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2020 forecasts: Featuring comments by Adrian Cannon, Omnio CEO

Digital banking is evolving rapidly. For two decades, banks have been working to personalise their offering, surrounding core platforms with peripheral systems that deliver other

products. The idea has been to provide a humanised view of customers’ interaction with banks, but it is not that simple: the approach has been limited by the underlying bank ledger, and unable to address the complexity of a customer’s life.


2019 showed us how other businesses have approached the issue – cue the non-bank.

As retail bank branches continued to close, Amazon, Apple, Uber Money and others

understood that by being hyper-relevant in customers’ lives, that they can reinforce brand value

and become embedded and trusted partners. The key word here is data. Forget using a limited, ledger-like perspective, carefully and cleverly utilising data around customers’ habits and preferences allows non-banks to place their customer at the heart of many holistic, tailored services that can be delivered by them or by third parties. 2020 and the decades beyond will see the non-bank grow stronger.


Modern platforms, designed to service the broad spectrum of customer needs, will combine with the ability to deliver low cost, compliant financial services, including payments. Non-banks

are set to extend their product sets into financial services, challenging the big banks to raise their game quickly. Provided these long-time banking giants can change their legacy platforms quickly enough and have the ambition to do so, they may be able to respond in time.


Along with more hyper-personalised services, this digital evolution will potentially have

another benefit: gradually increasing financial inclusion. With services offered via mobile apps,

digital financial services can deliver an alternative option for today’s unbanked population compared to traditional high street banks, by offering a tailored ‘bank in your pocket’ that understand users’ requirements and limits. Whether via well-known incumbents, disruptors in the fintech space or both, the future of banking therefore is set to provide secure and fast responses to customer needs. This, in an increasingly digital society, can only be a good thing.


Featured in Retail Banker International, January 2020

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