The Latest Trends in Retail Banking Technology

Banking CIO Outlook | Tuesday, July 12, 2022

The focus of each technology deployment should be to elevate the digital customer experience at a rapid pace while scaling up to meet customers' demands.

FREMONT, CA: Banking is facing problems and opportunities due to the rise of digital banking, the development of new technologies, the blending of industrial ecosystems, and the increased emphasis on innovation. Customers increasingly use massive digital platforms and fintech solutions, fragmenting the ties previously in place for essential financial services like deposits, loans, payments, and investments. All banks and credit unions should concentrate on creating and implementing new digital services, creating new business models, and shifting from a product-centric to a customer-centric culture moving forward. They must be completed right away, on a digital scale.

Communicating and making decisions intelligently

Data, artificial intelligence, and applied analytics are at a moment when they have never been more relevant in the world than at the moment. Instead of producing reports, data, intelligence, and analytics can identify opportunities, facilitate innovation, refine decisions, and support contextual communication. Artificial intelligence and advanced analytics algorithms can help reveal what's happening across an organization, why it happened, and what's next. Employees can take actions that can improve back-office operations, reduce costs, save time, and improves customer service, loyalty and profits if they are equipped with this knowledge.

API Expansion in Open Banking

There is a great deal toward open banking, which has impacted technology and infrastructure investments, data modernization and decentralization strategies, fintech partnerships, and reskilling programs within the banking industry. Banks and credit unions should determine the most appropriate business model to meet their business objectives to prepare for the shift in the way banking will be conducted in the future.

Cloud Computing

In banking and financial services, most core systems are yet to be deployed to the cloud due to security, risk, and control concerns. A cloud computing solution can provide banks and credit unions with the capacity and speed to store data and support analytics. Customers benefit by increasing customer insights, improving efficiency, enhancing innovation, improving agility, and reducing security risk. There is no doubt that cloud solutions offer an overarching organizational advantage by augmenting human productivity and providing insights that can positively impact any organization's front-office and back-office.

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