Whether as a favorite pet project, or a true reflection of the maturity of a Bank’s infrastructure, Automation has been a tune that everyone has been moving to. This trend isn’t fading, come 2020, as timeliness and cost-efficiency will be the driving force.
To take a step back, with business models evolving, and disruption being the name of the game, banks’ ability to get the right information at the right time and the right place has become paramount. Competition has also resulted in customers spoilt for choice and more than willing to shift loyalties for expedited transactions and improved customer experience.
In 2020, banks will continue to mature how they leverage automation to achieve outcomes beyond operational efficiency, to pervading every process, journey and function in banking, lowering costs, improving experience, curtailing risk and improving operations in myriad other ways. This will mean that we will see further innovation and automation in customer journeys. Automation and artificial intelligence technologies are underpinning a digital workforce that is dramatically changing the cost structure and organizational dynamics of banks. Banks will also look to leverage technologies like artificial intelligence identifying and preventing fraud more effectively than a traditional rule-based system.
Banking automation is already fairly mature, with a landscape dotted with technologies from different generations, from rule-based and BPM-led automation, to API-driven straight through processing, to robotic process automation. The latest to emerge is cognitive automation with machine learning, which is still in a nascent stage of adoption. Blockchain networks will expand inter-organization automation in areas such as payments & trade finance (which has seen several announcements) and also syndicated lending.
Will 2020 mark the turning point of customer-centric banking where human and machine work together without missing a beat? Read all about it, and more.
This piece gives you a glimpse into one of the 10 trends that I believe will reshape banking in 2020. Click here to read our full report “Scale Digital: 10 Trends Reshaping Banking in 2020”.