The retail banking industry is expected to undergo significant changes in 2023, with several key trends shaping the landscape. These trends include the adoption of smart branches that offer a combination of convenience and experiential banking, the integration of mature FinTechs to enhance bank profitability, increased commitment to circular economy sustainability, the use of embedded finance to improve the customer experience, the provision of financial wellness advice to help customers navigate cost-of-living challenges, the use of actionable data insights by CMOs to guide customer centricity, the adoption of digital identity to improve efficiency, the migration of workloads to the cloud to unlock value at scale, the growth of synthetic data, and the cautious exploration of decentralized finance. Overall, these trends are expected to drive innovation and transformation in the retail banking industry in 2023.
