Hundreds of European retail banks will disappear as challengers scoop up customers
Summary
Many of these customers are using them as a second bank and taking advantage of the latest digital payments technology and account management apps. Simon Kent, partner and global head of Financial Services at AT Kearney, said the 10-year study shows that while the industry is stronger, it is also stagnating. “They need to improve cost and top line and offer more innovative products and services if they are not only to survive, but thrive, in the new retail banking landscape beyond 2019,” he said. The AT Kearney study found that Europeans are becoming more willing to share personal data with banks. This will inevitably lead to a reduction in the share of customers for large traditional banks, particularly those that have failed to keep pace with industry changes.