AUSTIN, Texas – January 8, 2019 – Kony, Inc., a leading provider of digital banking solutions, today announced the results of the 2019 Retail Banking Trends and Predictions research, published by Jim Marous, owner and publisher of the Digital Banking Report. For the fourth consecutive year, Kony DBX has sponsored the global survey of annual trends.
Key findings from this year’s survey show some noticeable changes in the trends from previous years. The global survey also reveals for the first time ever, the use of data, AI, and advanced analytics were ranked first, replacing improving the customer experience as the number one trend. In addition, there was a realization of the importance of open banking and APIs by organizations globally. Finally, the importance of innovation was also a trend that increased in importance in this year’s survey. However, while organizations seemed to be proud that they have begun the digital transformation process, most don’t believe they have gone very far and less than 30 percent have digitally transformed the most basic process, such as new account opening services; as a result, many other digital initiatives are falling behind.
A panel of global financial services leaders were surveyed to gather their thoughts on retail banking and credit union trends and predictions. The crowdsource panel included bankers, credit union executives, industry analysts, advisors, authors and fintech followers from Asia, Africa, North America, South and Central America, Europe, the Middle East and Australia.
“Despite recent uncertainty in the financial markets, the economic outlook for the banking industry remains positive at a time when regulatory forces are encouraging innovation, and new digital technologies provide opportunities to improve customer experiences,” said Jim Marous, owner and publisher of the Digital Banking Report. “There are strong indications that banking organizations worldwide understand the primary trends impacting the industry as well as the actions that are needed to respond to competitive pressures.”
“The question is whether banks and credit unions will prioritize the deployment of human and financial resources to respond to these changes,” said Marous. “The challenge for legacy banking organizations is prioritizing and deploying resources in alignment with these realizations. Will legacy financial institutions embrace change, take appropriate risks and disrupt themselves to meet the needs of consumers, small businesses and corporate customers.”
“It’s a great privilege to sponsor the annual Retail Banking Trends and Predictions report again for the fourth year in a row. I want to commend Jim Marous and all those who participated in this year’s survey,” said Jeffery Kendall, senior vice president and general manager, Kony DBX. “The 8th annual survey of retail banking trends is one of the most anticipated and influential reports in the banking industry, and I’m impressed by the increased depth of this year’s report. The important insights and perspectives will be extremely valuable as banking leaders make decisions about how to shape their innovation roadmap and where to invest and focus their resources. The Retail Banking Trends and Predictions Report has the widest distribution in the world – and is the most relied-upon source – for digital banking projections.”
The Retail Banking Trends and Predictions report also provides an opportunity to do an end-of-year review of last year’s projections. In addition, the report provides valuable insights into strategic priorities for 2019 and analyzed the progress being made by financial institutions in the process of digital transformation.
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About Kony, Inc.
Kony is the fastest growing, cloud-based digital application and low-code platform solutions company, and a recognized industry leader among low code and mobile application development platform (MADP) providers. Kony DBX is the banking and financial services arm of Kony, Inc. and is a globally recognized leader in digital banking transformation. With a portfolio of modern, frictionless applications powered by the industry’s most recognized platform, Kony DBX enables banks and credit unions of any size to accelerate innovation — without compromising what’s critical.
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