Predictions Report

Predictions 2021: Banking

October 21st, 2020
With contributors:
Oliwia Berdak , Corrado Loreto

Summary

COVID-19 has brought uncertainty and reduced profitability to banking, and 2021 will see consolidation and lower appetites for risk. Many banks, traditional and digital, will bite the dust or emerge from 2021 both poorer and leaner. Lending and risk management will dominate priorities in 2021, with banks keen to fix their now-outdated risk models, speed up decision-making, and battle a flood of fraud and data breaches. Digital acceleration will go to extremes, with some banks mistakenly launching digital-only propositions or drastically shrinking their branch network. In this report, we explore Forrester’s predictions for banking in 2021.

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Forrester helps business and technology leaders use customer obsession to accelerate growth. That means empowering you to put the customer at the center of everything you do: your leadership strategy, and operations. Becoming a customer-obsessed organization requires change — it requires being bold. We give business and technology leaders the confidence to put bold into action, shaping and guiding how to navigate today's unprecedented change in order to succeed.