandemic triggered demand for contactless services,and digital-first FinTech firms rose to the occasion by offering customers and staff convenience and safety.Although branch closures are not new,they surged as consumers switc

34、hed to online channels during COVID-19,and banks faced mounting pressure to reduce operational costs.Closures can affect vulnerable populations a concern that governments and regulators share.In the United States,the Federal Reserves Community Reinvestment Act(CRA)beefed up scrutiny of planned branc

35、h closures in 2022 to ensure at-risk communities maintained access to banking.6 The Spanish Senate is investigating complaints and reports about the declining presence of bank branches and ATMs in rural areas of Spain.In 2022,more than half(54.5%)of municipalities in Spain no longer had a bank branc

36、h,according to Banco de Espaa.7 Similar trends exist across numerous global markets.Banks are steadily strategizing smart branch networks to optimize customer relationships and costs,while ensuring convenient access to in-person banking in all neighborhoods.CATALYSTSThe European Central Bank reporte

37、d that European banks cost-to-income ratio(CIR)in H1 2022 hovered above 60%.8 Meanwhile,US banks J.P.Morgan,Citibank,Morgan Stanley,Goldman Sachs,and Wells Fargo also reported CIR above that same benchmark.9 A lower CIR indicates that a bank is spending less to generate every dollar of income.Branch

38、es are among banks most significant expenses.According to a Nasdaq report,setting up a full-service office facility(excluding land)can cost upwards of USD1.5 million in the United States,with an annual operating cost of almost USD1 million per branch.Most struggle to break even or turn a profit.10 A

39、s labor costs across Europe and the United States rise,branch operations will remain pricey for banks.Moreover,overhead incurred by moving cash between branch networks and other maintenance activities further erode margins.While customer attitudes about banking are changing,branches are still releva

40、nt.The World Retail Banking Report 2022 found that 75%of customers believe branches are an important channel.As part of the reports customer survey,consumers said they want more than transactional deposits and withdrawals from their branch experience.For example,64%said they want self-service option

41、s,44%seek an extended workplace at their branch,and 31%expressed interest in a more immersive(AR/VR)experience.In addition,almost half of the surveyed customers said they want lifestyle products and offerings available at their branch.Meeting customer demands will require banks to transform branches

42、 while balancing business volume with value delivered.IN A NUTSHELLWorld Retail Banking Report 2022 analysis also found that customers already access banking services through a wide range of channels from branches,websites,and mobile apps to voice assistants and wearables.Yet almost half of customer

43、s say they face friction when interacting with their bank.TREND 1Retail Banking Top Trends 20238Figure 1.The five Cs of a superior smart branch experienceSource:Capgemini Research Institute for Financial Services Analysis,2022Branches are not limited to financial services but offer products and serv

44、ices beyond banking by leveraging ecosystem partners.Branches are places to meet,greet,and treat.They engage customers with events such as yoga sessions,concerts,motivational talks,etc.Branches are synchronized with digital channels with an emphasis on financial inclusion.Branches know customers and

45、 why they visit.Branches are customer-focused.Personal bankers are augmented with technologies such as self-service kiosks and AI assistants.Branches emphasize value-added services,such as advisory and investment planning.Branches create content to help customers improve their financial knowledge.Co

46、nnectedConciergeCaptivateConvenientContent Why?Without an omnichannel strategy,bank channels may operate within silos and not share information.While websites,mobile apps,voice assistants,and wearables are digital and can remain connected,branches are often out of the loop.Strategically developed sm

47、art branches can offer customers a comprehensive omnichannel experience.Branches that feature integrated customer relationship management platforms can sync with other digital channels and back-office operations to provide instant customer insights and personalized service.Actionable insights can sp

48、ark faster customer acquisition and product origination,improving banks overall service-to-sales conversion.Smart branches act as experience centers,creating an interactive space to connect with customers.BBVA,Bank of Montreal(BMO),and Capital One have all launched smart branch formats over the last

49、 five to seven years.Capital One launched Banking Caf,its first smart branch,in 2015,and by 2022 had opened 50.11 The cafs offer Wi-Fi,discounted refreshments,workspaces,and financial wellness advice.12 UnionBank of the Philippines launched the countrys first fully digital bank branch,where customer

50、s can access the internet or chat with the staff over a cup of coffee.The bank aims to transform its branches from transactional to interactional spaces.13 In Italy,Banca Carige launched three smart branches in 2021.Staff underwent training to transition from selling banking products to advising cus

51、tomers about value-added services.Banca Cariges smart branches feature 24/7 self-service options,a reception area for assisted services,a self-service area for value-added services,and a space to use video conferencing and other tools.The smart branch format helped the bank reduce operating costs by

52、 40%.14 Bank of America is redesigning 50%of its branch network to meet changing customer expectations.And JPMorgan Chase plans to open 400 community center branches to cover nearly 93%of the US population through its Chase footprint.15Retail Banking Top Trends 20239IMPACTIn light of the push to cus

53、tomer centricity and omnichannel experiences,more banks will continue and evolve the trend to transform branches from transaction centers to experience centers.Smart branches can generate long-term strategic value by building brand awareness among digital customers while creating a market presence i

54、n the real world.Redesigned branches will feature streamlined layouts,more digital and self-service tools,and rationalized human-driven(teller)activities to boost effectiveness through cost savings and increased sales.Smart branches can attract,activate,engage,and retain customers to bolster lifetim

55、e value.With opportunities to cross-sell,up-sell,and cultivate a hybrid customer base(baby boomers,GenX,millennials,and Gen Z),branches can improve intermediation efficiency*and turn profitable faster a significant win considering that traditional full-service branches can take up to 10 years to bre

56、ak even.As we move into the future,striking the right balance between physical presence in branch offices and digital channels is essential for acquiring customers or selling products.With physical footfall declining,branches as advisory centers,will cater to those customer needs where personalized

57、interaction is required and valued.”Markus J.LocherManaging Director,Head Digital Banking,Credit Suisse,Zrich*Intermediation efficiency is measured by a branchs ability to leverage input(labor,operational costs)to generate output(loans,deposits).Retail Banking Top Trends 202310Retail Banking Top Tre

58、nds 202311INCUMBENTS SCOUT FOR MATURE FINTECHS TO COMPLEMENT CAPABILITIES AND BOOST BANK PROFITABILITYDeclining FinTech valuations make them attractive candidates for banks seeking purpose-driven acquisitions and partnerships.CONTEXTDiminishing venture capital funding and market disruption are creat

59、ing challenges for FinTech firms.As a result,challengers and digital banks exited key markets while investors grew skittish.16 Over the last decade,startups received USD1.3 trillion in funding.However,in Q1 2022,VC investment in consumer finance and financial services FinTechs declined by nearly 41%

60、and 73%,respectively.17 Affirm,which debuted at USD49.00 per share,traded at USD22.30 in September 2022.18 In another example,Swedish FinTech Klarna said it raised USD800 million in fresh funding from investors at a USD6.7 billion valuation down sharply from the USD45.6 billion value it secured in a

61、 2021 cash injection led by Japans SoftBank.19CATALYSTSThe 2018-2021 FinTech wave forced incumbents to enhance their digital capabilities.As a result,traditional banks are investing in multi-year digital transformation to offer FinTech-like services.Italian bank Intesa Sanpaolo provisioned EUR1-1.5

62、billion for IT infrastructure.HSBC,J.P.Morgan,Bank of America,Morgan Stanley,and Royal Bank of Canada have also made significant digital commitments to gain competitive advantage.20 Truist Financial built a 100,000-square-foot,state-of-the-art US Innovation&Technology Center in North Carolina,and To

63、rontos TD Bank launched the TD Workshop in Philadelphia to test new ideas.21 Banks are learning that lengthy,drawn-out transformations can negatively impact speed to market and accommodating change during this time may lead to delays and budget overruns.However,as FinTech valuations dip,a pipeline o

64、f programmatic M&A*becomes available.As a result,banks can strategically plan FinTech mergers,acquisitions,and partnerships to systematically build new business models,services,or capabilities that align with their current and longterm vision.IN A NUTSHELLRetail banks and FinTechs collaborate to ove

65、rcome business model gaps while competing in areas of mutual strength,which may encourage banks to make strategic acquisitions.Incumbents also invest in mature FinTechs to explore uncharted markets.In 2022 seven bank/FinTech M&As were made.BNP Paribas,UBS,Veritex,and Western Alliance Bancorp were am

66、ong the acquirers according to a report from S&P Global Market Intelligence.One of the most high-profile acquisitions was UBSs USD1.4billion all-cash deal for automated wealth management provider Wealthfront:the acquisition helps UBS accelerate its US growth,broaden its reach among affluent investor

67、s,and expand its distribution capabilities.22 Banks contribute a small but significant percentage of overall FinTech M&A activity.For example,in 2021,there were eight buy-side bank deals.Deal values are often low because most banks shop primarily to fill gaps in offerings.23 In July 2022,the Lloyds

68、Banking Group CEO hinted that the bank would continue to look for potential FinTech acquisitions and partnerships that offer robust bolt-on features.24TREND 2*Programmatic M&As are a succession of small to mid-size deals made in pursuit of a distinctive capability or business model expansion.Retail

69、Banking Top Trends 202312Figure 2.Dimensions and dynamics of traditional bank and FinTech relationshipsSource:Capgemini Research Institute for Financial Services Analysis,2022Incumbents provide the underlying infrastructure for new playersAgile,digital-first newcomers are taking a bite out of incumb

