July 6, 2018

Coming off another year at Digital Banking 2018 in Austin, Texas, there were some clear differences worth highlighting from previous years.

First, Artificial intelligence is not just being talked about, it’s happening. Most sessions and conversations touched on AI in some way, and we’ve seen banks make tangible moves, pointing to BofA’s Erica as just one example.

AI is expected to drive most interactions with customers soon, and it is forcing banks to retrain and hire employees with new skills.

The overall technology and banking conversation has also shifted. It seems that financial institutions have moved past trying to create new/better/cooler products and services, and instead, they are focusing on solving problems of customers and making customer experiences better.

What’s coming? A bank as we know it today will not be leading banking in the next 15 years, a technology company will. That prediction comes from futurist and author Brett King.

Banks could be challenged and surpassed by technology companies already playing in the payments space (Apple, Alibaba) or by another disruptor. Time will tell.

Ambient computing is popping up around us and will play a role in most of our day-to-day experiences in the next 10 years. This “always on” lifestyle will bring experiences that are contextual and hyper relevant, from customized advertisements as we walk down the street to smart devices connected to sidewalks and roads providing real-time navigation and traffic reports. And, we’ll be navigating it all through voice command.

Not surprisingly, the top investment areas for banks will be:

  1. Cloud
  2. Biometrics
  3. Mobile
  4. AI

Read on to learn how banks are making strides in meeting consumers’ elevated expectations.

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Posted By

Amber Roberts

Amber Roberts
Senior Partner

 

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