2023 - 5 trends with financial institutions
- by Alex Antonatos
In 2023, if i had a crystal ball, I believe the following trends will become main themes within north american financial institutions:
1. Increase mobile banking capabilities: Banks should continue to invest in technologies to improve the customer experience on mobile devices. This could include new payment systems, improved security measures and customised experiences for each customer.
2. Develop AI-driven solutions: Banks can use artificial intelligence to automate mundane tasks and provide more personalised customer service. AI can also be used to detect fraud, improve customer experience, and even predict customer behaviour.
3. Leverage blockchain technology: Blockchain technology can help banks reduce costs, increase efficiency, and improve security. Banks can use it to develop new services, such as digital asset management, and establish distributed networks to streamline processes.
4. Introduce open banking: Open banking allows customers to securely share their financial data with third-party providers, such as financial advisors, lenders, and insurers. Banks should look to partner with these organisations to provide more personalised services to their customers.
5. Utilise digital currencies: Digital currencies are becoming increasingly popular, and banks should look to leverage this technology to offer a more convenient way to send and receive payments. Banks should also look to develop their own digital currencies, and explore the potential of using them to facilitate international payments.
This will be my last post of the year, Merry Christmas to all and wish everyone a 2023 filled with happiness, health and success.