70、ent banks wallet shareTraditional banks invest in mature FinTechs to penetrate new segments and gain tech competenciesFinTech acquisitions help banks add digital capabilities immediatelyCollaborateAcquireCompeteInvest1 32 FinTechs with a healthy customer base and niche market position that struggle

71、to generate favorable(or profitable)unit economics are potential acquisition targets because they can help incumbents build new value propositions,develop cross-sell opportunities,and provide an active customer base.In the United States,Fifth Third Bank acquired FinTechs,Provide in 2021(healthcare),

72、and Dividend Finance(sustainability)in 2022.Both new-age players help the bank boost lending volumes in fast-growing niche segments.25,26 Retail banks are also getting involved as investors and incubators.Spains BBVA bank invested USD300 million in Brazilian bank Neon.It also invested in Atom Bank i

73、n the UK and Solarisbank in Germany to accelerate its digital journey.In addition,US banking holding company Truist invests in FinTechs such as Veem,a payment network startup,through its VC company Truist Ventures.27 Lloyds Bank entered a strategic partnership with FinTech Bink,a loyalty specialist,

74、to offer retail banking customers loyalty programs.28 In addition,BNP Paribas partnered with SuperTech and Bruntwood SciTech to create an incubator to fast-track FinTech startups.29IMPACTWe anticipate that higher interest rates and bank exits from non-core markets and product lines will provide addi

75、tional earnings and a capital buffer that firms can funnel toward programmatic M&A in 2023.Moreover,FinTech deals offer access to talent,technology,new product segments,and active customer bases.Bank-to-bank mergers and acquisitions are often time-consuming because of complex regulatory reviews;but

76、FinTech deals are relatively quick and pose fewer post-acquisition challenges(such as tech integration).Therefore,as the global economy remains volatile,FinTech deals can bolster resilience and long-term growth for retail banks.Retail Banking Top Trends 202313MORE BANKS COMMIT TO DRIVING CIRCULAR EC

77、ONOMY SUSTAINABILITYMore and more retail banks are building a high-profile sustainability presence by promoting green business practices,processes,and digital finance.CONTEXTWith an eye on reducing environmental damage,pollution,and waste and with a commitment to building climate change resilience b

78、anks are steadily positioning themselves as a strategic lever that can make a significant impact in accelerating the transition to a circular economy.*According to the World Bank Group,there is an urgent need to move from a take,use,and waste linear economy to a regenerative reduce,reuse,and recycle

79、 circular economy.30 The World Economic Forum reports that linear production and consumption of goods and services is a climate change root cause.Therefore,transitioning to a circular economy is critical to long-term sustainability.A circular economy reduces greenhouse gas emissions,reduces environm

80、ental pressures,improves raw material security,stimulates innovation,and boosts economic growth an opportunity to unlock USD4.5 trillion in additional economic output by 2030.31 Rising waste levels go hand in hand with rapid consumption:ultimately,90%of all materials extracted and used are wasted.Co

81、nversely,only 8.6%make it back into the global economy.Global circularity shrank from 9.1%in 2018 to 8.6%in 2020,the Circularity Gap Report found.32CATALYSTSFor many banks,mounting pressure from customers,shareholders,climate activists,and regulators drives climate initiatives.As a result,numerous f

82、inancial institutions have committed to green initiatives to control their business-process carbon footprints.According to the United Nations environmental 2021 Collective Progress Report,94%of banks said sustainability was a strategic priority.33 Additionally,banks publish ESG reports in which they

83、 outline their green initiatives and banking business practices.The US Securities and Exchange Commission requires disclosure of the carbon emissions of projects that are to be financed.Therefore,US banks must consider credit and climate risks before granting a loan.34 Demand is up for sustainable p

84、ractices and products as green consumerism and consciousness rise.More than half of global consumers rank sustainability as a top purchase decision factor,according to estimates from a Simon Kucher&Partners study.35 The study also suggests that 39%of Generation Z and 42%of millennials are willing to

85、 pay a premium for sustainable products and services.IN A NUTSHELLBanks that pivot to eco-friendly products and practices can help to enable sustainable consumer lifestyles.Recent success stories include:Lloyds Banks auto loan division,Lex Autolease,and UK motor finance company Black Horse have unde

86、rwritten more than a million e-vehicles in the United Kingdom.36 Similarly,in Spain,BBVA launched long-duration,low-interest rate green car vehicle loans(covering electric and hybrid vehicles)with zero processing fees.37 HSBC offers green mortgage loans in the UAE with fixed and variable interest ra

87、tes;the green loans are available to customers who purchase property built according to energy efficiency and eco-friendly standards.38 Italys Intesa Sanpaolo focuses on innovating financial products,credit policies,and lending strategies while exploring the integration of circular economy practices

88、 into risk assessment models.39 DBS launched LiveBetter,a one-stop digital platform to help consumers access eco-friendly tips,donate to green causes,and invest in sustainable funds.40TREND 3*Circular economy is a production and consumption model that involves sharing,leasing,reusing,repairing,refur

89、bishing,and recycling existing materials and products as long as possible.In this way,the life cycle of products is extended.Retail Banking Top Trends 202314Figure 3.Three ways banks can assess climate impactSource:Capgemini Research Institute for Financial Services Analysis,2022Adopt cloud computin

90、g and emerging technologies to support sustainable digital financeReduce greenhouse gas emissions and energy and paper consumptionPromote energy-efficient lifestylesby educating and influencing customers while granting environmentally friendly mortgages and vehicle loans STEP-1STEP-2STEP-3Green busi

91、ness practicesGreen processesSustainable digital finance Banks are also reducing their organizational carbon footprint by revamping business processes:In 2021,British bank NatWest reduced its direct operational emissions by 46%against a 2019 baseline that included COVID-19-related impact.It further

92、reduced paper consumption by 65%and carbon emissions by 46%,against a 2019 baseline.41 Barclays registered an 86%greenhouse gas(GHG)emission reduction in 2021 and shifted to a 94%renewable electricity model.It also reported carbon-neutral business travel emissions since 2020.42 Banks are pursuing gr

93、een IT initiatives to realize potential benefits:Cloud computing helps reduce energy consumption and CO2 emissions.For example,Spanish multinational bank Santander reported that its cloud program reduced IT energy consumption by 70%.43 Artificial intelligence(AI),blockchain,and Internet of Things(Io

94、T)technologies are crucial in promoting sustainable finance.For example,AI can help automate resource recycling,3D printing can save materials,and IoT offers real-time data on assets carbon footprints.Banks are also forging partnerships and acquiring FinTechs to bolster green banking efforts:Estimat

95、es say more than 90 active green FinTechs operate in Europe alone.44 Therefore,banks can make purpose-driven acquisitions and nurture partnerships to build green portfolios.The trend is not limited to large banks.Sustainability-focused credit unions are acquiring or partnering with FinTechs to offer

96、 eco-friendly products in the United States.Frontrunners include Climate First Bancorp,Clean Energy Credit Union,Fifth Third Bancorp,and Teachers Federal Credit Union.45 NatWest partnered with the open banking platform Tink and sustainability FinTech CoGo to provide customers with personalized carbo

97、n footprint tracking analysis.Using CoGos sustainability data and behavioral science and Tinks money management data,the banks more than eight million customers can receive a personalized carbon footprint analysis.46Retail Banking Top Trends 202315IMPACTBanks active in enabling the circular economy

98、will underpin global decarbonization.Why?Households,corporations,small-to-medium businesses,and governments aiming for net-zero carbon emissions require green financial products and services.For example,the United States passed the Inflation Reduction Act in 2022 to create a USD27 billion Green Bank

99、 fund to support national and local financial institutions dedicated to sustainable practices and clean energy.47Green banking stimulates innovation and helps create new value streams:for instance,the range of sustainability-linked debt products grew more than 300%between 2017 and 2020 across sector

100、s.Moreover,green banking limits banks ESG-risk exposure.In the EU alone,15%of bank balance sheets are at risk due to climate change;green banking initiatives reduce non-performing asset(NPA)volume and boost bank profitability.48In response to rising green consumerism,banks will work to maintain thei

101、r market reputation in 2023 and beyond by sponsoring and building effective ESG strategies.Anything less may risk reputational damage and reduced public trust.Retail Banking Top Trends 202316Retail Banking Top Trends 202317BANKS STEP UP AND OWN CUSTOMER EXPERIENCE WITH EMBEDDED FINANCEBank-owned Baa

102、S platforms help put incumbents in the drivers seat and establish relationships with end customers through embedded financeCONTEXTIn a traditional embedded finance value chain,banks are the service providers,dependent on a FinTech to access the BaaS platform(called BaaS enablers),and a distributor(F

103、inTech or non-banking firm)that is consumer-facing.The value chain could become even longer if the distributor FinTech further uses its platform to offer embedded finance to third parties.A long value chain keeps banks distant from the end consumer,with less access to valuable consumer data and litt

104、le to no ownership of CX.At the same time,banks are responsible for risk management(financial,third-party,and conduct risks)arising from a long chain of partnerships.Although this model helps to diversify banking revenues,in the long term banks may become an invisible rail with commoditized offering

105、s.Jupiter Intelligence expects BaaS revenue to increase by USD27 billion by 2027 up 240%from USD11 billion in 2022.49 Therefore,it is in banks best interests to increasingly penetrate the embedded finance market by building in-house BaaS capabilities.CATALYSTSIncumbent banks struggle with legacy sys

106、tems and data silos,forcing them to rely on third parties for platforms.However,rising cloud maturity and improving data capabilities are helping banks steadily build in-house platform capabilities.Moreover,purpose-driven acquisitions(as discussed in previous trends)can further bolster the tech read

