Q2 Announces New Retail Banking Trends and Priorities Report for 2023

Rhea-AI Summary

Q2 Holdings (NYSE:QTWO) released its 2023 Retail Banking Trends and Priorities Report, driven by a survey of global banks and credit unions conducted in December 2022. Key trends identified for 2023 include:

• Removing friction from the customer journey
• Expanding digital products and payment capabilities
• Utilizing Big Data, AI, and advanced analytics
• Emphasizing APIs and Open Banking

The report highlights the increasing need for financial institutions to leverage data analytics to adapt to economic uncertainties and enhance customer engagement.

Positive

• The report outlines essential trends for digital transformation in retail banking.
• Recognition of the increasing collaboration with fintech firms, which can enhance service offerings.

Negative

• None.

Global report reveals economic uncertainty is driving traditional financial institutions to rethink existing business models and use data and analytics to support an increasingly digital consumer

AUSTIN, Texas--(BUSINESS WIRE)-- Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, today announced the release of the 2023 Retail Banking Trends and Priorities Report, authored by Jim Marous and published by Digital Banking Report. This report details the most important retail banking trends of 2022 and what is to come in banking in 2023. In December 2022, the Digital Banking Report commissioned a survey sponsored by Q2 of global banks and credit unions. The survey asked respondents to comment on retail banking trends within their organizations during 2022 and what they will be focused on in 2023.

Respondents identified four key trends for retail banking for 2023:

• Remove friction from the customer journey
• Expansion of digital product and payment capabilities
• Use of Big Data, AI, Advance Analytics and Cognitive Computing
• Use of APIs and Open Banking

Respondents also noted that in 2023, there will be an increase in strategic importance around collaboration with fintech firms and recruitment and retention of talent.

“As financial institutions deal with economic uncertainties, they will increasingly need to use data and analytics to anticipate customer needs, creating engagement opportunities that will improve financial well-being and optimize revenue potential,” said Jim Marous, Owner and CEO of Digital Banking Report. “From delivering new digital solutions at speed and scale, to personalizing experiences with predictive engagement, banking leaders must make significant paradigm shifts. The pressure is on to quickly become ‘digital-first’ organizations from the top down.”

“This new Retail Banking Trends report will serve as a roadmap for banks and credit unions as they begin to strategically navigate through this uncertain year and help them prioritize digital transformation initiatives, especially with limited resources and shifting priorities,” said Carlos Carvajal, chief marketing officer at Q2.

To read the full report, please visit: https://www.digitalbankingreport.com/trends/retail-banking-trends-and-priorities-2023/

Join us on March 16 at 1 PM CT for a live conversation with Jim Marous on key takeaways and findings from the report. The conversation will be livestreamed from the Q2 headquarters in Austin, TX. Register here.

ABOUT Q2 HOLDINGS

Q2 is a leading provider of digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. Q2 enables its financial institutions and fintech companies to provide comprehensive, secure, data-driven digital client engagement solutions – from consumers to small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and Twitter to stay up to date.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230308005134/en/

Maria Gari

Maria.gari@q2.com

315-657-0041

Source: Q2 Holdings, Inc.

FAQ

What are the key trends in the 2023 Retail Banking Trends and Priorities Report from Q2 Holdings?

The key trends include removing customer journey friction, expanding digital products, utilizing Big Data and AI, and emphasizing APIs and Open Banking.

When was the survey for the Retail Banking Trends Report conducted?

The survey was conducted in December 2022.

Who authored the 2023 Retail Banking Trends and Priorities Report?

The report was authored by Jim Marous and published by the Digital Banking Report.

What does the report highlight about the future of financial institutions?

It emphasizes the need for financial institutions to leverage data analytics to better engage customers amid economic uncertainty.

When is the live conversation about the report findings scheduled?

The live conversation will take place on March 16 at 1 PM CT.