The banking industry is undergoing a monumental shift. Success in this rapidly changing landscape requires proactive action and staying one step ahead. Explore the key trends shaping the banking industry’s future, both today and for the next decade.
The banking industry, along with all other sectors of the economy, is set to experience significant disruption in the next few years due to greater customer empowerment and technology-driven innovation. Successful leaders must recognize and embrace exponential opportunities now.
The Future of Banking: 2023 and Beyond report provides a comprehensive analysis of the latest trends, innovations, and challenges in the sector, ensuring bankers are equipped with a detailed overview of the evolving business landscape. This report dives deep into technology trends that will significantly impact in the coming years, providing insights into its business value, industry view, and prospects.
Explore the top five transformation areas that are unfolding
We’ve identified key trends within each theme to help you understand their impact on your organisation
Platformization of Banking
Emergence of a New Banking Business Model: Banking-as-a-Service (BaaS)
Explore the top five transformation areas that are unfolding
We’ve identified key trends within each theme to help you understand their impact on your organisation
Platformization of Banking
Emergence of a New Banking Business Model: Banking-as-a-Service (BaaS)
As traditional banks face increasing competition from fintech disruptors, they must embrace a platform-based approach to stay ahead. This is where Banking-as-a-Service (BaaS) comes in, providing off-the-shelf IT platforms that enable banks to launch innovative products and services quickly. By partnering with BaaS providers, banks can improve data security, build customer trust, and stay competitive in the ever-evolving financial industry.
Insights
Divergence of business models is set to continue. Incumbent banks should prioritize strategic initiatives and new technology investments, including API-based platforms, to stay competitive.
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Elevated Customer Experience
How AI is Revolutionizing the Banking Industry
Incorporating AI into banking can help meet customers’ demands for a superior cross-channel experience. Through open banking and hyperautomation, banks can offer a more seamless and comprehensive range of services. AI-driven decision intelligence can cater to individual needs and provide personalized advice, enhancing customer experience. With a focus on customer-centricity, banks can strive to meet their clients’ unique requirements through AI’s data-driven insights.
insights
AI will be a driving factor for banks to overcome competition from FinTechs. The future success of banks will hinge on the rate of AI growth and adoption
Learn MoreNext-Gen Banking Experience
- Banking of Things - Modernization of Banking
- Virtual Banking - The New Banking Frontier
Next-Gen Banking Experience
- Banking of Things - Modernization of Banking
- Virtual Banking - The New Banking Frontier
Banks embrace customer-centricity by leveraging AI, IoT, and analytics to create a personalized banking experience. Customers can now bank on the go, anytime and anywhere, thanks to the convenience of IoT. Major banks are also adopting the Metaverse trend, using AI/ML models to personalize services and offer tailored recommendations based on customer behavior. The future of banking belongs to those who harness innovative technologies to deliver a unique experience to their customers, ensuring continued growth and success in the years ahead.
Insights
- The metaverse presents vast opportunities for innovative banking products/services and reestablishing personalized conversations and the human touch missing in digital channels. Banks can use this knowledge while developing future business models.
- Banks must holistically transform capabilities across their operating model to enable widespread AI deployment.
Transformation & Virtualization
- Data-Driven Digital Transformation
- Shift of Core Functions to Cloud
- Evolving Digital Lending Landscape
- Era of Virtualization
- Evolution of SaaS in Payments - Cloud-based Payment Solutions
The banking industry is at an inflection point. Cutting-edge technologies like AI and analytics are revolutionizing banking experiences. By leveraging these technologies, banks can provide personalized services that increase customer satisfaction. Additionally, streamlined banking technology builds trust, enhances efficiency, and bolsters security. Banks can become more agile and resilient by staying ahead of the technological curve.
insights
Evolving customer experiences shape the future of banking. By leveraging a modern core system, cloud technology, and customer data platforms (CDP), banks can unlock opportunities, accurately identify customers, and derive valuable insights throughout their journey. This enables a dynamic customer account profile, elevating the overall Customer Experience (CX).
Learn MoreRegulatory Compliance
Avalanche of Regulations in the Financial Services Space
Regulatory Compliance
Avalanche of Regulations in the Financial Services Space
The banking industry is at an inflection point. Cutting-edge technologies like AI and analytics are revolutionizing banking experiences. By leveraging these technologies, banks can provide personalized services that increase customer satisfaction. Additionally, streamlined banking technology builds trust, enhances efficiency, and bolsters security. Banks can become more agile and resilient by staying ahead of the technological curve.
Insights
Anticipated regulatory reforms will drive industry transformation, leading to redesigned policies and broader inclusion of non-bank financial institutions and fintech.
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