Banking Technology Vision 2019
May 7, 2019
May 7, 2019
Of the 784 bank business and IT executives from nearly 30 countries polled in our global Technology Vision 2019 survey, 96 percent said the pace of technology innovation in their organizations had either accelerated or significantly accelerated over the past three years. The swift and widespread change is causing the differentiating advantage of digital to fade. Basically, customers, employees and business partners expect banks to be digital—to provide digital-enabled services and operations to meet their personalized needs and add value.
Our Banking Tech Vision highlights five cross-industry trends we think will be important over the next few years and discusses what they could mean for banks in finding their next competitive edge.
Distributed ledger technology, AI, extended reality and quantum computing—or “DARQ”—are revolutionary tools. Realizing their full potential could bring banks ~20 to 25 percent cost savings.
Digital demographics plus flexible product configuration capabilities are getting banks much closer to the fabled “segment of one”, where banking is tailored to the individual in real time.
Banks can amplify workforce skills with new technology tools—from learning platforms to AI decision support—to empower new roles and new ways of working.
With more business interconnectivity comes more potential vulnerability. In embracing broader ecosystems, banks must improve cyber-resilience in ways that defend everyone.
Banking is increasingly done 24/7 and in real time. Success means being able to uncover discrete moments of opportunity and capture them quickly, before they disappear.
Banking is entering a post-digital age where the priorities of the last few years are fast becoming the table stakes of the future.
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