Banks to prepare for branch-less future

Banks will need to move online and form customer-centric digital ecosystems within five years, according to an Economist Intelligence Unit (EIU) report for Temenos.

A new report from banking software company Temenos finds that 65% of global banking executives believe branch-based banking will be “dead” within five years.

Compiled by the EIU, the survey of 305 senior global banking executives highlights how Covid-19 related branch closures, new technologies and increased competition from fintechs, super-app platforms and tech giants, have accelerated digital transformation and triggered a shift in banking priorities and business models.

As a result, around two thirds of respondents view new technologies such as cloud, AI and APIs as trends that will have the biggest impact on the sector over the next four years ahead of regulation and...

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