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#1 Four key trends predicted for the digital banking industry.

Posted: Tue Jan 25, 2022 12:11 pm
by Nishan_Alfred
The whole idea of banking at your fingertips has introduced a new competitive landscape that has redefined the role of physical branches and ultimately accelerated digital transformation across every aspect of banking, creating new disruptions in the banking sector.

Let's get right into it

The Rise of BaaS

The most exciting trend that we can look forward to in 2022 is Banking-as-a-service (BaaS). This is a great opportunity for existing banks, insurers, and wealth managers to reach a greater number of customers at a lower cost by collaborating with non-financial entities.


Novel Business Model

Advancements in digital technologies has increased demand for personalized and convenient digital experiences. Artificial Intelligence (AI) and Machine Learning (ML) has also witnessed evolution as the crucial enabler in facilitating hassle and risk-free digital transformation.

Upcycling Physical Branches

A recent study revealed that physical visits to the banks will drop to less than 35% due to the emergence of digital-only banks. Physical branches are being repurposed to cater to a niche vertical of banking aiming at a certain demographic, industry or community. Banks will have to increasingly adopt digital technologies, such as embedded Artificial Intelligence and Machine Learning models that guarantee highly customizable user journeys and reduced efforts in data capture with conversational interfaces


Revamping back-office processes

Even though the consumer runs after the digital ecosystem, yet traditional banks are yet to catch up with this trend, resulting in arduous, time-consuming, costly processes and a data-siloed eco-system. Banks are remodelling IT architecture, leveraging data and analytics.

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https://www.i-exceed.com/blog/four-key- ... y-in-2022/