Banking technology 2021: What’s hot and what’s not
Increasingly artificial intelligence will permeate most banking technology and APIs will gain more ground as more standardization takes hold. While basic chatbots help, the next generation isn't here yet and that's a problem. Virtual reality? Virtually useless for banking. And don't even bring up the Internet of Things.
Urgency has a way of making things fall into place when financial institution executives might otherwise dither or go down a bypath.
While COVID-19’s challenges were often met through stepped-up use of technology, the coronavirus has also had the effect of sharpening the focus of tech investment priorities among banking institutions. The unprecedented health and financial crisis sifted out those technologies that, even when they appeal strongly to the imagination, are still mostly hype as far as financial services providers are concerned.
An example of the latter is the Internet of Things, says Jost Hoppermann, Vice President and Principal Analyst at Forrester. Many people like the idea of smart things, from household appliances to heavy equipment. However, “when we look at consumer banking,” says Hoppermann, “there are very few reasonable use cases.”
Hoppermann and a team of Forrester analysts interviewed more than two dozen banking and technology decisionmakers. In an interview with The Financial Brand he discussed the findings, with some surprising indications of where these technologies will go in the future.
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