Retail banking is undergoing a change in the way products and services are delivered. This change is largely being driven by Internet-based technologies such as Personal Financial Management applications and websites, and video-based advisory services—all designed to enable consumers to track and manage their money, receive personalized financial advice, and connect with others via virtual communities of interest.
In emerging countries, opportunities exist among the growing middle class. Retail banks can tap this market using mobile technologies and social networks to radically change the banking system to support sales and service models.