July 22, 2024

Technology trends in banking



Published May 29, 2023, 2:20 a.m. by Bethany


The Banker magazine recently released its list of the top 10 technology trends in banking. Here is a brief overview of the trends:

1. Cloud computing - Banks are increasingly turning to cloud-based solutions to reduce costs and improve efficiency.

2. Mobile banking - More and more people are using their smartphones and tablets to conduct banking activities.

3. Big data - Banks are using big data to better understand their customers and target their marketing efforts.

4. Social media - Banks are using social media to connect with customers and promote their products and services.

5. Cybersecurity - With the increasing threat of cyberattacks, banks are beefing up their cybersecurity defenses.

6. Blockchain - Blockchain technology is being used by banks to streamline processes and reduce costs.

7. Artificial intelligence - Banks are using artificial intelligence to automate various tasks, such as customer service and fraud detection.

8. Regtech - Regulatory technology is helping banks comply with regulations more efficiently.

9. Insurtech - Insurance technology is making it easier for banks to offer insurance products to their customers.

10. Fintech - Financial technology is providing new solutions for traditional banking activities.

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[Music]

foreign

hello I'm Joy McKnight editor of the

banker and with me in the studio is

Andrew McKibben International head of

technology and operations at Bank of

America to talk about technology Trends

in banking Andrew thanks so much for

joining me thank you for having me so

you took over as International head of

Technology sort of at the beginning of

the pandemic you know what kind of

Technology Trends have you seen

throughout this period you're right so I

started February 2020. uh it was really

character building I would say and a key

trend is client experience right like my

priority during instance epidemic has

been the stability resilience and data

security over technology platforms it's

really important that clients can do

what they need to do every single day

and regardless of what's happening in

the market with volume or volatility it

doesn't matter that's what they expect

that's what we have to deliver and our

employees expect it as well they need to

be able to deliver for clients and have

those same things those things aren't

new though right at the bank we've

invested

in those areas for a long period of time

no and really the benefits of that

investment came to light during the

pandemic with accelerated digital growth

it'll really allowed us to manage risk

effectively and that continues today and

it really is the foundation for which we

can deliver everything else for clients

and I think increasingly it's a

strategic competitive advantage in the

marketplace for companies that are able

to do that

excellent and now we're more than

halfway through 2022. what would you say

are top of Mind trends for clients when

it comes to technology look I'd say in

any technology strategy clients have to

be at the Forefront of it right you

really have to look through a customer

lens

right so they can do what they have to

do every single day clients want new

capabilities of of course they do and

they should expect that but my

discussions with clients what they look

for in a banking partner is also

stability resilience and data security

and those things are really foundational

for what you deliver right examples of

new capabilities though that we have

focused on uh glass is a financial

markets Insight platform that Aggregates

Market data across different asset

classes and regions into one platform so

you can understand the monitor in the

market pay by Bank we launched earlier

this year that allows e-commerce

companies to offer clients the ability

to choose how they pay so you don't need

to enter a debit card or a credit card

set of details you can instruct to pay

directly from your bank account giving

clients Choice excellent and then are

there any future trends that you think

we should be thinking about

it's a great question and the pandemic

really

put a focus on risks and dependencies

with third parties and fourth and fifth

party dependencies on infrastructure so

into the home of broadband mobile

but also newer Technologies right we've

talked around things like distributed

Ledger technology for a long period of

time and I've been part of more

practical discussions in use cases in

the last year than the prior five years

but I think of those all as enablers

there's probably three trends

that I think are going to be key one is

that client experience

is increasingly a significant part of

their experience of a company

right and clients are becoming more

digitally native so they're growing up

with technology and they expect a much

more personalized technology experience

right so that's the first the second is

that has to be underpinned with data

security

right as a bank customers trust us to

manage their data and we should never

ever forget that but the third is it's

going to require more investment

and Innovation and at the bank we spend

10 billion dollars a year in technology

have done so for the last 10 years but

that's just one part of it you have to

innovate given the strength of

competition right and in the U.S

we are the financial services leader in

Payton since 2014. uh and in technology

we have you know 62 percent more patents

granted in the US this year to date you

know the first six months of this year

versus the first six months of last year

across information security payments you

know all of those different categories

so you really have to innovate to get

more value from the investment as

opposed to just focus on the top line

number

excellent my last question is really

around diverse workforces there's a lot

more research coming out that really is

trying to make that link between a

diverse Workforce and also performance

you know how do you think that applies

in technology it's no different at all I

had diversity always adds it never

subtracts I'm a big believer in

diversity uh improves sort of

performance it brings broad perspectives

together and how you deliver for a

client

and you know at the bank fifty percent

of our Global Workforce is women

right we have networks LGBT

intergenerational Multicultural

but we're also increasingly focused on

your Divergent Talent

right so for example those with autism

ADHD dyslexia and you know there's some

early success there and we've recently

released a report on neurodiversity in

the workplace that really outlines how

employers

should foster a workplace

where neurodivergent employees can

Thrive and they often have great stem

based skills the ability to process

information differently to solve

problems creatively and all of those

things are needed and look Global

employers report difficulty in filling

stem positions right and to my sort of

earlier point if the client experience

will increasingly be a significant part

of their experience of a company you

need to access all available talent and

your Divergent Talent is a key part of

that excellent well thank you so much

for your Insight Sandra oh thank you

very much for having me

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