107、iness of incumbents,along with the growing availability of APIs.Traditionally,banks have invested heavily in building internal APIs to improve their systems.However,the focus is shifting to external APIs that can embed banking in third-party ecosystems.Increasing cloud adoption and external APIs giv

108、e banks the flexibility to build composable architecture,which allows them to quickly assemble and re-assemble products and services to meet the expectations of non-FS firms.IN A NUTSHELLBanks are stepping into the role of BaaS enablers(FinTechs that provide platform infrastructure)and getting close

109、r to end consumers.Examples are proliferating worldwide.European BaaS provider and enabler Raisin Bank leveraged the cloud to significantly increase its development speed for new products,services,and features.The new cloud-native composable BaaS platform will help Raisin automate complex processes,

110、increase onboarding efficiency,improve credit decision engines,and enable real-time notifications.50 HSBC rolled out its own BaaS platform,NetSuite,to offer embedded services that allow clients to embed international payments and automate accounts payables,receivables,and reconciliation processes.51

111、 Goldman Sachs initially launched its Transaction Banking(TxB)platform in 2020.Since then,the US bank has bolstered its in-house tech capabilities to scale its BaaS platform reach to the UK and Europe.TxB provides a cloud-based global platform to serve clients treasury needs,including deposits and p

112、ayments,in more than 160 countries and 120 currencies,offering account visibility,payments,and liquidity positions.52 Standard Chartered launched its BaaS platform,Nexus,in 2021 and partnered with Indonesian e-commerce company Bukalapak to deliver embedded banking solutions to 6.8 million merchants.

113、In September 2022,the partners launched BukaTabungan,a digital banking service that leverages the reach of Bukalapaks all-commerce platform and Nexus BaaS technology.BukaTabungan is offered as a service within Bukalapaks platform to provide banking services that are inclusive,easy,and secure to Buka

114、lapaks ecosystem of over 110 million users and 20 million business owners,enhanced by a completely digital,non-face-to-face onboarding experience.53TREND 4Retail Banking Top Trends 202318 Swedish SEB Bank launched an in-house BaaS platform,SEBx,to provide embedded banking services to clients.The ban

115、ks first client,Swedens Axel Johnson Group,will embed payment and loyalty offerings within its retail space.54 Building in-house BaaS capabilities will also help banks embed financial services in customers life journeys,including mobility,home purchases,small business ecosystems,and more.For instanc

116、e,Santander launched My Home Manager,a home ecosystem proposition for customers seeking to purchase a home.The app offers embedded insurance and financial services and a partner ecosystem that offers various home-related services.The app operates in nearly 10 markets.55IMPACTWe anticipate that more

117、banks will add BaaS capabilities to their balance sheets.As the World Retail Banking Report 2021 mentioned,38%of banks used in-house BaaS capabilities,while another 16%were developing BaaS capabilities for market launch.By owning a BaaS platform,banks can directly connect with end clients leading to

118、 faster and higher revenue recognition and more cross-industry data access.Moreover,in-house BaaS capabilities allow banks to monetize their IT assets(core banking functionalities)through revenue-sharing partnerships with non-FS firms.It wont be long before non-FS firms embed financial products with

119、in their value propositions.However,the trend will require greater bank resilience and the capability to provide secure financial services anytime,anywhere.In addition,a more direct partnership between banks as BaaS providers and enablers will ensure robust operational stability with a higher degree

120、 of flexibility to personalize banking products for the needs of end consumers.The key question incumbents must ask themselves is whether banking is a destination or an enabler.As an enabler,banks can go beyond their products/services and embed themselves within customer lives,paving the way for eco

121、system banking.”Christopher YoungDirector,Financial Services Industry Strategy,Adobe,USRetail Banking Top Trends 202319FINANCIAL WELLNESS ADVICE CAN HELP CUSTOMERS NAVIGATE COST-OF-LIVING CHALLENGESBank customers worldwide seek advice and support tools to help ride out inflation and cost-of-living c

122、hallenges.CONTEXTRising inflation and a volatile global economy create overall cost-of-living obstacles for individuals,corporations,and governments.As more US families live paycheck to paycheck,US credit card balances increased USD46billion in Q2 2022,up 5.5%from the first quarter,and new credit ca

123、rd accounts ticked upward,too.The 13%year-over-year increase was the most significant jump in more than 20 years.56 Similarly,nearly half of the 19 eurozone countries recorded double-digit annual inflation in mid-2022.Overall,eurozone inflation was at 8.6%.57 In the UK,the poorest households risk sp

124、ending almost half of their disposable income on gas and electricity bills this winter(2022/2023)despite a governmental energy price guarantee,according to The Progressive Economy Forum(PEF).58 Meanwhile,Oxford Economics suggests inflation in the United Kingdom may peak at 10.5%in January 2023 and a

125、verage 5.4%over the year.59 The International Monetary Fund(IMF)expects 3.2%world economic growth in 2022,slowing to 2.9%in 2023.A July 2022 IMF forecast estimated annual inflation to reach 6.6%in advanced economies and 9.5%in emerging markets and developing economies.60 A large segment of the globa

126、l population lacks money management skills and knowledge about personal finances.Banks can provide personalized financial assistance to help customers navigate uncertain times.CATALYSTSCost of living challenges drive demand for contextual financial wellness advice integrated into customers everyday

127、financial lives,yet banks struggle to deliver.A study of 5,000 banking customers worldwide by financial services data specialist Personetics found that cost-of-living hikes affected 93%of respondents.And more than 63%said their banks did not offer money management advice during the last three months

128、;as a result,customers said they might switch to competitive FIs.The 2022 J.D.Power Retail Banking Satisfaction survey revealed that 44%of US banks support customers during financial hardship.Meanwhile,about 63%of US customers said they would switch banks if they were not supported,while 78%said the

129、y would stay if they received support.61IN A NUTSHELLThanks to the increased availability of customer data,banks can use it to develop hyper-personalized financial wellness products.Many leading firms leverage data analytics and AI to boost customer loyalty and lifetime value.Spanish multinational f

130、inancial services company BBVA leverages data analytics to provide personalized insights and offer customized solutions.BBVA reported that between January and November 2021,it generated 12%of its digital channel sales in Spain from its financial health tools.62 Further,BBVAs mobile app facilitates c

131、ustomers to analyze their spending and reach their financial goals.It offers alerts,personalized guidance,and automatic transfer of savings to their accounts.63 Banks are gradually positioning themselves to promote customers financial wellness.From awareness programs to calculators and planning budg

132、ets,loans,savings,and retirement,banks can help in multiple ways.TREND 5Retail Banking Top Trends 202320Figure 4.Banks can play a critical advisory role in financial wellnessSource:Capgemini Research Institute for Financial Services Analysis,2022Leverage DataUse customer transactional data to segmen

133、t and contextualizeGenerate Insights Analyze spending patterns Hedge against insufficient balances Flag unexpected payments Offer Advice Find the right loan Use credit cards wisely Plan a budget Increase savings Improve spending habits Take Action Tailor budgeting and money management tools Create i

134、nvestment awareness Automate savings Support financial goals for major life events Offer hyper-personalized products and services Set up payment alerts Bank of America built an omnichannel platform for its 67 million customers to help them set goals,track progress,and get financial answers.It offers

135、 customers simple and transparent products,high levels of personalization,financial education,and staff support.64 In the northeast United States,Berkshire Banks MyBanker app helps customers achieve short and long-term goals.Berkshire partner GreenPath Financial Wellness offers debt management,forec

136、losure prevention,and student loan repayment tips.Moreover,Berkshire provides customers with mortgage and loan calculators,retirement planners,and savings calculators.65 Barclays introduced the“Money Worries Hub,”which offers mentoring sessions and publishes money management articles on its dedicate

137、d cost-of-living site.66 Australian FinTech Douugh offers a subscription-based financial wellness platform that helps customers manage money,pay off debt,save,and manage wealth by linking bank/investment accounts with their debit card(s).Features include automatic spending categorization that can he

138、lp in budgeting and virtual“jars”that allocate money to savings,bills,or a personal or rainy day fund.67 UK-based Pockit offers pre-paid spending cards allowing customers to make transfers and pay bills.It focuses on the unbanked,underserved,and low-income communities and serves over 700,000 custome

139、rs.68 Retail banks are also exploring FinTech partnerships to augment their financial wellness offerings.Sunrise Banks caters to low-to-moderate-income communities surrounding St.Paul,Minnesota,in the United States,and positions financial wellness and inclusivity at the heart of its operation.Throug

140、h FinTech partnerships,Sunrise provides banking and regulatory infrastructure while FinTech specialists complement the effort with digital capabilities.The US Treasury allocated USD45million to Sunrise Banks to support economic development in low-income communities in Minnesota.69 US-based Truist Fi

141、nancial Corporation acquired gamified finance mobile app Long Game,which uses prize-linked savings and casual gaming to encourage savings.Truist will leverage the new capabilities for customer acquisition and cross-selling opportunities.70 NatWest acquired London-based FinTech RoosterMoney in 2021 a

142、s part of its strategy to help families and children,aged four to 17,efficiently manage finances.NatWest aims to help young people develop money management skills earning,saving,giving,and spending.71Retail Banking Top Trends 202321IMPACTAs inflation and cost-of-living pressures push more consumers

143、to seek financial wellness advice in 2023,banks will play a critical role by leveraging technology and customer insights to offer advice and education.As a result,the financial wellness advisory trend is on its way to becoming a differentiator for retail banks.Firms that personalize customer journey

