Retail banks saw strong performance post-COVID, with 2023 ROEs reaching 12% due to higher consumer savings, reduced credit risk, and rising interest rates. Now, they face challenges like cost inflation, sophisticated fraud, and uncertain rates, alongside rising customer expectations and fintech competition. To address these, banks are deepening customer relationships through personalized experiences and mobile-first strategies while investing in AI and digitization to boost efficiency, pricing, and productivity. Combating fraud without harming revenue is crucial. Success will require precision, focusing on operational excellence and technology-driven growth.

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