We take a look at the technology that’s set to shape financial services.
Ongoing digitalisation, data protection and regulation changes have prompted a wave of transformation in financial services in recent years. And with new technology continuing to disrupt the market, the industry now has an opportunity to overhaul its offering. The organisations that embrace these tech-driven changes will have the edge on their competitors and provide slick, secure solutions for their customers. Here we roundup key digital transformation trends that you can expect to see in financial services over the next few years.
Going one step further than the cloud, the hybrid cloud allows banks to get the best of both private and public clouds. This is one way for financial services to enjoy the efficiency of tech innovation, whilst remaining compliant with regulations around data security which have proved problematic in recent years. Use of the hybrid cloud is part of increasing connectivity as financial services organisations continue to align their digital offering across channels.
Robotic Process Automation
The introduction of Robotic Process Automation will see robots take over repetitive tasks carried out in banking operations. Those labour intensive tasks that swallow up time will be put into the hands of robots, rather than humans. This will allow us to put more energy towards decision making and create a more streamlined service for customers.
Problems that have often plagued customer experiences in financial services, like fraudulent transactions, are set to be solved through the use of artificial intelligence. Digital payment advisors and AI chatbots offer a way for banks to resolve customer concerns and draw on data analytics to improve their customer experience.
With the constant evolution of technology, cyber-crime is at an all-time high. Hackers are becoming increasingly creative and banks are at high risk of security breaches. But there is plenty of tech available to ensure banks are detecting these threats and mitigating risk through prescriptive security measures. This means predetermining security procedures using tools, like advanced analytics and real-time monitoring, to protect customer data and funds – as well as the reputation of banks.
As organisations continue to undergo digitalisation, a key way for banks to gain a competitive edge is through open banking APIs. Ensuring customers have peace of mind when accessing digital banking services is crucial. APIs allows safe and secure sharing of data. As privacy issues and how organisations handle data is of increasing concern to customers, there’s plenty of reason for banks to make the most of open banking APIs.
Some banks are already trialling Blockchain for their back-end functions, record keeping and money transfers. If implemented successfully, Blockchain could enable banks to speed up the time it takes to process payments and reduce the cost of this. Blockchain then has the potential to be an important money-saver for the financial services industry.
It’s an exciting time for financial services as we’re on the cusp of some industry-altering changes. But whilst these technology innovations are promising, banks must have the infrastructure and capability in place to truly reap the rewards of this technology. Grayce provides a low cost, low-risk way to solve organisations’ resource challenges with some of the brightest graduate talent in the market. As well as addressing short-term capacity challenges, Grayce helps to build organisations’ capability with clear talent pipelines.
Today’s emerging workforce is well-equipped to support your digital transformation projects. Their implicit understanding of technology is bolstered by the Grayce Development Programme. Over three years, our Analysts gain the accredited qualifications, training and career coaching to support the full breadth of your digital needs.
Grayce has been partnered with public and private sector organisations since 2013. Our growing Analyst Community are supporting cutting-edge change programmes in banking, cybersecurity, law, insurance, IT, retail – and much more. Working on industry-leading projects nationwide, our Analysts add value from day one and bring the adaptability that’s vital in the fast-paced world of digital transformation.