LONDON–(BUSINESS WIRE)–A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article – the evolving retail banking landscape in Canada. This article offers comprehensive insights into the Canadian banking sector and highlights the top retail banking trends in Canada.
“Canada’s retail banking sector will see several opportunities to capitalize on and challenges to dodge this year,” says a market research analyst at Infiniti Research.
Over the past couple of years, Canadian banks have set a global standard for their stability and best practices. However, the pressure on retail banking companies and other financial institutions in Canada remains high. This is making innovation and customer satisfaction more important than ever before for players in the retail banking sector. Innovators in the retail banking industry are moving towards a seamless, one-stop-shop approach to service and engagement via digital platforms that bring products and services together to provide a unified customer experience. Interestingly, technology is not the only factor that’s disrupting the industry; it is also characterized by the rising need for customer-centric experiences, and this is driving every transaction and touchpoint for companies in the sector.
The COVID-19 outbreak has had a severe impact on the global banking industry. Our business continuity support solutions can help banking companies to combat the business impact of COVID-19. Request a complimentary proposal here.
Here are some critical retail banking trends that experts at Infiniti expect will lead the momentum of the financial sector in Canada.
- Unbundling services: Canada will soon be exposed to open banking regulations that will fragment traditional retail asset and liability gatherings. Open banking refers to common interfaces among banks and third parties to facilitate more competition and also create new business opportunities. Although retail banking companies had sought a vertical approach that offers services from top to bottom over several decades, now several new entrants in the retail banking industry want to be ‘horizontal’ and dominate an attractive specialty.
- Rising interest rates: Interest rates are gradually rising from historic lows and consumers are soon bound to be challenged by debt levels. The retail banking industry will reflect the changing environment with an increased focus on the impact of rising interest rates, transparency in lending, and innovative new value propositions. The continuing rise in rates may result in personal loan offers to decline, however lending solutions such as installment loans and point-of-sale financing will shift the market towards time-sensitive credit sources.
- Platformification: Innovation is vital for retail banking companies to effectively meet consumer demands. The financial services industry in Canada now largely revolves around the digital age and rising consumer expectations of convenient and frictionless digital access. As a greater number of consumers seek streamlined solutions, retail banking companies in Canada will soon shift their focus to providing ‘one-stop-shops’ that bring both products and services on a single platform.
Request more info to know the potential impact of COVID-19 on your business and for action plans to respond to the coronavirus crisis.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us