Top 10 Trends Reshaping Banking for 2023

Accenture | Michael Abbott  | Jan 10, 2023

A combination of well-established forces and recent developments is reshaping banking.

• Overview: In the absence of that revenue stream, banks shifted their focus from the totality of customers’ financial needs to isolated products that continued to generate fees. At the same time, fintech innovators burst onto the scene, awash with cheap capital and valuing scale over financial returns.  Now that positive rates have returned, the constellation of banking products is drifting into a more familiar and predictable orbit.
• Rising rates catalyze product innovation:  It will come in the form of offerings similar to that of Amazon Prime.
• 2023 will see a renewed focus on branches:  Without in-person interaction most banks have struggled to maintain close relationships.
  
• Demistifying the metaverse: Just as mobile did, the metaverse is opening a new world of possibilities. It won’t be without risk—but banks were invented to manage risk.
• Culture and Talent:  Talent will make ever-increasing demands on banks’ leadership. If it isn’t given its due, it will become a burning platform.

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• Risk everywhere:  As new risks emerge, banks that focus on helping customers solve their problems, rather than on collections, will outperform their peers.
• Data becomes a product: potential to transform the foundations of banking.
• From fintech disruptor to enabler:  Incumbents are poised to reassert themselves as the “rightful owners of banking”—if they can find fintech-like offerings at reasonable prices.
• Green gets real and seeks common ground

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