The future of banking has been saved
Article
The future of banking
Acculturating to the digital ecosystem
Financial institutions are a set of organisations which have seen a tremendous rise in digital enablement; so much so, that they are reaping benefits from delivering exceptional product experiences and providing customers with an ease to transact.
Key trends
AI-driven predictive banking
With rich and accessible customer data, banks will be able to provide future investment advice to their customers. The goal is to go beyond be providers of good information, and proactively engage in managing a customer's financial portfolio by giving then behavioural and contextual insights. Predictive analytics is the start of building a universal cash management solution. Banks have to be swift and nimble in order to successfully take on the future.
Cloud-based solutions
Most of the financial institutions relying on legacy infrastructure cannot compete against digitally-enabled competitors, who are faster and more agile. Cloud-based solutions are gaining momentum and in the future, will be adopted by all financial institutions to deliver core banking solutions. Using cloud-based technologies not only increases operational efficiency and security, but also leads to cost reduction.
Future of work
Digital transformation is motivating organisations to re-think their talent and technology strategy. The gig economy and crowdsourcing are two examples of how the work culture is evolving. With such changes, where automation of processes are leading to a metamorphosis of traditional roles, it would be important for banking institutions to also see how they can aptly manage their business ecosystem.
