Accenture Report: Five technology trends for banks in 2017

Once upon a time banks were known to be the dinosaurs in the pace with which they adopted technology. However, no doubt that times have changed significantly and banks have become the implementers of disruptive technologies. They have set examples for other sectors in the adoption of modern technologies, such as blockchain, robotics, among others. Recently, Accenture launched their Banking Technology Vision 2017 report and the research highlighted 5 trends that banks will focus on:

 

 

Banks are reshaping their regulatory environments

 

According to the report, a little more than three-quarters of bankers agree that their organization feels it has a duty to be proactive in writing the rules for emerging industries. In fact, 36% said that their organization has joined a tech consortium, while an additional 51% are considering joining one.

 

 

 

Banks are adating for human behaviour to improve customer experience

 

A total of 81% of bankers believe that their organizations can truly tap into what motivates human behavior and design the customer experience accordingly will be the next industry leaders; 34% are planning to extensively use human behavior analysis and insight to guide customer experience design. 

 

 

Banks are allowing their workforce to work from anywhere

 

Leaders are creating a workforce with built-in flexibility and scalability for more agile ways of working. The report highlighted that 16% of bankers feel that their workforce constitutes independent freelance workers and

29% expect their organization’s use of these workers to increase more than 51% in 2018.

 

 

Banks are keep to adopt a platform based business model

 

An average, 36% of bankers believe that it is very critical to adopt a platform-based business model and engage in ecosystems with digital partners. The top three benefits that the report suggested include: 

 

Banks want to use AI for better UI 

 

The report highlighted that banks believe the next stage of AI in banking will be towards simpler, smarter interfaces and machine learning will reengineer back-office processes, and AI tools will allow better interaction with customers. The three reasons why banks will embed AI, as cited by bankers, into user interfaces, include: Data analysis and insight (60%), productivity (59%) and cost benefits savings.