5 innovation trends that will define banking in 2019

The banking industry is beginning to incorporate the traits and practices that were once the domain of fintech startups. Banks and credit unions have become more comfortable with a faster pace of innovation, using data and analytics more extensively and digitizing processes as opposed to simply turning paper into PDFs.

The global banking sector is becoming both more strategically focused and technologically advanced to respond to consumer expectations while trying to defend market share against an increasing array of competitors. A great deal of emphasis is being placed on digitizing core business processes and reassessing organizational structures and internal talent to be better prepared for the future of banking. This transformation illustrates the increasing desire to become a ‘digital bank’.

The importance of innovation and developing new solutions that take advantage of data, advanced analytics, digital technologies and new delivery platforms has never been more important. We are seeing organizations innovate in targeting, expanding services, re-configuring delivery channels, delivering proactive advice, integrating payments and applying blockchain technology.

These efforts will only increase in 2019, as global financial and tech giants revolutionize the financial services arena. As part of these mega-trends, banks will also experiment with new mobile applications and voice-enabled gadgets to enhance both delivery and contextual personalization. Ultimately, the consumer will be front and center. As technologies continue to evolve, the banking sector will continue to accelerate its investments in innovation and digital enhancements.

 

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