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“Digital payment systems can do more for equality in poor countries than they can do anywhere else, and we would like them to emerge there even if it takes longer in richer countries. We’re not waiting for it to trickle down as we do for many advanced technologies. That’s not good enough.”
To be successful in the present and the upcoming future transformation is the tool banking sector should adopt as the new trends is an important step to make with the emerging business model. In every strategy that is followed now or would break in the future years, all have put the customer at the center. So, all the necessary steps would be to improve customer satisfaction and to attract more and more customer under the proposed plan the particular companies. Banking in 2030 would be probably different from what we see today. Surely, customer expectation will also increase over time. In the changing era, incumbents and fintech must come up with a new plan to be stuck in the market for a long period.
In the time of 12 years, the world has seen a lot of inventions from iPhone to online banking mechanism and as the tech is changing in speed we are getting used to the technology trend followed around us but the upcoming 15 to 20 years would be different and much more advance as we have access to learning we can look what changes have already started making its entry.
Let’s look at some of the trends that have chances to exist in the future market
The high-status bank that is around us in today’s time has the chance to still exist in 2030 as per the research made. There are few which may lose its existence. Industry consolidation can be a reason for the vanish. The banks that would exist in future would also look different in terms of the way they work and the way customer priority will increase. So I can say improved and that would be a piece of great news for ordinary customer like you and me. Disruption is always a concern with our banking sector well it also makes the opportunities vast. A large number of trends is accepted just to check their survival in the market. There is no chance that all neobanks would survive but the concept of co-existence remains a chance.
Cyfi which is a short form of cyber risk and financial crime is one among the list of changing the status of banking landscape. The finance and banking sector is facing tremendous problems as criminals are adopting new ways to commit the crime. As the crimes are increasing the regulators continues to tighten up the compliance that causes a high penalty over the banking sector. The previous methods used in the traditional system are no longer valid for protection in these new advanced online systems thus there is a requirement of some powerful strategy to overcome this problem. Analytics and artificial intelligence are used here to help banks to overcome the severe problem.
Data is considered as the most important tool that is been used worldwide to enhance the business and also making the idea a success. Banks are now adopting data analytics and integrity to improve the sector and make it ready for the future. Although to get access to data is not an easy task and also if accessed then are not so clear that can be used. There are so much information data can provide the banking sector from customer details to the places he/she is interested to invest. The whole history present is in front of us in the form of reliable data that is true and useful. This the way customer retention can be improved.
New technologies are changing the pattern of bank work. These changes are made in front, middle and back-office. Artificial Intelligence and automation are used in the way no even imagined. Also, blockchain has come up with ideas that could help us in advancing the pattern banks follow. Blockchain understands the business model cooperate in a decentralized way of handling transaction over a peer to peer network that does not involve any sort of the third party. Many people using this door of the bank are quite comfortable with the technology. The banking sector is trying to understand these new technologies to make the best use out of it. Also, how these technologies can combine and also the already existing legacy technology to come out with something out of the box as the best option available till date. The new business model is made up of the use of enterprise agility in a faster way. The concept is not about being attractive anymore but of being faster to meet the demands in 2030.
The future of work and workforce may look like a digital transformation that initiates the replacement of human thinking with emerging machines. The gig economy and crowdsourcing are changing the way a work is been performed. Monetizing data is a new challenge among the banking sector if resolved then would enhance users experience. Various financial services could be improved to be used in the future. Such as regulators, fintech, big techs etc.
The new is the advance of the present. The more strategy made will serve to handle customers more reliably. Let the coming future see the technology that is smarter to solve a various ongoing problem in the banking and finance sector.