Banking predictions portend big change – Gartner

Tom Groenfeldt on techandfinance.com highlights four predictions in a recent Gartner report, that are quite provocative. Taken together, they suggest mammoth changes to Banks as we know them.

Click through for Tom’s take on them. I expect I will do same later.

techandfinance.com

“By 2010, social-banking platforms will have captured 10% of the available market for retail lending and financial planning.”

“By 2010, 10 percent of banks’ revenue from retail payments will be supported by competitors such as PayPal.”

“By 2010, U.S. banks will start shutting down their full-service mobile-banking channels.”

“By 2011, centralized retail core banking applications will cease to exist in at least 20 percent of banks worldwide.”

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