{"id":15576,"date":"2020-12-02T10:22:10","date_gmt":"2020-12-02T10:22:10","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=15576"},"modified":"2020-12-02T10:22:10","modified_gmt":"2020-12-02T10:22:10","slug":"kpmg-publishes-future-of-retail-banking-report","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/kpmg-publishes-future-of-retail-banking-report\/","title":{"rendered":"KPMG publishes Future of Retail Banking report"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">KPMG recently published its <\/span><i><span style=\"font-weight: 400;\">Future of Retail Banking<\/span><\/i><span style=\"font-weight: 400;\"> report, which highlights active changes the banking sector is undergoing to remain profitable in a world that is quickly transforming itself. The report highlights 3 main business models for financial institutions of the future:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The <\/span><b>universal approach<\/b><span style=\"font-weight: 400;\"> is focused on using data to develop ecosystems that have a large consumer base. The key with this approach is the use of transaction data to gain a deeper understanding of consumer behaviors.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The <\/span><b>transaction-focused approach<\/b><span style=\"font-weight: 400;\"> is focused on payment services, particularly from the viewpoint of unit economics. It will be facilitated by open banking concepts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The <\/span><b>ambient approach<\/b><span style=\"font-weight: 400;\"> turns financial institutions into \u201cinvisible\u201d agents embedded within everyday internet-of-things (IoTs) devices. It is based on a financial institution becoming a facilitator of transactions and having a deep understanding of consumer spending habits and credit needs.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Whichever approach a financial institution chooses going forward, it is important that they: (1) harness data and advanced analytics to produce actionable insights and a real-time understanding of consumers, (2) operate with efficiency and agility to fulfill consumer demands, (3) engage with third parties to provide better services, (4) create intelligent and agile services, (5) build consumer-centric organizations and cultures, (6) develop compelling value propositions and (7) design flawless experiences.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">View the full report<\/span><a href=\"https:\/\/assets.kpmg\/content\/dam\/kpmg\/xx\/pdf\/2020\/11\/future-of-retail-banking.pdf\"> <span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.&nbsp;<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-15576 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='AI\u2019s Potential for Dishonesty Highlighted in Stunning Demonstration'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/ais-potential-for-dishonesty-highlighted-in-stunning-demonstration\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/12\/edb7d7d3-29e0-5f1c-0e3d-58b9aa4ad1981-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17388\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17388'>\n\t\t\t\tAI\u2019s Potential for Dishonesty Highlighted in Stunning Demonstration\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Payments: from cashless to cardless'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/payments-from-cashless-to-cardless\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/credit-card_1203-3643-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9542\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9542'>\n\t\t\t\tPayments: from cashless to cardless\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Mobile Finance Report 2020 benchmarks banking and payment apps'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/mobile-finance-report-2020-benchmarks-banking-and-payment-apps\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/12\/2bca6d96-a2af-40d9-a9ff-635e3fa5e6da1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15579\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15579'>\n\t\t\t\tMobile Finance Report 2020 benchmarks banking and payment apps\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>KPMG recently published its Future of Retail Banking report, which highlights active changes the banking sector is undergoing to remain profitable in a world that is quickly transforming itself. The report highlights 3 main business models for financial institutions of the future: The universal approach is focused on using data to develop ecosystems that have &hellip;<\/p>\n","protected":false},"author":12,"featured_media":15564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15576"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=15576"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15576\/revisions"}],"predecessor-version":[{"id":15577,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15576\/revisions\/15577"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/15564"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=15576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=15576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=15576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}