Blockchain is not the only technology leading evolutions in the banking industry. According to Accenture’s latest report—Banking Technology Vision 2018—five more technology trends are capable of creating a significant impact on how the banking sector functions in the near future. These trends include Artificial Intelligence (AI), Extended Reality, Data Veracity, Frictionless Business, and the Internet of Things.
Banks have been using AI for almost two decades to automate credit decisions. Now, the interactions between a bank and its customers are expected to be conducted with the help of AI. Collaborative robots that work alongside humans can help banks in delivering a better service experience to its customers. In addition, an extended reality that comprises virtual reality, augmented reality, and also mixed reality can help create competitive uniqueness by leveraging digital enhancements to extend human reality.
Although banks, for a long time, have been the powerhouse of data streaming in from various authentic sources, the increasing usage of third-party database and social media has led to large amounts of unverified data. Thus, data veracity is now of paramount importance for banks to avoid vulnerabilities of all kinds.
Furthermore, fintech companies are becoming the new partners for banks, doubling in number over the past two years. By expanding their networks and becoming a part of diverse ecosystems along with shifting partners, banks are required to get rid of their outdated systems that can be an obstacle to growth and future-readiness. Consequently, the flexibility of systems has become mandatory for the frictionless businesses of banks.