144、s to focus on monetary well-being will cultivate meaningful engagements,spark cross-sell and up-sell opportunities,and reduce customer churn.Retail Banking Top Trends 202322Retail Banking Top Trends 202323CMOs LEVERAGE ACTIONABLE DATA INSIGHTS TO GUIDE CUSTOMER CENTRICITYTodays Chief Marketing Offic

145、ers and bank stakeholders mine digital customer data to gain actionable insights and create superior customer experience(CX)that fuels new revenue opportunities and strategic growth.CONTEXTMarketing is no longer considered a standalone function.Instead,todays marketing executives connect with all ba

146、nk departments and business units to create an integrated strategy and deliver exceptional CX while driving value.Retail banks entrust marketers to design innovative,personalized CX.Often masters of multiple disciplines,CMO personas manage numerous streams,including budgets,ROI,product development,a

147、nd martech oversight.The CMOs focus is shifting from supporting transactional banking to creating interactional and experiential journeys.CATALYSTSLarge banks organized within functional silos can face process and data redundancies that interrupt customer journeys and marginalize customer experience

148、.An intra-functional command center can guide customer journeys 24/7 with precision.The World Retail Banking Report 2022 found that more than 80%of banks globally do not identify new customer segments.And nearly one in two firms struggles to offer seamless onboarding and personalized CX:banks may co

149、nsider onboarding and personalization as two disparate activities managed by two separate units.However,for customers,it is part of their overall journey,and so banks need a custodian of end-to-end CX.As banks task marketing executives with managing customer experience,they need to arm marketers wit

150、h the power of advanced analytics and technology.Successful CMOs collaborate with internal C-level stakeholders to orchestrate end-to-end customer journeys.IN A NUTSHELLMarketing leadership roles are evolving with additional assigned responsibilities,and todays bank CMO persona may be known as Chief

151、 Digital Officer,Chief Experience Officer,Chief Growth Officer,or Chief Commercial Officer.Among CMOs surveyed for the World Retail Banking Report 2022,34%said they directly manage marketing analytics,and 26%said they oversee digital partnerships.In addition,about 74%said they have direct responsibi

152、lity for innovative marketing strategies and planning,and 22%directly manage end-to-end customer experiences or have access to complete customer profiles.Bank of America moved marketing responsibilities to its Chief Digital Officer to facilitate seamless digital customer experiences better.Similarly

153、,Wells Fargo retired its CMO position and appointed individual marketing leads for each division.Australias BankWest eliminated the CMO role,shifting marketing and journey creation duties to a dedicated new chief customer officer.Swiss bank BEKB divides the CMO role into marketing and communications

154、,innovation,and business management.Whatever the title,the CMOs role in managing the customer journey is growing.TREND 6Retail Banking Top Trends 202324Figure 5.CMO role emerges as ecosystem orchestratorSource:Capgemini Research Institute for Financial Services Analysis,2022CHIEFSTRATEGIST(CMO)NPSCu

155、stodianBUILD digital and datacapabilitiesCRAFTpersonalizedand experientialcustomer journeysCATALYZEcollaboration and innovationChief Digital OfficerChief Data OfficerChief Technology OfficerChief Ecosystem OfficerChief Innovation OfficerChief Experience OfficerChief Customer OfficerChief Growth Offi

156、cerMarketing is not necessarily about communicating but delivering fluid experiences to customers,shifting from monolithic broadcasting to engaging interactive media planning and delivery.CMOs are now taking centralized roles,moving from brand custodians to brand experience custodians.”Ravi Santhana

157、mCMO,HDFC,Mumbai,IndiaIMPACTAs banks beef up data strategies in 2023,customer information volume and velocity will increase exponentially.The Chief Marketing Officer persona will be pivotal to leveraging this data through artificial intelligence and analytics tools.In turn,we anticipate retail banks

158、 will create customer profiles and match personalized products and services with omnichannel visibility;this trend will help CMOs identify recurring customer interactions,generate more user-level data,and drive deeper customer engagement.The result will be a flywheel effect,uplifting revenue recogni

159、tion and significantly reducing customer acquisition costs to create lifetime value and sustainable bottom-line growth.Retail Banking Top Trends 202325DIGITAL IDENTITY TO UNLOCK EFFICIENCY GAINS FOR BANKSDigital IDs will boost productivity and improve risk management to make customer journeys seamle

160、ss,secure,and inclusive.CONTEXTCOVID-19 fast-tracked customers transition from physical to digital channels:the pandemic drove pervasive digital behavior.However,digital journeys do not always evoke superior customer experiences.FIs launched several automated Know Your Customer initiatives(eKYC)duri

161、ng 2020-2021,yet their effectiveness relies on a widely accepted and robust digital ID infrastructure.Unbanked communities worldwide remain excluded from the financial ecosystem because they do not have a registered identity:according to the World Bank,1.4 billion people were unbanked in 2021.72 Rem

162、edying the dilemma requires governments and banks collaboratively build an identity framework that provides citizens with digital IDs that can be verified and authenticated with a high degree of assurance remotely while ensuring data privacy and security.The World Economic Forum has previously empha

163、sized that banks and financial institutions should spearhead digital identity schemes because they are heavily regulated and already own robust cybersecurity infrastructure to enable scalability.CATALYSTSAs retail banks evolve from standalone enterprises to expanding ecosystems comprised of financia

164、l and non-financial services,precise customer identification is critical.Increasingly,bank functions are becoming embedded in customer lifestyles,which means firms can serve customers indirectly through third parties.Third-party relationships unlock new value streams for banks,but they can also crea

165、te vulnerabilities such as synthetic identity fraud.Cybercriminals often combine legitimate and fake personal data to create an entirely new synthetic identity thats nearly untraceable making it ideal for fraud.In the United States,synthetic identity can begin with a Social Security number stolen fr

166、om a person who does not use credit a child,a transient person,or a deceased individual.73 More than 100 central banks explored central bank digital currency(CBDC)in 2022.The International Monetary Fund(IMF)has urged central banks to link CBDC with digital IDs to make digital currency more inclusive

167、 and accessible.74 Similarly,in 2022,the US Federal Reserve and the European Central Bank signaled that CBDC would no longer be anonymous,which makes linkage with digital ID schemes imperative.75 As a result,governments and banks will have no choice but to implement digital IDs to scale and secure C

168、BDC.Customer journeys are multi-dimensional with unpredictable starting and endpoints.Cognitive,emotional,sensory,behavioral,and relational factors are influencers.And inadequate KYC capabilities often spark friction.Proof of identity remains a cumbersome,inefficient,and fragmented process;moreover,

169、complexity increases during cross-border transactions.In 2022,68%of European customers abandoned onboarding up from 40%in 2020 for an annual loss of over EUR5.7 billion for banks,according to research from Signicat,a Norwegian digital identity solutions provider.76IN A NUTSHELLDigital ID is gaining

170、prominence as the cornerstone of end-to-end,seamless CX.Several nation-states are digital ID supporters and Nordic markets and banks are leading the way,having widely adopted digital identity systems.Denmarks national ID,NemID,provides users with digital signatures for various transactions,with 90%a

171、doption rates.Swedens digital ID solution BankID has a roughly 75%adoption rate.In the Netherlands,the national ID,iDIN,helps users authenticate their identity securely.77TREND 7Retail Banking Top Trends 202326Figure 6.Emphasis will shift to a digital ID framework with strong governanceSource:Moneta

172、ry Authority of Singapore;Capgemini Research Institute for Financial Services Analysis,2022Standalone privategovernancePrivate collaborativegovernanceGovernment mandatedgovernance Every private party governs own infrastructure No commonagreements and little interoperabilityEvrotrust by Mastercard op

173、erated in the Republic of North MacedoniaiDin operated by Dutch banksAadhaar in India and SingPass in Singapore Market-driven collaboration where private parties govern together Little involvement of government Public body is mandated to set up the governance Governance is enforced and based on a re

174、gulatory frameworkBank-driven digital ID models with government incentives or collaboration to boost traction1Government-incentivized privategovernancePublic-privategovernanceBankID in SwedenFranceConnect is a free central ID authorized by the French government Market-driven collaboration where priv

175、ate parties participate together Government creates either a push or pull effect by setting guiding principles Collaborative development of public-private governance Interoperability between public-private services is often a central theme3452 The EU Digital Identity Wallet in Europe is on track to

176、launch a pilot program in late 2023.78 A consortium of countries,banks,and tech firms developed the Wallet to unify European digital identification.79 The EU Digital Identity Wallet will complement other initiatives,including international payments,real-time rails,European Payment Initiatives,and Di

177、gital Euro(a CBDC).In the United States,legislators reviewed the Improving Digital Identity Act in July 2022 and set up a task force on digital identity to support interoperable identity credentialing systems at the state and local levels.However,a final report and next steps may not come until 2025

178、.80 Similarly,the Australian Payments Plus(AP+),the body running Australias digital ID initiative,has garnered support from banks ANZ,CBA,NAB,and Westpac to build a national identity infrastructure ConnectID,which is expected to launch in 2023.81 The Canadian Bankers Association advocates a federate

179、d digital identity scheme.82 Throughout 2022,the Bank of Montreal,Scotiabank,the National Bank of Canada,the Canadian Imperial Bank of Commerce,and the Royal Bank of Canada were developing a centralized KYC offering for capital markets.83 Digital ID is critical in Canada,considering the scheduled la

180、unch of a real-time rail instant payment service in 2023,followed by open banking(which is not yet broadly available).Retail Banking Top Trends 202327IMPACTA Juniper Research study suggests that digital ID app users will jump from about one billion in 2020 to more than 6.2 billion by 2025 a six-fold

