bankingciooutlook

Dynamic Trends in the Banking Industry in 2020

Banking CIO Outlook | Wednesday, July 22, 2020

Advanced analytics has long been an essential component of decision making, and this is expected to continue with more expansion into artificial intelligence (AI) and machine learning, which can help deliver greater personalization or support more automated customer journeys.

Fremont, CA: Customer expectations continue to evolve with the constant technological revolution. Customers want to be able to access all of their banking services through a channel of their choice. They want to have more personalized information on their financial affairs.

Changing demands and expectations will continue to drive technological trends in 2020 as providers make new advances to address their clients' issues and their own.

Let us look at some key banking technology trends in 2020:

Advanced Analytics

The growing trend of maximizing the use of data will continue in 2020. Advanced analytics has long been an essential component of decision-making. This is expected to continue with more expansion into artificial intelligence (AI) and machine learning, which can help deliver greater personalization or support more automated customer journeys.

Top 10 Fintech Solution Companies - 2019The Adoption of the Cloud

Many cloud strategies are being developed over the past few years, and 2020 will continue to witness the cloud as a major facilitator in propositions. This will support partnerships with fintechs, the API economy's development, or the handling of large quantities of data. In the small SME banking space, the use of cloud-based solutions would enable firms to adopt other new or emerging technology-enabled propositions, such as machine learning, AI, or APIs.

APIs 

The utilization of application program interfaces (APIs) will continue to be a focus in the banking industry. Banks will continue to invest in API technology in order to help increase the speed of underlying processes and connect with customer systems such as enterprise resource planning software or accountancy packages.

See also: Top Artificial Intelligence Companies

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