BANKING OF TOMORROW

An Insight into the current trends & technologies in Banking

Introduction:

The financial services market is going through many changes. New challengers have appeared and are looking for a slice of the market. In addition, customers are more demanding and more informed, educated and are expecting convenience and simplicity when it comes to financial services, particularly online and via mobile devices. People love digital services such as Netflix, Amazon, and Uber because they’re easy to use and deliver great customer experiences. They deliver 10 times more convenience and better customer experiences than the status quo, and are therefore winning the market. It’s only a matter of time before the 10-times-better bank is founded, a thought that’s on the radar of every banker.

Incorporating technologies has been in the minds of all the Banks. Leveraging those technologies which were or rather intended to use for other industries and segments have made their way into Banking. However, to be able to map these technologies requires to understand the focus areas which are discussed in the following chapters.