Every aspect of banking operations is impacted by technological advances, so much so that banks now want to be technology companies with a banking license. Technology is now driving many product roadmaps, with digital transformation being a boardroom agenda. Businesses now want to ride this rapidly evolving and growing technology space to serve their customers better, leveraging technologies like AI/ML, embedded finance, cloud, etc., to deliver and accelerate value.
Four key trends shaping the future of banking
- Embedded finance - Seamless integration of financial services in customers’ daily lives and at the intersection of commerce.
- AI - Use of advanced analytics and AI in all aspects of banking, including personalization, credit risk, fraud, and customer service.
- Customer experience - Hyper-personalization and omni-channel customer experience across retail, wealth, and corporate customers.
- Need for speed - Increasing the speed of change and the need to respond to go faster; accelerated go-to-market and transformation.