10 TRENDS

RESHAPING BANKING IN 2021

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Trend #1

Scaling Business Model Innovation

In past, most business leaders handed their successors the same business model that they inherited from their predecessors; but not any longer. Business leaders of this generation are constantly grappling with how to stay relevant amid rapid change and uncertainty. Read our report to find out the strategic choices banks will explore and how will they enable them to drive differentiation.

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Trend #2

Scaling Customer Engagement

Banks are betting big on delivering personalized, contextual and consistent customer experiences across all touchpoints. The most successful organizations will leverage modern technologies to onboard, converse, serve and sell better. They will bank on data to derive descriptive, diagnostic, predictive and prescriptive actionable insights. Read our trends report to find out what other strategies banks will adopt to scale customer engagement in 2021.

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Trend #3

Scaling Operational Transformation

In 2021, incumbents will not only strive to bring down their cost-to-income ratios but will also reorient operations strategies to enhance customer experiences and deliver them on par with the digital-only challengers. How will expanding cognitive abilities in automation or, intensifying cloud-based operations help banks achieve these objectives and more? What other options will they pursue? Dive into our trends forecast to learn more.

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Trend #4

Scaling Work, Workplace and Workforce Transformation

In the wake of the pandemic, several pre-existing trends such as work-digitization, remote work, automation, demand for tech-skills have gained prominence. These will evolve further in 2021. Banks will strive to train their workforce to hone contemporary skillsets and augment their human capital with technology-led blended workforce propositions. Read our forecast to learn what lies ahead.

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Trend #5

Scaling Risk Management

In the new world order, banks will relook at risk management beyond the mere regulatory compliance requirements and span efforts across several key areas. How will driving engagements with regulators in a participative way help? What trends in cybersecurity will they prioritize to protect their assets and stakeholders? Read our trends forecast to find out these and more.

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Trend #6

Scaling Composable Architecture

In 2021 and beyond, banks will focus on building an application ecosystem with independent, self-contained and re-usable components. What will be the role of APIs in scaling these components? What more will they need to build agile and scalable enterprise services? Read our forecast to find out.

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Trend #7

Scaling Towards Public Cloud

That cloud is here to stay is a concept beyond question, but what’s next? Why will banks prioritize multi-cloud solutions and containerized applications? How will edge-computing in combination with other modern technologies create new possibilities? To know more, read our forecast.

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Trend #8

Scaling API-Led Possibilities

The API economy in banking is driving a paradigm shift from traditional pipeline model to an ecosystem-led platform model. As this further evolves, what new possibilities can APIs unlock in 2021 – Driving collaborative innovation with Banking-as-a-Service? Unlocking new efficiencies with shared industry utilities? Read our forecast to find out.

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Trend #9

Scaling Value with Data and Artificial Intelligence

AI will continue to be a key focus area for banks in 2021 and the coming decade. As banks increase their focus on digital channel enhancements, how will the role of conversational banking evolve beyond its current spectrum? How will banks use augmented analytics to empower business users with new capabilities? Read our forecast for AI to know more.

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Trend #10

Scaling Inter-Organization Automation with Blockchain

Blockchain adoption will gain further momentum and will become integral to digital banking revolution. While the number of potential use cases can be boundless, some will gain significant traction in 2021. From customer onboarding processes to trade finance digitization – DLTs are set to transform several banking processes. Read our forecast to find out other significant promises DLT has to offer in 2021.

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