At the start of each new year, it’s always good to take stock of what’s passed, and imagine, plan, and prepare for what we want to come next. What changed? What stayed the same? What was predicted, and what actually panned out? Were certain predictions over (or under) estimated?
For our first article of 2022, we look to Forbes’ list of the Hottest Technologies in Banking. The 2021 list was as follows:
And for 2022, some things changed, while others either stayed the same or took on new significance in the context of broader considerations:
Year over year, Digital Account Opening and P2P Payments retained their positions as first and fourth, respectively. Chatbots, Machine Learning, and Digital Loan Origination overtook the spots of second, third, and fifth from APIs, Video Collaboration, and Cloud Computing (also respectively). What do these changes tell us about how business demand for bank services is shifting and evolving? What overall story do these developments tell?
The trends surrounding banking technology over the past few years tell a very clear story: account owners (individual and business clients alike) demand a digital-first experience. They want to be able to not only access their accounts from anywhere, but open them from anywhere, troubleshoot them from anywhere, manage them from anywhere, and use them to pay anyone who is anywhere in the world.
They want smarter, more efficient user interfaces and experiences that will facilitate the rapid pace at which their lives and businesses operate. In many cases infrastructure is laid down to facilitate this - but in others (particularly processes that have heretofore been incredibly manual in nature), the infrastructure is lacking. These blindspots (as is the case with Digital Loan Origination) point to the need for an orchestration layer that ties together the old with the new.
As we’ve said in prior posts, embracing technological change doesn’t mean having to rip out critical infrastructure and replace it. It means facilitating digital-first experiences through typing together disparate systems into cohesive experiences for the customer, eliminating stalling, silos, and confusion along the way. By adopting a CXM-focused approach, banks will be able to meet the expectations of their business account holders, and keep up with the trends highlighted in this article.