Top Tech Trends Driving the Progress of Retail Banking

Banking CIO Outlook | Friday, June 28, 2019

Banks are stepping up their game technology-wise, to deliver a better customer experience.

FREMONT, CA: Digitization, emerging technologies and customer demands represent important priorities for retail banks, and coming years will witness even more significant momentum in these areas and corresponding technology investments. They are

•    Using Data and AI for Personalization

Consumers are pretty clear what they want when it comes to personalization. They need suggestions and a clear direction about what they should buy when they are looking for a product or service. Artificial intelligence (AI) serves the potential to transform customer experiences and establish new business models in banking. To achieve positive outcomes, there needs to be a collaboration between humans and machines that will provide humanized expertise that is specific for each customer.

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•    Voice-First Banking

Most financial firms are moving from traditional dialogue and account inquiries to doing transactions using voice commands, which even includes being able to execute payments and establishing account alerts using voice commands. Surveys say in the next five years, 50% of all banking interactions will be via voice-first devices.

•    Digital-Only Banks

Creating a digital-only banking proposition is increasing, and it involves aligning new technologies and solutions with the legacy bank systems and business model.  Firms are also leveraging the technical capabilities of fintech providers to assist in the development of digital-only banks. Having a digital-only banking proposition is significantly vital as more modern banking choices are available to consumers today, enticing them to switch banks for better-customized services.

The year ahead holds exciting potential for banks to achieve a trio in technology advancements, including improved customer experience, better bank profitability, and high security with compliance. Indeed, with technology, banks will move to success with shining possibilities.

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