“From expanded cloud migrations to robotic process automation, 2022 will be a crucial year for the future of banking.” – biztechmagazine.com
Covid-19 forced banks to quickly adapt to a more remote-friendly user experience, but in response to a changing world around them, institutions are experimenting with new ways to operate.
Here are four key trends to watch as the industry looks to evolve:
1. Banks Will Push Further into the Cloud
According to Accenture research, before the pandemic, banks maintained only half of workloads in the cloud (most in private clouds). With Covid-19, the scalability, resilience, flexibility, and accessibility of the public cloud became a lot more enticing. The competitive advantage offered by AI accessible through cloud providers has also become a prime motivator.
2. Banks Will Seek to Automate More Tasks
Financial services can expect to not only reduce costs by implementing automation in 2022 but provide more efficient processes for employees. Skilled employees will be able to focus their efforts on more complex work, allowing institutions to evolve their services further.
3. Remote Banking Experiments Will Increase
More than 75% of U.S. banking customers made their most recent banking transactions online. Younger bank customers reported only visiting bank branches due to poor experiences with their banks’ digital options. As customers’ expectations and preferences continue to evolve, banks will continue to experiment with remote services.
4. Banks Will Make Greater Use of API Management Platforms
APIs allow financial services companies to link customers’ financial information through mobile apps, browsers, and smart devices. The platforms also limit the number of queries each customer can send through the API, keeping the API stable and reducing crashes.
Following these trends will allow banks to match the pace of a world that is becoming more technologically connected every day.
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