Financial Services

Global Retail Banking Report 2017

March 20, 2017

Global

Temenos

March 20, 2017

Global
Renée Friedman

EMEA

Renée Friedman joined The Economist Group in July 2016 as a Managing editor for EMEA.  Her work focuses on thought leadership programmes for the financial services sector.

Prior to joining The Economist Group, Renée worked in a variety of roles: in Economic and Political risk consulting, in finance in the City of London as an Economist, a Macro strategist and a Bond fund manager,  in the  international and UK domestic policy spheres as an Economist to the Treasury Select Committee at the House of Commons and as Senior Economist and Chief Technical Advisor for the UN Development Programme’s (UNDP) Regional Bureau for Europe and the CIS,  and as an academic, designing and teaching economics courses at universities across London.

Renée has spoken on a variety of panels  and events focused on Russia, Ukraine and other emerging market economies including those for BNE Intellinews, IHS Global Insight, the IMF Poverty Reduction Strategy meetings, and for the UNDP. She has also appeared on CNBC.

Renée holds a PhD in Economics from London Business School, a Masters in Russian and East European Studies from the University of Birmingham, and a Bachelors in International Trade and Development from the London School of Economics & Political Science.  She is also a Prince 2 certified project manager. In addition to her native English, Renée speaks Russian.

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This year's theme of the fourth Global Banking Retail Report is "Symbiosis: Your bank has your trust. Can fintech make you love it?" and it explores what the future of retail banking will look like by 2020.

The Economist Intelligence Unit, on behalf of Temenos, surveyed 200 global banking executives to investigate the challenges retail banks face in the years to 2020 and how they are responding. 

Some key findings: 

  • The regulators will decide. Capital and compliance will shape incumbents and newcomers alike. Domestic regulators warn fintechs not to expect an easy ride.
  • Into the unknown. American banks worry about regulation the most, despite a promised rollback. European policy direction is more certain, yet onerous. Geopolitics do not help.
  • Resistance is futile. The EU’s Second Payment Services Directive and open architecture are the game changers. Banks may lose their customers’ loyalty, fintechs could hit compliance barriers. Both must collaborate to survive.
  • Complacency is not a virtue. Fear of peer-to-peer lenders and robo-advice may have peaked. Non-banks could still steal deposit and lending business—and profit—unless banks improve the customer experience.
  • No cash, no cheques. If they are smart, banks may still win the war to build truly universal digital networks.

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