181、 increase:84 digital ID is critical to building trust in digital infrastructures to enable interoperable and seamless data exchange.For example,it will allow financial institutions to quickly develop integrated value-added services using secured API connectivity.It also ensures a paperless and prese

182、nce-less customer experience managed remotely across all digital channels.An example of digital ID scheme is Singpass from Singapore.Initially launched 20 years back as username and password login for government services,has evolved into an app by 2021 with 97%market penetration(among eligible popul

183、ation).Use of digital ID has led to average reduction of 80%in time taken to apply for financial products,with 15%higher approval rates.It is also expected to save USD36 per application with about 200,000 transactions happening per day,including with international banks.Moreover,this has simplified

184、the onboarding process.By an estimate,using Digital ID,Singpass,customers can now open bank account with almost 20 clicks,compared with nearly 100 clicks required by banks elsewhere.85Retail Banking Top Trends 202328Retail Banking Top Trends 202329BANKS UNLOCK VALUE AT SCALE BY MIGRATING WORKLOADS T

185、O THE CLOUDDuring COVID-19,banks enthusiastically considered cloud adoption to maintain business operations.Yet today they face obstacles in transitioning core workloads from legacy systems to multi-cloud infrastructure.CONTEXTThroughout 2019 and 2020,the financial services industry,which had previo

186、usly lagged in cloud adoption,moved with unprecedented speed to adopt cloud computing.For large banks,however,inherent complexities bring cloud migration challenges.For example,only 20%said their operations were cloud-optimized in 2021.86 The hold up is that many big banks have invested in scaling t

187、heir legacy systems and built custom apps that they wwould have to refactor for cloud transition.Particularly cautious banks may abstract core functionalities(deposits,payments,lending)from their legacy system and refactor them into microservices.Then,they migrate piecemeal functions to the cloud,wh

188、ich slows overall adoption.Independent research suggests that on average,bank cloud migration ranges from less than 10%of the firms total workload to almost 50%.Google Cloud says that on average only one in three banks has migrated more than 30 applications.87 Non-core functions such as regulatory c

189、ompliance,fraud detection,and transaction monitoring are being migrated first,which inhibits banks from unlocking the true potential of cloud computing beyond cost reduction.CATALYSTSCloud migration became necessary to ensure business continuity and disaster management for banks,coupled with opportu

190、nities to reduce costs and improve productivity.Now,more than two years later,banks are also focusing on innovation and agility beyond cost benefits.Cloud computing is critical to leveraging new technologies such as artificial intelligence,blockchain,robotic process automation,super-fast network pro

191、tocols like 5G,and edge computing.Moreover,cloud infrastructure is required to build the digital foundation for banking platforms.In addition,the growing banking trend to transform brick-and-mortar sites to experience centers may further speed up cloud migration prioritization.The tech talent war ac

192、ross all industries impeded banking cloud transitions.Migrating enterprise applications and data to the cloud requires experienced IT talent,which has recently been scarce to source and expensive.As but one example,forced to compete with BigTechs for resources,the Royal Bank of Canada increased its

193、workforce by 2%in 2021 to bolster its tech talent,which led to an 8.4%increase in human resource costs the highest since 2013.88 While the tech talent dilemma may ease in 2023,some banks are adopting internal training programs,such as coding boot camps,to hire and train prospects and current staff d

194、esiring career growth.As banks augment their IT talent base,they will enhance their cloud capabilities.IN A NUTSHELLDespite various obstacles,banks large and small are making inroads in migrating their infrastructure to the cloud.Spanish multinational FS firm Santander reported migrating 80%of its I

195、T infrastructure to the cloud in 2022,and the bank aims to migrate 100%by 2023.89 Moreover,the bank is digitalizing its core banking system with cloud technology to improve service and efficiency.90 Beyond cost benefits,cloud transformation is helping banks accelerate sustainability goals,innovation

196、 cycles,and speed to market for new products.Santander also reported a 70%reduction in energy consumption,boosting its responsible banking targets.91TREND 8Retail Banking Top Trends 202330Figure 7.Cloud migration offers banks high-impact agility benefitsSource:Capgemini Research Institute for Financ

197、ial Services Analysis,2022A single source of enterprise dataSuperior customer experienceBusiness agilityReduced costsAbility to tap big data and analyticsEmerging technology capabilitiesScalable IT infrastructure In late 2021,US-based Wells Fargo announced a 10-year hybrid multi-cloud architecture i

198、nitiative.Activity began in Q1 2022 by migrating some advanced applications to the public cloud the first for Wells Fargo.92 The bank took a containerized approach to migration that makes it easy for business units to migrate workloads from private to the public cloud.In addition,Wells Fargo says it

199、 will write cloud-native applications wherever necessary.Infrastructure migration is not limited to Europe and North America.Almost nine in 10 Asia Pacific region banks are beefing up 2023 cloud architecture budgets.While the focus remains on horizontal applications,finance applications,back-office,

200、contact centers,ERPs,and core applications(loan origination,digital channels,and branches)are also under consideration.93 Banks use cloud-based data lakes and warehouses to store cold data generated through everyday banking activities tightly integrated with core banking systems.However,this data ma

201、y be inadequate for analytics that yield actionable insights;but with AI and automation tools,banks can meet consumer demand for personalization via hot data analytics.On-premise systems are not necessary to support hot data analytics,which requires real-time streaming,low latency rates,and high com

202、puting resources.Instead,cloud computing fits the requirement.To improve data operations quality,the Bank of England plans to migrate its data analytics platform to the cloud to efficiently capture and use unconventional data to build high-efficacy economic models.94 Similarly,Capital One,HSBC,and S

203、tandard Chartered have migrated data analytics to the cloud or are involved in transformation efforts.Retail Banking Top Trends 202331IMPACTThe cost-income ratio(CIR)of most banks hovers above 60%.So,unlocking new value pools and quick revenue recognition is as equally essential as is rationalizing

204、the cost base to deliver profitable CIR.Therefore,banks must build a dynamic operating model while adapting to emerging and innovative opportunities such as embedded finance.A rapid shift to an agile cloud computing environment is the path forward for 2023 and beyond.The cloud significantly improves

205、 processing rates within high-volume operations like payments and data reconciliations.In addition,it offers faster turnaround time for new customer onboarding and reduced time to market for new products,which saves cost by optimizing cycle time and boosts existing business revenues.In parallel,a cl

206、oud environment ensures low application downtime,decreases instances of false positives and fraud,and so improves customer experience.As banks migrate to the cloud,they can quickly build new service layers and securely integrate third parties leading to quick value creation.The cloud offers banks op

207、portunities to redirect cost savings to profits from existing and innovative value propositions.Retail Banking Top Trends 202332Retail Banking Top Trends 202333A BOOM IN SYNTHETIC DATA WILL CATALYZE DATA ECOSYSTEM GROWTHA mature cloud infrastructure,coupled with a rising inflow of synthetic datasets

208、,will democratize artificial intelligence and pave the way for intelligent digital transformation.CONTEXTDespite being banks most significant asset,data has largely remained unmonetized and underutilized.Legacy systems and functional silos marginalize potential benefits.Open banking and alternative

209、data types are expanding data ecosystems,yet leveraging them to transform operations and boost customer experience often remains aspirational.Now,however,synthetic data is becoming a significant asset for banks.When real-world information is out of reach,artificial intelligence(AI)can generate synth

210、etic datasets that are statistically identical to real-world data without breaching privacy and security regulations.CATALYSTSAcross geographies,scores of regulations restrict how banks can collect,use,and share data.For instance,in Europe,multiple mandates GDPR,the Data Governance Act,the AI Act,E-

211、privacy regulations,the Digital Markets Act,the Data Act,the Cybersecurity Act,and the Database Directive make real-world data challenging to harvest and use.Synthetic data enables banks to use,test,and develop data-centric products and services while complying with regulations and maintaining custo

212、mer privacy.Data quality is another challenge for banks.Real-world data and alternative data sourced from several channels are incomplete,unstructured,and less reliable.In the World Retail Banking Report 2022,81%of the banking executives said their data could be unreliable,74%said it is difficult to

213、 generate insights,64%said incomplete data is a challenge,and 67%said they could not manage unstructured data.Synthetic data analyzes real-world data and replicates its statistical properties along with parameters and constraints using machine learning to ensure that data quality is intact and furth

214、er improved for production and testing.TREND 9Figure 8.Data challenges impede customer engagementSource:Capgemini Research Institute for Financial Services Analysis,2022Executives view of challenges with data management(%)80%73%70%68%67%64%43%Data in silosUnreliable and incomplete dataCannot manage

215、unstructured dataInadequate data management toolLack resources to process and generate insightsCannot generate insightsData reliabilityRetail Banking Top Trends 202334IN A NUTSHELLThe creation and use of synthetic data sets is gaining momentum.In early 2021,Austrian FS provider Erste Bank Group task

216、ed its in-house FinTech lab to leverage synthetic datasets to test products and services using real-life scenarios.The bank now uses synthetic data because it provides a GDPR-compliant method for using analytics to gain actionable customer insights.95 In 2021,JPMorgan also participated and won the S

217、WIFT innovation hackathon to generate synthetic data without compromising privacy.The global bank has also published a synthetic data framework,FedSyn,and created a synthetic data sandbox to speed up the PoC process and save costs.96 The bank may integrate FedSyn with its blockchain platform to adva

218、nce its data capabilities.In another instance,a large European retail bank wanted to stress test its newly developed mobile app in real-life scenarios to deliver a high-quality post-launch customer experience.So the bank reached out to FinTech specialists to generate smart synthetic datasets to test

