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Top 5 Trends Shaping Banking in 2020

Artificial Intelligence is Settling In

With banking gone digital, AI has started playing a key role in the evolution of digital banking. AI has taken bold steps forward that range from smart automation systems for a simplified payments reconciliation, general ledger management and OCR based document validation to first responder roles in the customer support space. AI is increasingly enabling banks to deliver a hyper-personalized experience by providing them with real-time insights based on customer buying behavior, profile and choice of services and products. With AI heading towards maturity, banks are finding more efficient means to cut costs, enhance regulatory compliance and strengthen customer’s confidence in their ability to fulfill their needs better. AI has emerged as a key trend in the banking landscape and is showing incredible promise already.

Automation to go Mainstream

In 2020, banks will realize better how they can leverage automation to achieve objectives and outcomes that were unimaginable some years ago. The banking industry will witness automation and further innovation in customer journeys. Advanced automation technologies will continue to underpin a digital workforce that is significantly reshaping the cost structure and the organizational dynamics of financial institutions and banks.  Automation in banking is heading towards maturity, owing to the mine of technologies that range from rule-based and BPM-led automation to robotic process automation. With machine and human coming together in the banking sector, 2020 holds the potential of bringing customer-centric banking to the fore-front as an asset for banks.

Platform Banking to Take Spotlight

In 2020, the world will witness the rise of platform banking, as it is rapidly becoming the game-changing strategy of next-gen banks. This is mainly because of the growing digitization of consumer interaction and the infiltration of digital-native banking entrants. This growing trend of a platform-based business model is garnering significant traction in the digital economy, with a core focus on dominating the banking and wealth management sectors as well.

Banks will make the most of Cloud Computing

Cloud computing is another colossal disruptive force in the banking landscape right now which is very promising from the financial institutions’ point of view. Moving on, the cloud won’t just make banks more economical. It will enable banks to cut infrastructure costs, augment resilience and reap maximum benefits from significantly greater computing power. They can seamlessly house their data lakes on the cloud and analyze it with immense ease.

Millennial Workforce will Dominate

Over the years, banking has taken a paradigm shift with millennials forming the biggest customer base, and automation, gadgetry, personalization, and social-media integration becoming the key differentiation factors. With digitization in full swing, and rapidly shifting customer preferences, the banking industry is nearing an inevitable transformation.

The Bottomline

The year 2020 will be undeniably an exciting time to be in banking, with ground-breaking technologies completely reshaping the industry’s big picture and bringing the financial sector a step closer to thriving. Banks and financial institutions that are keen to invest in a hub of revolutionary banking components can explore the opportunities with a unified banking platform like Arttha. Arttha can enable you to fully reap the benefits down the line, especially when banks are crystal clear about the fact that offering consumers’ choice of channel is vital.

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