Innovation in Retail Banking

What you’ll learn

Recent years have witnessed an influx of cutting-edge technologies that are changing the way banks conduct business. In particular, there has been a rapid rise of alternative and additional banking channels, notably over the internet and through mobile applications.

In an effort to stay relevant, many banks have started setting up innovation hubs either independently or in partnership with fintech companies to develop new technologies in areas such as blockchain, mobile, contactless payments, wearables, artificial intelligence and cryptocurrencies.

This report outlines 50 of the most significant innovations in retail banking in recent months, with an analysis of how these innovations are transforming the retail banking sector and opening up opportunities and challenges for a range of stakeholders within the industry.

The report covers the following innovations:

  • Idea Bank’s Idea Cloud, which allows SMEs to manage accounts from a single cloud platform
  • The Goldman Sachs-backed Circle, which uses bitcoin technology to enable cheap P2P lending
  • Heritage Bank’s power suit that doubles as a wallet
  • Banco Nacional’s facial recognition technology that adds an extra line of banking security
  • Yuby – a personal finance management app for children

This report is a precursor to a more comprehensive retail banking report coming soon.

Who is the report aimed at?

Marketers, strategists and digital professionals working in the retail banking sector, as well as agencies, consultancies and other companies serving the banking sector.

About the authors

This report has been put together by the editorial and intelligence team at ClickZ.