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This year, technology will continue to be the main driver of disruption in the banking industry through the evolution of machine learning (ML), blockchain, quantum computing etc. as digital transformation is evolving the way banking is done, according to Deloitte’s study 2020 banking and capital markets outlook.
Most banks still do not experience the full potential of advanced technologies and “2020 could be the year of build and migrate” in the cloud. Core banking in the cloud is less risky, reduces time-to-market, with future-proof migration capabilities. AI wider adoption is to become the key focus in 2020, as banks will evolve from a product-centered to a customer-first ecosystem, with data sharing and new data being added to the existing systems. Banks are to review their data architecture making the most out of data-sharing while keeping privacy intact and fortifying their own cybersecurity defences.
In the digital transformation process, companies need to learn how to use technology to develop new customer insights and deliver contextual offerings. In addition, improvements in technology and methodology aim at delivering increased ROI for the next decade. New digital propositions will need to be offered to clients.
Evolving client expectations drive banks to use new technologies and develop their business models. “Influenced by what they see in their personal lives as consumers of digitally enabled services, more corporate customers have begun to expect similar high-quality, tailored, seamless services.” Superior customer experience and seamless connectivity will become the norm where real-time advice could develop to become a competitive advantage for the bank.
Open banking (PSD2) is to be realised in most regions, which will also accelerate banks’ digital transformation efforts and the creation of new business models. Using an AI-powered, digitally assisted-service offering is a way to enhance communication and client relationships.
Banks should also consider upgrading their current infrastructure to effectively and rapidly respond to changes including strategies such as fintech acquisitions or managed services. Shifting client demands increases the threat from new market entrants that will urge corporate banks to rethink their current strategies and strengthen their relationships with their clients. 2020 is a milestone year for banking, in which organisations will become more open, transparent, real-time, seamless, integrated, intelligent and customer-centric.
Capitalising on three decades in financial services software, Profile has developed FMS.next, the comprehensive Universal Banking platform, that fully covers the new age marketplace requirements for digital transformation. FMS.next delivers flexibility and modularity across all aspects of core banking, including consumer and corporate loans, payments, accounts management and more, while complying to PSD2 standards through a PSD2-compliant API management layer.
Profile Software has proven experience in implementing banking platforms in digital, challenger and neo banks to help them streamline their operations, integrating with other systems seamlessly and delivering automation of processes, with the ability to enhance functions as they grow.
The A-Z of financial technology solutions