Evolving Technology Trends has been saved
Evolving Technology Trends
Is your bank ready for tomorrow?
Now more than ever, the accelerated adoption of banking technologies can enable the industry to recover and thrive from the impact of COVID-19.
As we look back over 10 years of reports on technology trends in the banking industry, the core mission has not changed. How do we shine a light on the emerging technologies that are shaping the future of our clients’ business? We want to help clients focus on the ‘so what’ and the ‘now what’ of how they serve their customers and constituents, how work is done within their organizations, and how products and offerings evolve.However, the uncertainty from COVID-19 will remain for the foreseeable future. Banks have no choice but to remain hypervigilant and rewrite their business continuity playbooks as circumstances change. While it is reassuring to see some aggressive fiscal and monetary policy responses around the world already, clarity on how these actions will stabilize markets and accelerate the path to normalcy is slowly emerging, and in some cases yet to emerge. Therefore, banks need to actively consider the immediate needs of their customers and simultaneously the multiple near, short and mediumterm operational, financial, and regulatory risk and compliance implications. Banks that have embraced today’s technologies may be better placed to weather this crisis and facilitate a quick return to recovery. This unprecedented crisis can be the catalyst for banks to strengthen their digital business models and infrastructure to support business and accelerate their adoption of technologies of the future to define the “new normal” in the industry.
What you need to know?
Banks around the world have been racing to catch up with the ever-evolving technological trends shaping the way they operate and serve their clients.
Prior to COVID-19, the Middle East financial services industry was evolving at a measured pace, driven by changing customer expectations, heightened competition from incumbents and new entrants, evolving regulations, and advancements in technology. In a matter of weeks, COVID-19 upended those conventions.
In this document, we explore key technologies at the frontier of today, such as cloud and AI, to those that form the bridge to tomorrow, such as FinTech and Blockchain, and those which seem to be hovering over the horizon, such as quantum computing. Now more than ever, the accelerated adoption of these technologies can enable the industry to recover and thrive from the impact of COVID-19.
We present an overview of these technologies, their current adoption in the Middle East, along with the benefits they have to offer to the banking industry. We also briefly explore the approach which regulators should have in place and that leaders need to foster a successful transformation.
How to benefit from our offerings?
We harness innovative technologies across a set of “integrated offerings. At Deloitte, we help organizations formulate forward-looking digital strategies that can be translated into actionable results based on practical and real-world experience of helping them to execute their strategies through a set of “integrated offerings: