Despite recent uncertainty in the financial markets, the economic outlook for the banking industry remains positive. Regulatory forces are encouraging innovation and new digital technologies provide opportunities to improve customer experiences. There are strong indications that banking organizations worldwide understand the primary trends impacting the industry as well as the actions that are needed to respond to competitive pressures.
8 Technology Trends Banking Industry Must Act On In 2019
Never before has the importance of technology been greater in financial services. Competition from fintech firms and big tech giants, increased expectations from the consumer, and new innovations connecting data to digital delivery are requiring banks and credit unions to embrace new technologies in order to build winning strategies.
For the past five years, Jay Palter has created one of the most anticipated and respected lists of influencers in the banking industry. Not only are his lists important to those listed, but many in the banking industry connect with the people and companies on these lists to keep track of trends and to receive real-time updates of breaking news.
Banks and credit unions face a double whammy. First, consumers are giving substantial trust and loyalty to major tech firms like Amazon and to newer digital banks. Second, this comes as many traditional financial institutions fail to deliver the primary elements of value that consumers crave. Digital players will keep gaining new customers … unless traditional players up their game in a hurry.
Banking has been conducted in pretty much the same way for decades. While some of the legacy processes have been replaced by new technology and digital capabilities, much of the foundation from the 1970s remains. This infrastructure and legacy culture places traditional financial institutions at an increasing disadvantage compared to digital alternatives.
As the Head of Technology Transformation for Consumer & Community Banking Technology at JPMorgan Chase, Sonia Wedrychowicz is helping to lead the digital transformation efforts that impact one of the largest banks in the world. Experienced and inspirational, she agreed to share some of her insights and experiences with The Financial Brand.