Innovations in Accounts and Cash Management – Trends, Drivers and Opportunities, 2024

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All the vital news, analysis, and commentary curated by our industry experts.

Reasons to buy the ‘Innovations in Accounts and Cash Management’ report: 

  • Track competitors’ innovations to gain an advantage within the market. 
  • Identify factors affecting consumer spending and wealth management. 
  • Discover the factors driving savings and investment platforms. 

 How is our ‘Innovations in Accounts and Cash Management’ report unique from other reports in the market?  

  • This report provides an overview of innovations within multiple retail banking and wealth management markets with specific applications on Savings Accounts and Cash Management.  
  • The report explores the shifts in customer behavior regarding everyday banking, bank branches, financial education, and robo-advisors. 
  • The report includes use cases of the major players in the market and their interventions in big tech, digital investment platforms consumer spending drivers, savings, and retail wealth advisory. 

 We recommend this valuable source of information to anyone involved in: 

  • ​​​​Bankers/Fintech Companies/Lending Companies 
  • ​Digital Payment Companies/Insurance Companies/​Retail Banks 
  • Financial Service Technology Leaders and Startups 
  • Business Development and Market Intelligence 
  • Investment Analysts and Portfolio Managers 
  • Professional Services – Investment Banks, PE/VC firms 
  • M&A/Investment, Management Consultants, and Consulting Firms 

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Innovations in Accounts and Cash Management Report Overview

The growth in assets among the emerging affluent is fueling interest in innovative accounts and cash management systems. Banks are encouraging customers to spend through multiple innovations including gamification, e-commerce partnerships, and reward programs. For instance, UOB’s partnership with Lazada is giving customers access to shopping experiences with reduced prices and cashback rewards. Additionally, digital platforms are becoming increasingly popular, especially in Asia-Pacific and the Middle East & Africa regions. With an increase in the emerging affluent segment in these regions, these less expensive digital options are becoming exceedingly attractive to this demographic.

The ‘Innovations in Accounts and Cash Management’ research report provides a roundup of innovations within multiple retail banking and wealth management markets, mainly focusing on savings accounts and cash management. The report explores the shifts in customer behavior regarding bank branches, spending drivers, financial education, savings, investment platforms, and robo-advisors.

Key Channels For Everyday Banking ·        Bank Branches

·        Telephone Banking

·        Online Banking

·        Mobile Banking

Key Investment Channels ·        Person/Branch

·        Online Via Smartphone or Tablet

·        Telephone

·        Text-Based Messaging/Email

·        Video Chat

·        Online Via Desktop/Laptop

·        Others

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Everyday Banking Channels

The major channels for everyday banking among individuals are bank branches, telephone banking, online banking, and mobile banking. Bank branch services are still valued by customers, although easy-to-use digital banking is the primary driver for provider choice. Over the last three years, the usage of branches has fluctuated, peaking in 2022 both globally and in the UK and US. As global economic turbulence subsided somewhat in 2023, customers have shifted back towards predominantly using digital services when banking.

However, as digital banking dominates the industry, banks seek cost-effective ways to provide in-person services to those who use branches.

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Saving and Retail Wealth Advisory

The preferred channels for investing are in person/branch, online via smartphone or tablet, telephone, text-based messaging/email, video chat, online via desktop/laptop, and others.

Australia, the UK, and the US still have a significant preference for making investments in person compared to the likes of Brazil or Thailand. These countries have older populations that still value face-to-face investor guidance.

However, digital channels remain preferred in Anglo markets. Neobanks and private wealth management companies are becoming increasingly attractive to investors as they offer enhanced digital services and personalized offerings.

Furthermore, Big Tech companies are entering the savings market in line with the growing popularity of instant-access savings accounts, putting pressure on traditional banks to compete. For instance, in 2023, Apple launched its new super savings accounts with Goldman Sachs. The greatest driver for provider choice in the US is its significant customer base in the US, which would have prominently helped it achieve a significant amount of deposits in its first four days of launching. The Apple Wallet’s easy-to-use layout makes it easy for customers to simply switch between their accounts and view their two profiles.

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Scope

  • Banks are encouraging customers to spend through multiple innovations including gamification, ecommerce partnerships, and reward programs. UOB’s partnership with Lazada is giving customers access to shopping experiences with reduced prices and cashback rewards.
  • Digital platforms are becoming increasingly popular, especially in Asia-Pacific and the Middle East & Africa. With an increase in the emerging affluent segment in these regions, these less expensive digital options are becoming exceedingly attractive to this demographic.
  • Big Tech is moving into the financial space, with Apple launching its new Savings accounts in 2023.

Monzo
UOB
Klarna
Commonwealth Bank
ABN AMRO
Apple
NatWest
IBM
Vanguard
Fidelity Investments
eToro
Nutmeg
Citibank
HSBC
Wahed
Capital.com
Wealthsimple

Table of Contents

Executive Summary

Everyday Banking

Spending

Saving and Retail Wealth Advisory

Digital Investment Platforms

Robo-advice

Appendix

Frequently asked questions

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