BOSTON—With fintechs at the top of its list, Aite Group has outlined its top 10 trends in retail banking and payments for 2018.
The mobile device is increasingly the fulcrum for financial services and payments interactions, while artificial intelligence-based technologies are helping to better inform and enrich them, says Aite. “Transactions are accelerating, with faster payments initiatives progressing around the globe (much to the delight of criminals). Fintech and tech firms continue to try chipping away at banks’ revenue streams, and in Europe and parts of the Asia-Pacific, regulation is providing a helping hand,” said Aite.
Here are Aite’s predictions:
- Tech firms will become banks
- Banks will become Tech firms
- Real-time push payments go mainstream
- Conversational platforms become the new digital banking user interface
- Identities become dynamic and anonymous
- Credit card rewards find the fast lane
- FI fraud prevention moves to mobile first
- FIs embrace AI for AML
- New retail credit products arrive
- The great payments divide accelerates