The latest trends in retail banking technology
Banking Industry CIO Perspectives | Tuesday, July 12, 2022
The goal of every technology deployment should be to improve the digital customer experience at a rapid pace while evolving to meet customer demands.
FREMONT, Calif.: The banking industry is facing challenges and opportunities due to the rise of digital banking, the development of new technologies, the merging of industrial ecosystems and the increased emphasis on innovation. Customers are increasingly using massive digital platforms and fintech solutions, fragmenting the links previously in place for essential financial services such as deposits, loans, payments and investments. All banks and credit unions should focus on building and implementing new digital services, creating new business models, and moving from a product-centric to a customer-centric culture. They must be filled in right away, on a numerical scale.
Communicate and make decisions intelligently
Data, artificial intelligence and applied analytics are at a time when they have never been more relevant in the world than they are right now. Instead of producing reports, data, intelligence and analytics can identify opportunities, facilitate innovation, refine decisions and support contextual communication. Artificial intelligence and advanced analytics algorithms can help reveal what’s going on in an organization, why it happened, and what’s next. Employees can take actions that can improve back-office operations, reduce costs, save time, and improve customer service, loyalty, and profits if they have this knowledge.
API extension in Open Banking
There is a lot to be done for open banking, which has impacted investments in technology and infrastructure, data modernization and decentralization strategies, fintech partnerships and retraining programs within of the banking sector. Banks and credit unions should determine the most appropriate business model to achieve their business goals to prepare for change in the way banking will be conducted in the future.
In banking and financial services, most core systems have yet to be deployed in the cloud due to security, risk, and control issues. A cloud computing solution can provide banks and credit unions with the capacity and speed to store data and support analytics. Customers benefit by increasing their customer knowledge, improving efficiency, enhancing innovation, improving agility and reducing security risks. There is no doubt that cloud solutions provide an overall organizational advantage by increasing human productivity and providing insights that can positively impact the front office and back office of any organization.