Information Services Group (ISG), a leading global technology research and advisory firm, has launched a research study examining vendors of advanced, market-ready technologies that help retail banking companies address changing consumer expectations and increasing competition.
The study results will be published in a comprehensive ISG Provider Lens report, called Retail Banking – Digital Innovators 2022, scheduled to be released in August. The report will showcase mid- to late-stage startups that have had a significant impact on clients’ abilities to reach their business goals.
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Banks, service providers and large software firms will be able to use the report to learn about the potential of emerging technologies that can be used to shape the future of consumer banking. The research findings will inform retail banks that are looking to solve industry challenges or gain a competitive edge through technology. They will also provide market insights to service providers and software vendors seeking partnerships or acquisitions.
The retail banking business is evolving rapidly. Banks are increasingly focused on engaging with consumers and transforming customer experience through personalization. To continue growing, some are adopting banking-as-a-service (BaaS) models through marketplaces and integrating with e-commerce portals to offer real-time decisions on mortgages and auto l****. At the same time, they face rising competition, new regulations and growing customer concerns over transaction security.
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“Banks are embracing new technologies more quickly to gain competitive advantage,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Startups are delivering most of the innovations that make new financial products and services possible.”
While adding capabilities to drive growth, banks need to keep costs under control and become agile enough to quickly act on new trends. The study will showcase vendors that are addressing retail banks’ central challenges and goals, and examine providers of technologies that are drawing increased investment. These include integrated customer data and customer engagement platforms for omnichannel marketing and services, tools for seamless digital onboarding, enhanced payment methods and risk management technologies.
ISG has identified leading-edge retail banking technology startups to participate in this study. For each vendor, the report will include an overview of the company, its solution, its value proposition, its funding status and other essential information.
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