As technology continues to advance, the banking industry is constantly evolving to keep up with the latest trends. In 2023, there are eight main banking technology trends that are expected to drive innovation and transformation. These include artificial intelligence and machine learning, digital banking and payments, cybersecurity and data privacy, open banking and APIs, mobile banking and apps, cloud computing, and virtual and augmented reality. By leveraging these technologies, banks can improve their customer experience, streamline their operations, and stay ahead of the competition in an increasingly digital world. Read this presentation to know more.

1. Top 8 Banking Technology Trends
in 2023
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2. 1. Agile & Adaptive Banking
Agile and adaptive banking focus on a product-centric model
that addresses the following concern easily and help banking
organizations to-
• Identify the financial-related frauds
• Maintain the pressure connected with regulatory and
compliance
• Handle financial planning and loan request approval

3. RPA and hyperautomation in the banking
market are expected to see a sharp rise and
it is expected to reach USD 4980.65 million
by 2029. Using RPA and hyperautomation
in the banking process enterprises can free
up their banking staff to more repetitive and
complex processes and give them the
responsibility for core banking tasks.
2. Hyperautomated Banking

4. 3. Open Banking
Open banking gives several benefits to banking
industries, it-
• Creates API infrastructure for easy data
sharing
• Promotes API governance architecture for
compliance and security
• Implements Data Policies to improve the
efficiency of banking services provision

5. 4. AI and Machine Learning
As per the reports around 56% of banking leaders
have implemented AI for risk management. And the
key driving factor behind the high growth of AI in
banking industry is-
1. To get better operational efficiency
2. Enhance personalization in service provision
3. Emergence of new products and services

6. 5. Generative AI
The best use of generative AI in
banking operations could be in
fraud detection, offering
personalized customer service,
enhancing virtual assistance
capability and wealth
management.

7. 6. Cloud and Digitalization
Migration of banking processes into the cloud
comes with multiple advantages-
• Cost reduction linked to the use of physical data
centers
• Faster and better access to data with lower
downtime
• Enhanced data security with transparency

8. 7. Cybersecurity
AI-powered fraud detection is also
employed to identify and prevent
suspicious activities, such as identity
theft and phishing scams. Additionally,
banks can utilize anti-hacking software to
prevent unauthorized access to their
networks.

9. 8. Banking of Things
Smart automated teller machines (ATMs)
equipped with IoT capabilities send notifications
for low cash levels and malfunctions, ensuring
timely maintenance. Additionally, IoT-enabled
digital wallets are embedded in mobile phones
and smartwatches to allow customers to make
purchases conveniently.

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