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Major Financial Trends Impacting Banking

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The financial services industry is one of the industries that has been most impacted by digital disruption, and we saw numerous significant trends and developments.
Here are some financial trends that are impacting banking industry.

Published in: Economy & Finance
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Major Financial Trends Impacting Banking

  1. 1. Major Financial Trends Impacting Banking
  2. 2. The scope and speed of evolution in regulation, customer behavior and technology – coupled with the emergence of new competitors – mean that the future of banking will not be a continuation of the past. New technologies will transform banking as we know it, providing both opportunities and challenges for financial institutions.
  3. 3. RESPONSE TO CUSTOMER NEEDS. Ranked as the most i mportant trend i n each of the l ast 4 years i n research done by the  Di gi tal Banki ng Report, fi nanci al i nsti tuti ons need to shi ft from physi cal i nteracti ons to di gi tal engagement. For banks and credi t uni ons that di gi ti ze customer j ourneys, there can be a si gni fi cant benefi t i n revenues, cost reducti ons and customer sati sfacti on.
  4. 4. OPTIMIZATION OF COSTS Because of the effi ci enci es of di gi tal -onl y competi ti on, banks and credi t uni ons wi l l need to consi der di vesti ng from non-core operati ons and l everagi ng i ntel l i gent automati on. In addi ti on, organi zati ons wi l l need to rei nvent back offi ce processes and repl ace agi ng i nfrastructure.
  5. 5. CREATION OF NEW REVENUE STREAMS. Open banki ng and the use of APIs wi l l open new opportuni ti es for both cost reducti on and revenue growth. As the banki ng ecosystem expands beyond tradi ti onal banki ng servi ces, new products wi l l be devel oped and segments served that wi l l provi de di fferenti ated offeri ngs and moneti zati on opportuni ti es.
  6. 6. DEVELOPMENT OF SECURITY With customer data becomi ng a ‘ product’ for many fi nanci al i nsti tuti ons, the need for enhanced securi ty and advanced insights (AI) wi l l become a di fferenti ator from both a compl i ance and customer trust perspecti ve. Thi s can l ead to reduced costs and potenti al busi ness growth.
  7. 7. THANK YOU! www. facebook. com/tyronesystems www. twi tter. com/tyronesystems http: //bl og. tyronesystems. com

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