Predictions 2020: Competition Will Intensify In Savings, Corporate, And Small Business Banking

Traditional banks will see more consumer brands offering deposit products — think Apple and Starbucks, not just digital banks like Monzo. Corporate banks will compete on digital experience. While unlikely to generate big revenues anytime soon, experiments with pricing models and revenue streams will test customers’ appetite to pay directly for specific financial products or services. The gig economy is blurring the line between consumer and business financial services, and fintech firms will win here in 2020. In 2020, regulators will mop up the spills from the first round of open banking legislation. Banks will dabble with 5G-powered services for consumers, but these will remain one-off experiments.