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Fujitsu’s Top Predictions for UK Financial Services in 2020

The financial services industry in the UK in 2019 is drastically different than that of 2009. Social, economic and technological shifts have led to enormous change and this has translated to a radically different banking experience for consumers across the country. We have seen the rise of digital banking, the disappearance of banking services from our high streets; and traditional banking institutions are facing increasing competition and growing costs of operations. The next decade holds only more transformation for how banks run their business, and consumers interact with their banking providers.

According to Ian Bradbury, CTO, Financial Services for Fujitsu UK and Ireland, the changes afoot in the industry offer traditional banks challenges, but also opportunities to evolve their business and offer a new banking experience; one that will cater for a discerning and demanding customer base.

“Technology has completely changed the face of banking in the UK. As we head into a new decade, it’s safe to say that there has been a radical shift in the way people bank. Customers are looking to digital alternatives that are speedier and more convenient than traditional ways of banking and the new competition in the market has changed the way traditional banks operate. The past year has seen app-only challenger banks rise in popularity, a decline of physical bank branches and a renewed focus in the industry on social purpose. These will continue to shape the face of financial services over the next year as the industry heads towards another important year.”

In the face of rapid transformation, Bradbury has outlined the top six changes he predicts for financial services in the coming year

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