“ This can remove the constraints of logic being built into the back end , making it easier to change and adapt processes as well as more easily access data when needed . The use of low-code tools can empower business domain owners in areas like customer service or product sales to spin up their own apps to streamline or speed up processes and deliver better outcomes . And it is possible to do this in a way that is well-governed and controlled .”
Furthermore , Morgan feels that , should legacy institutions adopt generative AI tools , this would “ accelerate ” a smart evolution , “ providing an outline of business processes or data structures at speed ” while giving retail banks a “ design head start ”.
He adds : “ There ’ s never been a more important time to ensure the right interaction is happening at the right time , and getting the mix right of what should be automated compared to where in-person help is needed . To truly deliver on the promise of smart banking , getting this balance right is key .”
Gamification : making ‘ smart ’ banking smarter While retail banks play catch up to smart banks , it inevitably falls on the shoulders of challenger institutions to stay one step ahead . Given the abundance of technological capabilities used at smart banks , the conundrum is working out the next phase of innovation using existing technologies .
The Vice President of Delivery and Head of Financial Services & Insurance at Intellias , Pavlo Khropatyy , feels the gamification of smart financial services will become a
58 July 2023