Simon Paris: Tech Trends That Will Dominate Banking in 2018

Simon Paris: Tech Trends That Will Dominate Banking in 2018

Trend 3: The rise in robotics sees us entering a «fourth industrial revolution»

The way we interact with our preferred brands will change unequivocally. We are already seeing chatter around facial recognition technology, ever more natural interactions with «bots» and daily predictions around how AI and machine learning technologies will shape the banks of tomorrow.

Robot bank clerks that exude empathy are already here, and it won’t be long before you have your own personal bank manager in your home.  

Moreover, the way the bank interacts with itself will also change unequivocally. Repetitive tasks prone to human error can be highly automated, as can the power of data, leveraging machine learning, AI and cognitive capabilities to improve decision making, reduce costs and risks, and improve customer outcomes.

The robots are here.

Trend 4: Banking customers want a connected platform

«I want it and I want it now.»

Not the words of a child, but rather the expectation of ever more demanding banking customers. In today’s 24x7 digital world, breaking down the traditional functional silos that have often prevented banks gaining a holistic view of the customer is essential.

A truly connected banking platform allows integration across an entire business process in real time. Increase a loan, decrease a trade finance facility, anticipate the next best action, or make relationship-based pricing decisions on the fly.

Such an approach provides greater agility for innovation and greater insight to satisfy customers across the entire relationship.

Simon Paris is deputy chief executive officer of Finastra (formerly Misys) and a member of the Finastra executive leadership team. He is responsible for global sales, field operations, marketing and the firms partner ecosystem.