Customer-Centric Digital Banking in an Evolving World
With an increase in adoption of commercial and investment banking technology, organisations are now providing customers with greater communication, ease of access and financial opportunities. In fact, between 2017-2021, consumers in Asia-Pacific emerging markets increased their use in digital banking by 33%, with 88% of consumers now utilising it today. Furthermore, investment banking technology really took off during the last decade with blockchain as even political bodies such as the EU are now looking to invest in crypto currencies.
Will Commercial and Investment Banking Technology Destroy Existing Companies?
For many people at heritage financial firms, the digital transformation seems like a scary move. Gartner recently predicted that by 2030, 80% of heritage financial firms will either go out of business, become commoditised or only exist formally. The expectation is that fintech organisations and global digital platforms will only gain more relevance and thrive under the conditions of digital transformation.
The problem for many is the use of legacy technology, which by its very nature is traditionalist and outdated. With an increase of people working from home, people want both stronger commercial and investing banking technology. For the customer, it will allow them to access their finances with ease, which creates opportunities for fintech security companies that are then able to provide greater protection from outside threats. For investors, the ability to mobilise their investments with greater ease can only be achieved through stronger technology.
In this EM360 podcast, we speak to Mark Aldred, VP of Sales at Auriga, about the use of banking technology in 2021, the risks associated with it, what new technologies we expect to see and how we, as business professionals, can prepare ourselves for the inevitable dangers.