219、 its mobile app for real-life use cases.97 Many banks are partnering and investing in FinTechs that offer capabilities to generate synthetic datasets.For instance,in 2022,Wells Fargo invested in Hazy,a synthetic dataset provider,through its startup accelerator program.98 Deutsche Bank invested in Sy

220、nthesized,a data generation platform to access synthetic data and help the bank leverage real-world-like data to accelerate tests of data-driven products and services.99 BBVA selected Dedomena,a data generation platform startup,to carry out a synthetic data-generation project.100 And Citibank,throug

221、h Citi ventures,invested in MOSTLY AI,an Austrian synthetic data startup,in early 2022.101 The trend is not limited to large banks.For example,in the United States,Facteus,an alternative data platform with synthetic data production capabilities,raised USD10 million in funding in March 2022 from Curq

222、l,an investment arm for more than 75 credit unions.102 Market regulators are also catching on to the synthetic data trend.The UK Financial Conduct Authority(FCA)is consulting with several stakeholders on using synthetic data to boost financial services innovation potential.FCA is considering a centr

223、al hosting platform through which synthetic data can be regulated,generated,stored,and shared.103Retail Banking Top Trends 202335IMPACTGartner estimates that almost 60%of data used in AI and analytics will be synthetic by 2024.104 The ever-increasing appeal of synthetic data in the financial service

224、s industry will significantly improve AI,machine learning,and analytics capabilities.A large volume of high-quality data with realistic parameters can enhance the efficacy of banks AI models by reducing decision-making time and costs,while accelerating innovation cycle time.Some banks already use sy

225、nthetic data for fraud detection,risk management,credit scoring,and testing new customer-facing platforms in extreme conditions(use cases).However,as synthetic data proliferates,we expect the trend to gain momentum as banks cross-pollinate their datasets with other industries(such as retail and hosp

226、itality)to unlock new customer insights.Such data ecosystems will ensure that banks can deliver financial services anywhere,anytime,and through any channel with a high degree of personalization.Data is critical to identifying target customers,personalizing their experience,and nurturing customer rel

227、ationships.However,banks wrestle with data quality,structure,availability,etc.,to unlock its full potential.”Alexandra ScribaHead Direct Bank,Zurich Cantonal Bank,SwitzerlandRetail Banking Top Trends 202336Retail Banking Top Trends 202337AS BANKS EXPLORE DECENTRALIZED FINANCE,THEY REMAIN CAUTIOUSFin

228、ancial services firms,including banks,are strategically considering DeFi use-case pilots,yet sector instability and 2022 losses cast long shadows.CONTEXTWidespread digitalization and market rallies sparked decentralized finance(DeFi)momentum in 2020 and 2021,with total value locked(TVL)increasing fr

229、om USD1.5 billion(in Q3 2020)to its USD303.8 billion peak in December 2021.However,the tables turned in 2022.105 Recorded DeFi TVL stood at USD96.3 billion in September 2022 a loss of 68.3%,according to data aggregation and analytics platform CryptoRank.106 Whats more,leading cryptocurrencies,Bitcoi

230、n and Ethereum,lost three-quarters of their value in 2022.Finally,what was called“crypto winter”in early 2022 turned into a Q4 blizzard with the collapse of FTX,which plummeted from a USD32 billion valuation to bankruptcy as liquidity dried up and customers demanded withdrawals.In addition,rival exc

231、hange Binance reneged on its nonbinding agreement to buy the company.107 Lack of sustainable business practices and inadequate risk management strategies inflame crypto market volatility.These conditions also trigger increasingly intense regulatory scrutiny,which may eventually stabilize the DeFi ec

232、osystem.As the DeFi market undergoes a correction,more regulatory clarity may follow in light of the institutions(including banks and investment firms)that have ramped up their DeFi sector exposure.CATALYSTSFailures and significant crypto market volatility spurred G7 countries(Canada,France,Germany,

233、Italy,Japan,the United Kingdom,and the United States)to call for a Financial Stability Board for crypto regulations.Moreover,the European Commission ratified Markets in Crypto Assets(MiCA)to address crypto assets not governed by existing rules,such as e-money tokens,utility tokens,or asset-reference

234、d tokens.MiCA aims to create a harmonized legal framework for digital assets.108 MiCA covers several aspects of the DeFi market,including stablecoins,consumer protection,and the prevention of money laundering.Additionally,it will require stablecoin operators to maintain an adequate capital buffer to

235、 meet mass redemptions.MiCA implementation is slated for early 2024.109 As regulatory bodies begin to wield decisive power,more FS firms may dip their toes in DeFi-sector waters.Additionally,rising inflation is driving FS firms to explore investment alternatives with potentially lucrative returns.Co

236、mpared with traditional financial instruments,crypto markets and DeFi lending protocols can deliver attractive risk-adjusted returns.Lending has been one of the fastest-growing DeFi segments.TVL in DeFi lending platforms increased from nearly zero in 2020 to almost USD50 billion in 2022.110 While on

237、going volatility and liquidity crises will inhibit growth,the segment may keep attracting capital on account of rising regulatory clarity.IN A NUTSHELLDeFi offers great potential,but volatility,fledgling regulation,governance risks,and irreversible and opaque contracts require caution.More than 60 b

238、anks had invested at least once in this space as of May 2022.Therefore,the proportion of banks that stay invested in the ecosystem and the gradual entry of new investors may drive more investment participation from banks,according to Blockdata,a Dutch market intelligence platform.Most investments we

239、re in DeFi and Web3 infrastructure(protocol staking,middleware,applications).Aside from infrastructure,tokenization,crypto data providers,and blockchain security firms attracted capital.111 From August 2021 to May 2022,Morgan Stanley,Wells Fargo Capital,BNY Mellon,Citi Ventures,J.P.Morgan,and Goldma

240、n Sachs invested in DeFi infrastructure startups.112 Credit Agricole Italia invested seed funding in the Italian asset tokenization startup BlockInvest.In addition,Goldman Sachs,BNY Mellon,and Citigroup invested in data startups that provide market intelligence,network data,indexes,DeFi,and network

241、risk solutions.113TREND 10Retail Banking Top Trends 202338Figure 9.FS firms are increasing investments in DeFi infrastructure and functionalitiesSource:Capgemini Research Institute for Financial Services Analysis,2022WEB 3.0 STACKSERVICEINFRASTRUCTUREUse case layer in the form of applications that a

242、re focused on solving business issues,such as trade finance,payments,KYC,etc.A dense and diverse layer of multiple blocks,each for specific tasks,such as smart contract development tokenization,data analysis,communication,governance,token exchange,etc.Enabling layer that helps to overcome speed,scal

243、ability,privacy,and cross-chain interoperability issues related to blockchain architectureUnderlying blockchain architecture that records transactions and ensures finality of paymentsProtocolsdAppsFunctionalityScalability&privacy Goldman Sachs invested in blockchain security startup CertiK in Q2 200

244、2 to help the New York FinTech raise another USD88 million,bringing its total capital to USD230 million and a valuation topping USD2 billion.CertiK monitors blockchain protocols and smart contracts.114 Increasing DeFi readiness has led to steady growth of institutional DeFi*protocols,such as payment

245、s,data security,cross-chain transactions,insurance services,KYC,AML,and lending.If FS firms and VCs fund startups and equip them to address DeFi challenges,institutional DeFi may retain momentum.In Q1 2021,64%of Coinbase online platform transactions were from institutions.Moreover,nearly 60%of these

246、 transactions surpassed USD10 million in value,which suggests rising FI awareness and interest around DeFi.115*Institutional DeFi refers to blockchain-based financial products that have been tailored to the requirements of institutions with strict compliance requirements,such as banks,investment fir

247、ms,insurance firms,etc.Retail Banking Top Trends 202339IMPACTMainstream adoption of DeFi protocols remains an aspirational and long journey.Before FS firms can integrate smoothly within the DeFi ecosystem,they will need institutional DeFi solutions to tackle persistent and inherent risks.To illustra

248、te,Capgeminis World Payments Report 2022 found that 90%of banking executives expressed DeFi security concerns,87%noted a lack of regulations,and 95%said more bank technology preparedness is necessary for DeFi scalability.However,as crypto sector regulations mature in 2023 and beyond,we expect the ac

249、ceptance and volume of institutional DeFi solutions to pick up.Increased FS firm participation will boost liquidity and capital levels within the DeFi ecosystem.FS firms will also bring much-needed regulatory oversight,which is critical for long-term growth.As the DeFi market matures,the trend for l

250、eading banks and FinTechs will be to build scalable use cases,and while FIs can choose to play or to sit out,awareness of use-case applicability will be essential.Retail Banking Top Trends 202340Retail Banking Top Trends 202341CONCLUSIONIn 2023,the potential exists for banks to reinvent themselves t

251、o become sounder and more resilient.However,uncertainties are bound to test banking system fortitude as FIs and customers face macroeconomic storms.If retail banks take a walk in their customers shoes and understand more authentically their needs and motivations they boost their chances of becoming

252、trusted partners.Today,customers have numerous financial services alternatives,but expected 2023 market volatility offers banks an opportunity to power up their game by leveraging their scale,assets,broad customer base,and regulatory knowledge.Whether digitalizing customer journeys,migrating to clou

253、d platforms,or understanding customers through synthetic data analytics and AI/ML technologies,the most challenging and exciting phenomenon for 2023 will be the digital makeover that incumbents need undergo to remain competitively relevant.Big banks are positioning themselves as technology companies

