03 Jul WHAT’S THE FUTURE OF BANKING AND FINANCE? – A KEYNOTE SPEAKER’S TAKE
Being future of banking and finance keynote speakers and futurist consultants, we frequently get asked to speak and advise on where the industry is headed. Of course, it often helps to have some background and context in terms of all the new technology trends and cultural innovations happening in the field as well. So, for all you fans of us future of banking and finance keynote speakers and our work, here’s a little advance primer that can help set the stage for change in the years to come:
Digital Transformation: The top of the trends list at the moment goes to online and virtual solutions. Mobile banking, digital transactions, and online financial services are all becoming more prevalent with each passing day. Banks are likely to focus more on enhancing the user experience on digital platforms.
Artificial Intelligence and Machine Learning: AI and ML are already being used in banking for tasks such as detecting fraud and providing customer service (through chatbots, for example). In the future, their use could become more widespread, aiding in decision-making, personalizing customer experiences, managing risk, and more.
Blockchain and Cryptocurrencies: Think of potential gains this tech could provide in areas like payments, fraud reduction, and identity verification. Coming years might also see increased adoption and regulation of cryptocurrencies, though.
Open Banking: The movement towards using open APIs that enable third-party developers to build applications and services around a bank will continue, according to future of banking keynote speakers. This will lead to more integrated services and increased competition, benefiting consumers.
Sustainable and Socially Responsible Banking: As societal awareness of environmental and social issues grows, more banks are likely to engage in responsible banking too. That might mean more green bonds, sustainable investments, and initiatives to support underprivileged sections of society.
Regulation and Security: With the increasing digitization and use of technologies like AI and blockchain, regulations are likely to evolve to mitigate new risks and protect consumers. Cybersecurity will also remain a top priority as cyber threats become more sophisticated.
Personalization: With the help of AI and data analytics, banks will be able to offer more personalized services, products, and recommendations – a tend that should improve customer relationships and retention.
Neobanks and Fintechs: The rise of digital-only banks (neobanks) and fintech companies will drive competition and innovation in the sector, forcing traditional banks to adapt.
Financial Inclusion: Technology could also help to bring banking and financial services to underserved populations, reducing the number of “unbanked” people worldwide.
Remember though, these trends are subject to change as new technologies and societal factors emerge. It’s a fast-changing industry out there, after all!
