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Banking institutions are struggling to keep up with the innovation race in today’s digital financial landscape. To thrive and compete, it is vital for banks to evolve, adapt and build greater efficiency, value, and trust through technology; which in turn will drive more intuitive, empathic and intelligent delivery of products and services. New technologies such as open banking platforms, big data, artificial intelligence (AI) and blockchain can be leveraged to mitigate the impact of deploying the vision and strategy changes in the “bank of tomorrow.” With the addition of AI and real-time analytics, traditional channels can adapt to newer and smarter channels such as smart home digital assistants, TV consoles, connected vehicles and wearable devices to trigger bank transactions. The “bank of today” can also better understand clients’ behavior and wishes and regain their trust by increasing business transparency, gathering more information and intelligence, and focusing more on security and identity management.
AI tools such as robo-advisors and other intelligent automation and advanced analytics can help banks achieve the goals of keeping loyalty levels high and ensuring a satisfactory customer experience. Reducing bottlenecks caused by human decision-making and simplifying front-end processes like sales and trading, investment banking, wealth management, and private equity by making them more intuitive and natural, can speed up the overall banking process. Open Banking with its potential of opening up APIs to third parties that can use the shared consumer data to create innovative products and services, adding real value to the consumer’s finances and transforms the way people manage their money.
The new digital banking experience will better align products and services with specific contexts and geographies by localizing them. This will enable banks to manage a large increase in the number of customer interactions and transactions and help retain and attract customers in today’s increasingly competitive retail, transaction banking, and wealth and asset management markets.