Category: Banking Trends

Banking Trends are essential for banks to advance in the digital era. Putting them into practice calls for a lot of work in terms of technology, procedure, and organization. Banks are enormous, complicated organizations that play a crucial role in our society. They work in a highly regulated setting and must cope with old systems. It will take several years to completely restructure their core systems, and deploy AI and ML-driven technologies and processes. They will have to put in place a modern, zero-trust cybersecurity architecture.

Banks were pioneers in automation for many years. However, a significant portion of their formerly cutting-edge technologies has now become antiquated systems that stifle innovation. New companies in the financial services business, such as Adyen and Revolut, join the market without the burden of outmoded systems. Traditional banks are finding it difficult to compete with start-ups that profit as much as possible from emerging data-driven technologies like cloud, AI, and ML, as well as lean and agile procedures like DevOps.

Many banks attempt to imitate the operations of fintech startups. This should not be their primary area of innovation concentration. The core cannot be disregarded. You must strike a balance between bringing new data-driven technologies, processes, and products while also revitalizing core enterprise technologies, which frequently integrate with legacy systems. Incumbents have the advantage of scale, experience, and a ton of (past) data that may provide a deep understanding of their clients and their demands, but disruptors can operate swiftly and flexibly.

In order to become truly data-driven, how can banks strike a balance between modernizing their core systems and developing new goods and services? In a nutshell, how can banks prosper in a digital world? The banking trends category examines the landscape of new technologies and aims to comprehend how they will affect corporate strategy. These four technological advancements are fundamental to the banking sector. These themes are briefly discussed in this article; other articles in this series will explore each trend in greater detail.