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Top Banking Trends & Predictions

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The Banking & the Financial services industry is the widely and wildly conquered sector where digitization and automation has been enabled to the max by IT. But in recent times, with the advancement of technology and innovations, it is important for the Banking industry to explore, pace up, transform, innovate, re-think and live in the present. The technology adoption and re-incarnation of business strategy/priorities to serve the customers will definitely play a crucial role in the Bank’s journey in making it stand tall n strong in the crowd (as a differentiator).

A nice read article on “Top Retail Banking Trends & Predictions“.

Key Highlights :

  1. ID-100276203The ‘Platformification’ of Banking
  2. Removing Friction from the Customer Journey
  3. Making Big Data Actionable
  4. Introduction of ‘Optichannel’ Delivery
  5. Expansion of Digital Payments
  6. Executing on Innovation
  7. Exploring Advanced Technologies
  8. Emergence of a New Breeds of Banks
  9. Mining New Talent
  10. Responding to Regulatory and Rate Changes

few additions …

  • Next-Gen Customer Experience by including
    • omni-channel
    • wearable device adoption
    • analysis driven Next Best Actions
    • ..and many more
  • Developing Customer Centric Applications (primarily self service enabled)
  • Welcome & Leverage Open Source Stacks (OSS)
  • Crowd-Sourcing Initiatives (loan, mortgage, risk management etc)
  • Blockchain technology making the financial system more decentralized
  • Emergence of Banking Market Apps
  • Robot Advisers that stop you from making unsound financial choices, in real time – Customer Assist
  • Establishment of Banking Innovation Labs
  • Beacon Technology Adoption
  • Heat-Map Technology  – Identifying right customer for the right product at the right time
  • Automated Appointment/Scheduling/Token Management – helps avoiding unexpected crowd and long queues
  • Battling with mushrooming Mobile Wallets
  • DevOps driven CI/CD in IT – for streamlining Release Management
  • Streamlining Operations in IT with Robotic Automation / Machine Learning techniques

Interesting Read Articles: 

What are your top trends & predictions in the retail banking space?

Happy Learning!! 🙂

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