The sheer amount of disruptions the banking industry endured in 2020 has cast a new light on banking industry trends. But will these disruptions translate into major shifts or further acceleration — especially with regard to digital growth — over the next five years?
Last year, banks saw an unprecedented influx of deposits — $2.4 trillion, according to the Federal Deposit Insurance Corp., with gains going primarily to the biggest banks. Looking ahead, we predict further ascendance of the moneycenter banks, but still see opportunities for smaller, nimbler banks to remain competitive when it comes to digital banking innovation.
