FinTech Magazine January 2020 | Page 34

FINTECH
34 and data enable , in terms of improving customer experiences , with the absolutely fundamental need to ensure the highest customer standards are upheld and the integrity of the financial system is maintained .”
Banks have – and continue to – invest in technology and digital transformation heavily , dispelling the myth that incumbents are less well placed to take advantage of new innovations . So too have they increased collaboration with fintechs , startups and innovators in the sector in order to leverage new ways of thinking and co-develop new services for customers . HSBC expects these partnerships to increase exponentially in the future and affirms its belief that fintechs will likely not displace traditional banks – there is , after all , value in such collaborations for fintechs too in terms of access to a larger customer base and greater investment power .
Data and analytical technologies will continue to define how financial services are delivered into the next decade and beyond , particularly with regards to enabling a greater focus on bringing financial institutions and customers closer together to deliver
more personalised services . The extent to which banks will develop autonomous technology or AI applications , says HSBC , remains unclear , particularly as many are still in the nascent stages of implementing big data and predictive analytics – the bank itself currently has 1,600 robotic devices across its global network , for example , which processed 11.5 million transactions in 2018 , representing a tenfold annual increase .
JANUARY 2020