Based on the document '2017 Retail Banking Trends and Predictions', witch includes the perceptions of more than 100 international financial leaders and surveys of over 900 companies across various continents, several trends applicable to our market can be highlighted:

REMOVING BARRIERS IN THE CUSTOMER JOURNEYThe digital revolution has reached banking sector, and digital channels are playing a critical role. They are not just cheaper ways to interact with customers; they are also essential for executing promotions, driving sales, and increasing market share. User experience UX is becoming increasingly relevant, as the emergence of banking's equivalent to UBER is imminent.

BIG DATA, ARTIFICIAL INTELLIGENCE, AND ADVANCED ANALYTICS:. Data is the fuel of the digital economy and the basis of all 2017 predictions. However, even though people are increasingly open to sharing information, the ability of banks to manage it has been far from optimal. A lot is done in collection, which is the first step, and some of the second step which is cleaning the information, from there on the issue becomes more complex at each new step, descriptive analysis (what step?), continues predictive analysis (what can happen?), then prescriptive analysis (what should happen?), until arriving at cognitive analysis (what are the best options in the context?). Every day someone moves forward and pushes the market a little further ahead.

SUPPORT MULTICHANNEL STRATEGIES.Customers are increasingly using various customer service channels based on transaction type or personal preferences. The migration to digital should focus not only on cost reduction costs but also on delivering consistent experiences across all channels, which should be integrated with each other.

THE CREATION OF BANKING OR FINANCIAL SERVICES PLATFORMS, Just as Amazon is a retail platform, which transformed the business model, the integration between banks and financial technology startups given their complementary strengths and weaknesses, while banks have the trust, volume of customers, stability, knowledge of regulation and access to large capital, startups have fewer regulatory paradigms, allowing innovation and the necessary agility in these processes, also has the ability to attract the necessary talent for innovation. These two segments will begin to partner in the development of solutions.

THE ARRIVAL OF CHALLENGER BANKS OR NEW BUSINESS MODELS. As history has shown, seniority is no guarantee of permanence, where technology opens up new opportunities in the sector by generating a constant change of paradigms. Initially it is seen as a small threat, from a few entrepreneurs, but as time goes by they are expanding and creating a critical mass that can threaten the status quo of the sector.

It is important to note that several trends have to do with the consolidation of issues that have been discussed for several years and that are expected to improve people's lives and make the sector a better business.

FELIPE TORRES

ANALYSIS GROUP MANAGER.

BRANDSTRAT