254、 with a banking license;however,the drive to enhance CX to acquire and retain customers is at the heart of tech transformation.Success is contingent upon banks modernizing their core systems.Leveraging emerging technologies,combined with the power of data,will help firms offer a seamless,personalize

255、d,and superior omnichannel experience.Indeed,the stakes are high as firms fight for trillions of dollars in assets.Overall,2023 should be a challenging yet opportune time for retail banking organizations worldwide.Retail Banking Top Trends 202342Retail Banking Top Trends 202343Olivier LegroisDirecto

256、r of Banking POlivier is in charge of the Banking practice in France.He has over 20 years of experience as an FS expert.He has worked for the main French banks in fields such as payments,retail banking,and Corporate&Investment Banking for large transformation programs.Roy CrocianiVP,Banking and Weal

257、th Market Development,APACRoy has over 30 years of experience across the globe,in retail banking,commercial banking,wealth manage-ment and FinTech.He has led IT func-tions,banking channels,digital trans-formations as well as launching fintech startups(from conceptualization to commercialization).He

258、has run his own consulting firm as well as leading the digital consulting practice of a major global technology firm.ASK THE EXPERTSNeha PunaterVP and Global Leader Financial Services Transformation practice Neha leads the Banking and Technology Transformation practice globally and has more than 25

259、years of experience in the financial services industry.Neha has helped clients in driving strategy and transformation programs by introducing new digital businesses/products,partnering with FinTechs and embracing digital technologies.Nilesh VaidyaGlobal Head of Banking and Capital Markets Practice N

260、ilesh has been with Capgemini for 20+years and is an expert in managing clients digital journeys in core banking transformation,payments,and wealth management.In addition,he works with clients to help them launch new banking products and underlying technology.Manoj KheraEVP&COO,APAC FS BManoj comes

261、with over 25 years of global experience in Consulting,Technology and Outsourcing industry in various areas,including Digital Transformation,Innovations,Mergers&Acquisition,Strategy,Business Development,Sales,Marketing,Account Management,Alliance,Ecosystem,and General Management across sectors.Gareth

262、 Wilson EVP,Banking&Capital Markets,UK Gareths Financial Services industry knowledge in Banking&Payments,combined with an ability to shape and deliver large scale Business Transformation Programs has been evident throughout his 28-year career.Gareth is passionate about building high performing teams

263、 and trusted long term client relationships.Retail Banking Top Trends 202344Chirag ThakralHead of Banking and Capital Markets,Capgemini Research Institute for Financial Services Chirag leads Market Intelligences Banking,Payments,and Capital Markets domains.He has over 15 years of experience as a str

264、ategy and thought leadership professional with in-depth financial services expertise with a decade-long wealth management focus.Stephen DuryGlobal Retail BStephen joined Capgemini Invent in 2021 following 22 years client side in roles across marketing,product,strategy,innovation,payments,partnership

265、s,and open banking.He is a former Chief Innovation&Customer Engagement Officer and an expert in developing and delivering new business models,innovation,and growth strategy.Vivek SinghBanking and Capital Markets Leader,Capgemini Research Institute for Financial Servicesvivek-Vivek leads the Banking,

266、Payments,and FinTech sectors in Capgemini Research Institute for FS and has over ten years of digital,consulting,and business strategy experience.He is a technology enthusiast who deeply tracks industry disruptions,thought leadership programs,and business development activities.Elias GhanemGlobal He

267、ad of Capgemini Research Institute for Financial Services Elias directs Capgeminis global portfolio of financial services thought leadership.He has more than 20 years of experience in FS,focusing on effective collaboration between banks and the startup ecosystem.Retail Banking Top Trends 202345KEY C

268、ONTACTSGlobalIan Campos Nilesh Vaidya Stanislas de Roys de Ledignan .Asia(China,Hong Kong,Singapore)Ravi Makhija Tatiana Collins .Australia and New ZealandManoj Khera Joanna White Saugata Ghosh .BelgiumLaurent Barbazanges Ilda Dajci .FranceNicolas Croquet Stephane Dalifard .Austria,Germany,Switzerla

269、ndCarina Schaurte Jens Korb Joachim v.Puttkamer Michael Zwiefler Jochen Wlpert .IndiaSanjay Pathak Neha Punater Kamal Mishra .ItalyMonia Ferrari Lorenzo Busca Andres Alvarez Blanco andres.alvarez-.JapanHideo Nishikawa Toyoaki Ishikawa .Middle EastBilel Guedhami Vincent Sahagian .NetherlandsVincent F

270、okke Alexander Eerdmans .Nordics(Finland,Norway,Sweden)Saumitra Srivastava Johan Bergstrom Liv Fiksdahl Andreas Artelius .Spain Andres Alvarez Blanco andres.alvarez-M Carmen Castellvi Cervello .United KingdomGareth Wilson Stephen Dury Nathan Summers .United StatesSankar Krishnan Chandramouli Venkate

271、san Mischa Koedderitzsch .Retail Banking Top Trends 202346ACKNOWLEDGMENTSCAPGEMINI RESEARCH INSTITUTE FOR FINANCIAL SERVICES CORE ANALYST TEAMWe would also like to thank the following teams and individuals for helping to compile this report:Elias Ghanem,Chirag Thakral,and Vivek Singh for their overa

272、ll leadership for this years report.Vaibhav Pandey and Sushma Kaza for in-depth market analysis,research,compilation,and drafting the findings.Tamara Berry for editorial guidance and content leadership.Dinesh Dhandapani Dhesigan for graphical interpretation and design.Laura Breslaw,Marion Lecorbeill

273、er,David Merrill,Swathi Raghavarapu,Meghala Nair,and Sai Bobba for their overall marketing leadership for the report,and the Creative Services Team for producing the report:Sushmitha Kunaparaju and Balaswamy Lingeshwar.Vaibhav Pandey Manager,Banking,FinTech,and Payments Capgemini Research Institute

274、for Financial ServicesSushma Kaza Manager(Industry analyst)Banking,FinTech and Payments Capgemini Research Institute for Financial ServicesRetail Banking Top Trends 202347ENDNOTES1.Fitch Ratings,“US Bank 2Q22 Earnings Decline as Macroeconomic Uncertainty Persists;”July 22,2022.2.World Bank,“Risk of

275、Global Recession in 2023 Rises Amid Simultaneous Rate Hikes;”September 15,2022.3.Deutsche Bank,“European banks:Still standing strong;”August 26,2022.4.Ibid.5.This Is Money.co.uk,“Will Liz Trusss energy price cap freeze bring down inflation and keep a lid on interest rate rises?”September 23,2022.6.A

276、merican Banker,“The record pace of branch closings may finally be slowing;”August 31,2022.7.InSpainNews,“Senate investigates closure of banks in Spain without consulting victims;”November 1,2022.8.European Central Bank Statistical data warehouse,”Cost-to-income-ratio;”Accessed November 2022.9.Reuter

277、s,“U.S.banks key performance metric set to turn around in second half;”September 14,2022.10.Nasdaq,“The High Cost of the Banking Business;”September 27,2019.11.Retail Banker International,“Why experience-based branches are growing;”May 25,2022.12.Capital One,“9 Things You Can Do at a Capital One Caf

278、;”Accessed October 24,2022.13.Future Branches,“Heres How UnionBank is Turning to Technology to Create Its First 100%Digital Branch;”2022.14.Retail Banker International,“Banca Carige gets smart with new branch strategy;”June 30,2022.15.Reuters,“Bank of America ramps up branch modernization;”April 5,2

279、019.16.The Wall Street Journal,“Tech Startups Cut Spending As Investors Pull Back;”May 23,2022.17.Altfi,“Payments power VC fintech funding to$29.3bn in Q1;”May 9,2022.18.The Motley Fool,“How Is Credit Quality at Affirm Holding Up?”September 2,2022.19.CNBC,“Klarna valuation plunges 85%to$6.7 billion

280、as buy now,pay later hype fades;”July 11,2022.20.Economic Times,“US,European banks step up on tech funding to fend off fintech competition;”May 27,2022.21.The Financial Brand,”How Truist and TD Bank Are Putting New Twists on Innovation Labs;”July 5,2022.22.Fintech Global,“Top FinTech acquisitions in

281、 2022,so far;”August 18,2022.23.S&P Global,“Steady M&A continues to deepen bank-fintech convergence;”April 4,2022.24.FinT,“Lloyds boss hints at more M&A as fintech valuations plummet;”July 28,202225.American Banker,“Fintech acquisitions boost Fifth Thirds loan growth;”October 20,202226.BankD,“How Fi

282、fth Third Crafts Successful Bank-Fintech Partnerships;”September 7,2022 27.Techcrunch,“Fintech Roundup:Fintechs and banks are getting cozier;”March 6,2022.28.Altfi,“Lloyds enters“strategic partnership”with loyalty fintech Bink;”March 2,2022.29.Finextra,“Serendip,in partnership with BNP Paribas,parad

283、es 2022 fintech incubator class;”May 25,2022.30.The World Bank Group,“Financing for a global circular economy;”March 10,2021.31.World Economic Forum,“Heres how we can double the size of the circular economy in ten years;”February 1,2022.32.Circularity Gap Report 2022,“FIVE YEARS of the Circularity G

284、ap Report;”January 19,2022.33.UNEP,“Why financial institutions are banking on sustainability;”April 21,2022.34.Harvard Business Review,“What If Banks Had to Disclose the Climate Impact of Their Investments?;”May 20,2022.35.Simon Kucher&Partners,“Global Sustainability Study 2021:Consumers are key pla

