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Innovations that Will Define Banking

By Banking CIO Outlook | Thursday, May 02, 2019

Innovations that Will Define Banking

The global banking industry is becoming more strategically focused and technologically advanced to respond to consumer expectations while trying to defend against an increasing array of competitors. A great deal of emphasis is placed on digitizing core business processes and organizational structures to be better prepared for the future of banking. This transformation represents the increasing desire to become a digital bank. The importance of new solutions that reap the benefits of data, advanced analytics, digital technologies is ever more critical. Here are the upcoming trends that will reshape banking over the future years.

Emerging technologies and regulations will continue to evolve in the upcoming years. To survive in this change banks need an architecture that enables them to respond to changes quickly and deliver value and efficiency. That is organizations will move towards an architecture that requires minimal infrastructure cost to adapt to new technologies. Insights across AI systems and IoT sensors will fuel context-driven experiences.  The continued adoption of AI is another technology trend in banking that will provide precision marketing, compliance, and talent management in addition to customer service and threat management. Although AI will redefine job profiles at banks, it is less possible for a massive replacement of the human workforce.

Banking Tech Companies: AccuityBackbaseFiservWalkMeOrboGraphGTreasury

Banks are not just looking to save cost from blockchain but to generate revenue from it. Cultivating important ecosystem is the reason for some banks to adopt blockchain to get the chance to reclaim lost customer relationships. Apart from this cloud provides the agility for banks to start fast with short rollouts. The demand for quick provisioning and flexibility in a world of APIs and digital channels will also fuel cloud adoption in banking.

The adoption of mixed reality (MR) in banking is in its initial stages. Banks usually include augmented reality applications to help customers with information about nearest banks or ATMs. AR-enabled authentication is on its way to see lights. The customer journey will be extremely critical for the success of MR in banking.

Organizational cultures must be matched to support innovations that impact increasingly outdated business models.  Banks must also anticipate consumer needs and innovate in ways that will prioritize the most effective mix of capabilities.

Check out: Top Banking Tech Companies

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