More than 460 banking experts took part in Fraunhofer IAO’s Banks & Future 2013 trend survey. According to the respondents, the biggest challenge stems from the current politically induced, historically low interest rates and their impact on banks and financial service providers. The survey also reveals the measures being implemented by banks to counter this volatile market situation.
Fraunhofer IAO conducts an annual survey in which banking and finance executives identify the trends they consider key to the future of banking. This year’s survey drew a response from more than 460 directors, managers and decision-makers representing all major banking groups and financial service providers in the German-speaking countries of Europe.
They were asked to assess the difficulties they currently face, and strategic areas of future investment. A detailed analysis was made of general market trends, developments in the banking sector, and measures envisioned by banks in 2013 to deal with the present challenges.
The responses to this year’s Banks & Future trend survey indicate that the current, volatile market situation and the fundamental changes affecting the banking sector are the source of some discomfort or even anxiety. Nonetheless, many of the respondents still see the long-term development of their business activities in a positive light. In the view of the participating institutions, the politically induced low interest rates are the greatest challenge today.
Many banks have not yet adapted to the dynamic pace of change in the business environment, and are insufficiently prepared to compete in the fierce battle to attract new customers. They urgently need to develop their capacity to innovate and respond rapidly to the demands of the marketplace. If they continue with “business as usual”, they run the risk of being displaced by competitors offering new, customer-centered solutions that will whittle away the banks’ profits still further. To stay in business, banks must focus on their traditional strengths while at the same time redefining their strategy.
The results of the survey will be presented for the first time during the Banks & Future conference and workshop in Frankfurt am Main on September 17 and 18, 2013 (conference language: German). Employees of banks and financial service providers are warmly invited to register for this event by clicking on the link below. Attendance is free of charge, and the closing date for registration is September 6, 2013. More information on the work of the Banks & Future Innovation Forum is provided (in English) on the website.
Juliane Segedi | Source: Fraunhofer-Institut
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