banking technology vision 2017

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BECOMING THE EVERYDAY TRUSTED ADVISOR

TECHNOLOGY FOR PEOPLE

Digital disruption is taking a new direction with people now shaping technology to fit our need. By amplifying people and putting the power into their hands, banks can deepen their role in consumers’ lives, and firmly establish their place as partners in the new digital economy.

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OVERVIEW

WORKFORCE

MARKET PLACE

TREND 3

THE UN CHARTED

TREND 5

AI IS THE NEW UI

TREND 1

DESIGNFOR

HUMANS

TREND 4

ECOSYSTEM POWER PLAYS

TREND 2

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TECHNOLOGY BY PEOPLE,FOR PEOPLE2017 VISION TRENDS

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HELP WRITE THE NEW RULES OF ENGAGEMENT OR RISK BEING REGULATED OUT

THE UNCHARTED

BANKERS SAY:• Industry regulations have not kept

pace with technology advancement (66% globally, 82% in US).

• Industry regulatory environment is outdated (61% globally, 73% in US).



THE UNCHARTED

TAKE THE LEAD TO SHAPE THE NEW RULES

75% of bankers agree they have a duty to be proactive in writing the rules.

36% said that their organization has joined a tech consortium that helps set industry rules, while an additional 51 percent are considering joining one.

Freedom to innovate

THOSE THAT DO EXPECT MORE:

Opportunity to develop standards that others follow

Expanded opportunities for trusted partnerships



DESIGN FOR HUMANS

CUSTOMER JOURNEYS NOW RUN INSIDE AND OUTSIDE THE BANK Digital banking models, such as ecosystem

platforms and channels not owned by banks, will bring consumers from outside the sphere of the bank’s knowledge. With these new models, banks typically have only the financial transaction and a fleeting moment to impress consumers with whom they may never connect again.

RETHINK



DESIGN FOR HUMANS

• 81% of bankers agree that organizations that truly tap into what motivates human behavior and design the customer experience accordingly will be the next industry leaders.

• 34% are planning extensive use of human behavior analysis and insight to guide customer experience design.

• 80% agree that organizations will need to understand not just where people are today, but where they want to be, and then shape the technology to act as their guide.

SURGICALLY PRECISEDESIGN-CENTERED THINKING

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WORKFORCE MARKETPLACE

ON-DEMAND TALENT AS A TRUE BANKING INNOVATIONCreate an agile workforce to access sought-after skills, knowledge and experience as-needed for more flexible ways of working.

16% of their workforce are independent freelance workers.

24% say their organization is already tapping on-demand labor platforms broadly across the organization.

29% expect their organization’s use of these workers to increase more than 51% over the next year.

81% agree that organizations that successfully integrate a liquid workforce into their business model will gain a significant competitive advantage through innovation.

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Unleash the Power of Us

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PLATFORMS ARE THE TIES THAT BIND BANK PEOPLE, PARTNERS AND TECHNOLOGY. THEY ARE WHERE MUCH OF THE TRANSACTION BANKING OF THE FUTURE WILL TAKE PLACE.36% of bankers (vs. 31 percent all respondents) believe that it is very critical to adopt a platform-based business model and engage in ecosystems with digital partners. 76% agree that competitive advantage will not be determined by their organization alone, but by the strength of their chosen partners and ecosystems. 23% say their organization is leading one or more digital ecosystems.

ECOSYSTEM POWER PLAYS







AI IS THE NEW UI

Artificial intelligence (AI) in banking is not new. Banks are already using AI in heavily-manual processes for accuracy, efficiency, speed and cost benefits. What is new, however, is the move of AI beyond process to interaction.

READYING FOR BANKING’S SHIFT FROM MOBILE-FIRST TO AI-FIRST

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• 79% agree that AI will revolutionize the way they gain information from and interact with customers.

• 29% believe it is extremely important to offer their products/services through centralized platforms/assistants or messaging bots.

• 76% believe that in the next three years, the majority of organizations in banking will deploy AI interfaces as their primary point for interacting with customers.

• 71% believe that AI is capable of becoming the face of their organization or brand.

BANKERS GET AI

AI IS THE NEW UI

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TECH VISION SURVEY OVERVIEW

30 COUNTRIESSURVEYEDArgentinaAustraliaAustriaBrazilChileChinaDenmarkFinlandFranceGermany

589 BANK EXECUTIVE RESPONDENTS

IndiaIndonesiaIrelandItalyJapanMalaysiaNorwayPortugalQatarRussia

Saudi ArabiaSingaporeSouth AfricaSpain SwitzerlandThailandTurkeyUaeUnited KingdomUnited States


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banking technology vision 2017

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