Banking Trends to Watch in 2018

By CIOReview | Monday, June 11, 2018
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The worldwide banking sector is experiencing a major revolution in being more strategically focused and technologically modern so that they stay dominant in a swiftly developing ecosystem. A lot of importance is given on automating core business processes and recruiting talent as automation is changing the nature of work in banking, and the future workforce is going to be more diverse than it is today. These shifts exemplify the increasing value of becoming a digital bank.

Numerous developments are happening across the banking industry, including a more mature application of Fintech solutions, use of digital payments, evolution with blockchain technology, and the harnessing of AI and RPA solutions. These changes will all arise as global tech giants in revolutionizing the financial services arena.  Meanwhile, banks are also experimenting with mobile applications and voice-enabled gadgets designed to help them reach areas where they lack a physical presence and to expand consumer banking. The increase in customer demand for ease and regulatory schemes have given rise in the introduction of payment channels over the time.

Additionally, companies will have to work towards fully integrated, end-to-end data management platforms to handle increases in different data streams. A whole host of additional technologies is bound to feature heavily within the banking industry, including the likely shift in preference to cloud-based storage over private-data centers, the ongoing normalization of mobile banking through further security strengthening and improved customer convenience. As such, banking in 2018 is likely to be characterized by innovation and convenience, which ultimately puts the customer front and center. As technologies continue to evolve, the banking sector will accelerate its investments in innovation and new strategies.