2018 is likely to be a game-changing year for the banking and finance sector. As the General Data Protection Regulation (GDPR) and Revised Payment Service Directive (PSD2) are implemented across the European Union, the exclusive control of banks and other financial institutions on financial data of their customers is about to end.
It was a big year for FinTech in 2017 – and 2018 is shaping up to be every bit as exciting. Here are some FinTech predictions for 2018:
Voice-assisted agents on mobile devices are gaining acceptance and growing in their sophistication. Will these data-driven, AI-powered bots replace human service representatives and push the banking industry one step closer to a branchless future?
Consumers have changed their shopping habits almost overnight, with the use of smartphones for research and purchasing leading the charge. What does this mean to banking, and why should this be considered a warning to those organizations hoping to grow their customer base and engagement in the future?
While much of the world marvels at bitcoin’s meteoric rise, another part is focused on an environmental byproduct: The sheer amount of electricity that crypto-currencies use. By some estimates, bitcoin’s consumption alone exceeds -- or will exceed -- that of Ireland, Denmark, Japan or even the entire world.
If CMOs in the retail banking industry don’t step up and change how they approach marketing, they are putting their careers in jeopardy. The good news is that senior-level financial marketers have an unprecedented opportunity to make themselves more relevant than ever. It all starts with a simple two-letter idea: CX.
Nick Kerigan, MD of Future Payments at Barclaycard, looks at how innovation is helping the payment industry to balance offering seamless payments with keeping people in control of their money.
As artificial intelligence (AI) and machine learning are woven into banking’s fold, their potential is almost too vast to predict. The real benefit is in financial institutions’ ability to understand where and how it makes sense to apply these tools first, and where they can derive the greatest value in the fastest way.
AI technology is making things faster and easier by cultivating data and providing customized output. In 2018, AI will become a bigger part of many industries, including the world of banks and credit unions, as the cost of AI becomes more accessible.
The recent World Economic Forum (WED) report “Sweden could stop using cash by 2023″, says that the country is moving towards favouring cards and mobile payment apps. Yet retailers are expected to accept cash for at least a couple of years afterwards.
Thirty-three percent of consumers who abandoned a business relationship did so because personalization was lacking. Hyper-Relevance is the new baseline for success for addressing banking customer demands for tailored experiences.
The fintech sector is being shaped by shifting market conditions, new regulations, and changes in consumer demands and behaviors.
There are many opportunities in the blockchain, crypto and AI space, says Jessica Ellerm, who looks at what Xero is doing for e-invoicing.
While the accelerating pace of technological change has many industries buzzing about the risk of disruption – including the world of financial advice – in practice, many forecasted disruptions never come to pass. Sometimes, it’s because the new “innovation” isn’t really all that much better than the status quo...
For the financial technology industry, 2017 will be defined as the year that the threat of tech giants grew stronger, artificial intelligence cemented its importance and some startups applied to become banks.