FINTECH
30
Banks face a pivotal moment in their evolution . The last decade saw the digitisation of financial services forever change the way in which people manage their finances and interact with their service providers . New technologies , such as AI and machine learning , voice recognition , mobile banking and the smart use of data will define how financial services are offered , and an evolving regulatory landscape and the hyper-personalisation of banking will set new standards for business models and customer expectations . Balancing these challenges will be crucial to success .
Technology continues to drive global change . In banking , it has the potential to offer unprecedented speed , new levels of convenience and give tailored and personalised services and advice . Mobile banking , for example , has given consumers the freedom to manage their finances when and how they like , wherever they like ; the implementation of AI and machine learning to analyse and use data has helped financial services companies both internally – the ability to monitor account activity , complete multiple tasks at greater speed , and more effectively , combat fraudulent activities , and so on – and externally ; and data is proving to be the framework for the provision of greater user experience and the managing of trust and relationships .
JANUARY 2020