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The Top 5 Banking Trends for 2017

Stine Grande
06. januar 2017

You have all heard the buzz about FinTech and how your banking experience is going to be more personal and unique. The main talk of the town is obviously PSD2, but we found a pretty neat and well written article about some of the other "banking trends" for 2017 written by David Horton of Synechron. We made a little summary of the article here that we hope you find useful, but recommend reading the entire article to get the full picture.


No.1: The Year of the ‘BOT’. Conversational Commerce - the sexy part of banking.

Bots will be a way for businesses, especially financial institutions, to manage one-to-one conversations with millions of customers. Banks should look at chatbots as the opportunity to combine intimacy and automation to help them deliver a more personal experience, especially in sales and customer service.

No. 2: Artificial Intelligence & Advanced Machine Learning. (AI is the brain, BOT is the body.)

The biggest shift is from previouse making systems that only executed predefined instructions into developing programs that learn, adapt and respond autonomously. Many businesses are well aware of that the future of their business will be about how successful their use of technology will be.

No. 3: Challenger Banks, Organizational Power shifts and Market Cannibalization

The year 2020 is approaching and you can feel the energy and activity rises. The biggest questions is what to do to be somehow prepared?

  • Change their outdated and antiquated legacy business - and do so fast!
  • Build and launch a green field digital bank ultimately aimed at cannibalizing the traditional business
  • Acquire an established neo/challenger bank and bolt-on a few fintech startups.

No. 4: The Open API Bank

There will be plenty of unified solutions delivered by bank and insurance in 2017. The industry moves fast into an environment that is changing fast and customer acquisition is expected to be lightning fast. Businesses are experiencing a high pressure to increase efficiency, reduce costs, whilst still delivering that next-generation digital service.

Open API’s will enable banks to bring together new and existing processes as a means of offering the innovative digital products and service that are critical to retaining and attracting customers in an increasingly competitive market.

No. 5: More Blockchain

Many business do not know where to start about blockchain. 2017 will not be the year where blockchain goes mainstream, but rather a year of testing and experimenting.

The businesses that do know and have understood how to take advantage of blockchain will seek to gain competitive and cost advantages.

 

You can find the entire "Top 5 Banking Trends in 2017" article by David Horton here. 

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