FinTech Magazine February 2019 | Page 37

being tempered with banks beginning to see fintechs “ as a friend , not an enemy ”. The Open Banking Readiness Index found that 84 % of banks in APAC consider collaboration with external partners extremely critical for succession adopting open banking strategies . “ 90 % of innovation is coming in from the outside ,” says Gupta . “ Hence , it is becoming critical for innovation to be seen as a joint initiative when it comes to the financial service industry . Banks and fintechs are collaborating in a variety of ways through accelerators and incubators .”
For the future of banking , Gupta outlines four key trends : a focus on the consumer lifecycle ; use of AI and machine learning to increase personalisation ; digital transformation and continuous innovation ; and open banking platforms and data . “ According to Accenture , businesses that are successfully applying AI could increase profitability by an average of 38 % by 2035 ,” says Gupta . “ This means that from a business or end-customer perspective , the more banks look at applying AI and machine learning for deeper analytics , it creates an exponentially faster and more personalised
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