The ten trends featured in the ‘Infosys Finacle ‘Scale Digital’ report have been selected and curated to reflect the shifts across these five areas – business model, agile organisation, ubiquitous automation, technology modernisation, and culture and workforce transformation.
Each trend has been compiled not to prescribe or recommend an approach but to help you identify and align your strategic priorities to scale your unique digital journey.
We hope the insights captured in this free report empower your bank to discover the most suitable approaches, tools, and strategies to scale digital with speed.
Trend #1 | The year the business model changed
In an exceedingly commoditised market, banks are beginning to make clear bets to become leaders in scale, value, customer experience or product/service excellence. Some are turning into specialist providers: manufacturers of market-leading products, aggregators, distributors, segment players, or Banking-as-a-Service (BaaS) providers.
Trend #2 | Citius, altius, fortius with agile
A truly agile organisation in 2020 and beyond will be a sum of various self-learning, self-healing, and self-evolving parts, each of which works in tandem with the other through suitable gateways for collaboration. The agile way of working in 2020 will pervade technology, operations, talent practices, business strategies, leadership, and ecosystems.
Trend #3 | Automation: alive and well and everywhere
The outlook for automation in 2020 and beyond remains strong, amid continuing pressure on margins. RPA is one technology that most banks have deployed successfully. Some progressive banks are now using RPA in the shape of co-bots to improve workforce management, regulatory compliance and customer satisfaction.
Trend #4 | The bank of the millennial workforce
As artificial intelligence (AI) and automation become more deeply entrenched in the banking organisation, it will be the responsibility of the human workforce to compound value through critical thinking, collaboration, creativity, and effective communication. In 2020, banks will train the workforce to hone these skills. The most successful organisations will create – or sustain – a culture that unites their people in a shared purpose.
Trend #5 | The year of security dichotomy
In 2020, the trends in cybersecurity will derive substantially from those in cloud computing, digital identity, 5G and the Internet of Things (IoT), and automation, AI and machine learning (ML). Regulation will remain an important trend to negotiate. Some trends will work in opposition to others, forcing banks into a delicate balancing act. How will these trends play out?
Trend #6 | Technology: information, application, and the whole nine yards
Leaders, fast followers, and mainstream players all recognise that data, advanced analytics, and AI will be at the centre of consumer engagement and consequently market success over the next few years. How can banks ensure readiness of their IT architecture, application architecture, system architecture, and information architecture to suit the requirements of the customer-first digital age?
Trend #7 | AI in banking: settling in
AI has been and will continue to be an efficiency lever in banking. In customer service, banks will improve personalisation and service recommendations at scale with AI in 2020. The technology will also find application in regulatory functions, given the stringent norms surrounding know your customer (KYC) and customer authentication. Read our trends forecast for AI to know the other significant developments to watch out for.
Trend #8 | Public cloud: new frontiers of flexibility
Declining apprehension against the public cloud, a rapidly growing market for Software-as-a-Service (SaaS) solutions, and the widespread adoption of cloud as the preferred environment for workload execution. Clear signs that cloud in banking is here to stay? What are the key trends in the adoption of cloud as the crucial catalyst of co-innovation and integration in 2020? Containerisation? Greater flexibility as banks begin to see multi-cloud environment as a solution to performance, compliance, and cost-optimisation challenges? Read our trends forecast to know more.
Trend #9 | Blockchain gets real
In 2020, while proven use cases in trade finance, payments and identity will continue to see investments, the push for adoption coming from new use cases which justify the large-scale transformation and replacement of systems of record will also pick up pace. Moving beyond the promise of cost reduction and unparalleled efficiency, banks will discover the technology’s potential to reduce risk, build stickiness within their ecosystems, and even generate revenue. How? Read our forecast to find out.
Trend #10 | IoT: banking on every device
In 2020, banks will explore and tap into the benefits of IoT to offer context-aware guidance and advisory services at the point of transaction. Use cases in fraud detection will include real-time alerts in case the location of a credit card transaction does not correspond to that of a customer’s smart watch or phone. What are the other ways adoption of IoT will unfold in 2020? How will banks navigate the challenges of data governance, integrity and security as custodians of customer data?
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Source: https://www.fintechfutures.com/2020/06/report-ten-trends-in-reshaping-banking-in-2020/