285、yers for a sustainable future;”Accessed November 2022.36.Lloyds Bank,“What were doing to tackle climate change;”Accessed September 2022.37.BBVA,“BBVAs sustainable solutions for a green future;”May 19,2022.38.HSBC,“Green home loan;”July 22,2020.39.Ellen Macarthur foundation,“Embracing the circular ec

286、onomy at Italys largest bank:Intesa Sanpaolo;”Accessed on October 26,202240.Finextra,“DBS launches eco-conscious consumer platform;”November 2021.41.NatWest,“Own environmental footprint|NatWest Group;”Accessed September 2022.42.Barclays,“Barclays Climate Strategy,Targets and Progress 2022;”March 22,

287、2022.43.Santander,“Santander digitalizes its core banking with cloud technology to improve service and efficiency;”May 12,2022.44.Platformable,“Using Open Banking and Open Finance APIs to Build Green Fintech;”Q1 2022.45.American Banker,“Five ways banks and fintechs are trying to slow climate change;

288、”August 29,2022.46.Fintech Finance News,“Tink and Cogo partnership offers 8 million NatWest banking customers personalised carbon tracking;”January 19,2022.47.Morgan Lewis,“Inflation Reduction Act creates$27b green bank fund for clean energy projects,but false claims risks exist;”August 16,202248.Su

289、stainalytics,“Sustainable Finance and Banks:Reduced Risk,Increased Opportunity;”November 30,2021.49.The FinTech Times,“BaaS Adoption to Push Platform Revenue to$38Billion by 2027;Finds Juniper Research;”September 26,2022.50.Mambu,“Raisin Bank launches BaaS services on Mambu;”November 3,2021.51.PYMNT

290、S,“HSBC Will Roll Out BaaS Platform;”October 19,2021.52.PYMNTS,“Goldman Sachs Expands Transaction Banking to EU,September 20,2022.53.The FinTech Times,“Standard Chartered Unveils Digital Banking Service in Indonesia With Bukalapak;”September 6,202254.The PayPers,“SEB launches BaaS platform;”April 27

291、,2022.55.Santander,“My Home Manager;”Accessed on November 13,202256.Washington Post,“Credit card debt surges as inflation pushes Americans to borrow more;”August 2,2022.57.The New York Times,“Eurozone inflation rises to 8.6 percent,the highest ever,driven by energy prices;”July 1,2022.58.The Guardia

292、n,“Poorest risk spending half disposable incomes on energy bills,UK report says;”September 22,2022.59.This Is Money.co.uk,“Will Liz Trusss energy price cap freeze bring down inflation and keep a lid on interest rate rises?”September 23,2022.60.IMF blog,“Global Economic Growth Slows Amid Gloomy and M

293、ore Uncertain Outlook;”July 26,2022.61.ZD Net,“Banks arent adequately supporting customers through financial hardship:J.D.Power study;”April 12,2022.62.The Financial Brand,“BBVA Sees Strong Results from Focus on Financial Wellness;”January 18,2022.63.BBVA,“How BBVA uses data to look after its custom

294、ers financial health;”April 12,2022.64.Evergreen Podcasts,“How Bank of America Personalizes Financial Wellness for 67 Million Customers;”March 22,2022.65.Berkshire Bank,“Calculators;”August 10,2022.66.Barclays,“Managing money problems;”Accessed October,19,2022.67.CNBC,“Douugh,a fintech budgeting app

295、,launches a new robo-advisor feature;”August 30,2021.68.Pockit,“The easy prepaid card and account;”Accessed October 19,2022.69.Sunrise Banks,“Sunrise Banks Receives$45 Million New Markets Tax Credit Allocation That Will Be Used to Support Low-income Communities;”October 28,2022.70.PR Newswire,“Truis

296、t acquires mobile savings gamification pioneer Long Game;”May 3,2022.71.NatWest,“NatWest picks up kids banking fintech RoosterMoney;”Octobet 6,2021.72.The Global Findex Database 2021;Accessed October 29,2022.73.Forbes,“How To Combat Synthetic Identity Fraud;”November 3,2022.74.Biometric U,“Digital I

297、D,KYC infrastructure critical for digital currency rollout,says IMF;”June 30,2022.75.The Sociable,“US,EU tiptoe towards digital ID,central bankers confirm CBDC would not be anonymous;”October 2022.76.Signicat,“The Battle to Onboard 2022;”May 6,2022.77.Vilmate,“Digital IDs:How banks verify identity o

298、nline;”April 6,2022.78.Electronic Identification,“EU Digital Identity:The European Digital Wallet;”August 11,2022.79.Electronic Payments International,“Six-country consortium to launch EU digital wallet pilot;”September 15,2022.80.FCW,“Digital ID bill sees action in the House and Senate;”July 15,202

299、2.81.Itnews,“ConnectID sets sights on 2023 launch;”September 2,2022.82.Find Biometrics,“Canadian Bankers Association Calls for Biometric Digital ID Program;”March 4,2022.83.FinTech Global,“Canadian banks team to establish centralised KYC offering;”June 28,2022.84.Juniper Research,“DIGITAL IDENTITY A

300、PPS IN USE TO EXCEED 6.2 BILLION BY 2025,AS CIVIC APPS DRIVE ADOPTION;”October 26,2020.85.BiometricU,“Singpass incorporates digital identity card,saves$36 per onboarding,considers decentralization;”July 28,2022.86.CIO,“Wells Fargo lays foundation for public cloud transformation;”November 12,2021.87.

301、The Register,“Banks talk big cloud game but few have migrated over 30%of apps;”May 18,2022.88.BNN Bloomberg,“RBC CEO McKay sees war for talent topping list of 2022 concerns;”January 12,2022.89.ComputerW,“Santander has so far moved 80%of IT infrastructure to cloud;”May 13,2022.90.Santander,“Santander

302、 digitalizes its core banking with cloud technology to improve service and efficiency;”May 12,2022.91.Ibid.92.CIO,“Wells Fargo lays foundation for public cloud transformation;”November 12,2021.93.ComputerW,“Most APAC banks to spend more on cloud this year;”July 6,2022.94.The Register,“Bank of Englan

303、d puts cloud analytics on to-do list after seeing off-market collapse;”October 3,2022.95.Finextra,“Erste Group embraces synthetic data to foster innovation;”March 23,2021.96.JP Morgan,“FedSyn:Federated learning meets Blockchain;”Accessed on October 30,2022.97.Mostly AI;Accessed on October 31,2022.98

304、.Venture Beat,“Synthetic data and the Wells Fargo-Hazy relationship;”March 28,2022.99.The Paypers,“Deutsche Bank invests in Synthesizeds technology innovation;”September 29,2022.100.BBVA,“BBVA AI Factory to explore the use of synthetic data for the development of artificial intelligence with the sta

305、rtup Dedomena;”July 7,2022.101.TechCrunch,“MOSTLY AI raises$25 million to further commercialize synthetic data in Europe and the US;”January 11,2022.102.Businesswire,“Facteus Raises$10M in Funding From Curql Fund to Further Democratize Data Insights With the Largest Transaction Data Portfolio in the

306、 Industry;”March 23,2022.103.PYMNTS,“UK Financial Regulator Sees Synthetic Data as Next Step in Data Sharing;”April 22,2022.104.Banking dive,“The 3 banking challenges synthetic data is ready to meet;”April 25,2022.105.Finbold,“Total value locked in DeFi drops 70%in 2022 to below$100 billion;”Septemb

307、er 27,2022.106.Ibid.107.CNBC,“Crypto peaked a year ago investors have lost more than$2 trillion since;”November 14,2022.108.Forkast,“Why DeFi remains attractive to institutions in a bear market;”July 28,2022109.CNBC,“EU agrees on landmark regulation to clean up crypto Wild West;July 1,2022110.BIS,“D

308、eFi lending:intermediation without information?;”June 14,2022111.Blockdata,“Top Banks Investing in Crypto and Blockchain May 2022 Update;”September 4,2022112.Ibid.113.Ibid.114.Ibid.115.WSJ Business,The Evolving Opportunity for Institutional Cryptocurrency Portfolios;December 15,2022Retail Banking To

309、p Trends 202348About CapgeminiCapgemini is a global leader in partnering with companies to transform and manage their business by harnessing the power of technology.The Group is guided everyday by its purpose of unleashing human energy through technology for an inclusive and sustainable future.It is

310、 a responsible and diverse organization of over 350,000 team members in more than 50 countries.With its strong 55-year heritage and deep industry expertise,Capgemini is trusted by its clients to address the entire breadth of their business needs,from strategy and design to operations,fueled by the f

311、ast evolving and innovative world of cloud,data,AI,connectivity,software,digital engineering and platforms.The Group reported in 2021 global revenues of 18 billion.Get the Future You Want|DisclaimerThe information contained herein is general in nature and is not intended,and should not be construed,

312、as legal,tax,investment,financial,or professional advice or opinion.This document does not purport to be a complete statement of the approaches or steps,which may vary accordingly to individual factors and circumstances,necessary for a business to accomplish any particular business goal.This documen

313、t is provided for informational purposes only;it is meant solely to provide helpful information to the user.This document is not a recommendation of any approach and should not be relied upon to address or solve any particular matter.The text of this document was originally written in English.Capgem

314、ini disclaims any responsibility for translation inaccuracies.The information provided herein is on an as-is basis.Capgemini disclaims any and all representations and warranties of any kind concerning any information provided in this report and will not be liable for any direct,indirect,special,inci

315、dental,or consequential loss,or loss of profits arising in any way from the information contained herein.2022 Capgemini This message contains information that may be privileged or confidential and is the property of the Capgemini groupAll Rights Reserved.Capgemini and its services mentioned herein,a

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