Recipients of the 2016 FinTech Forward awards discuss how evolving technology will reshape banking in the next five years.
Some of the key takeaways:
- Data, data, data. Huge value in data analytics for those who efficiently gather it.
- It will be crucial to respond to the shift occurring in the next five years toward “banking where and when I want it.”
- Technology is providing greater options and choices – – and therefor greater customer expectations – – will have to be developed and nurtured.
- More digital self-service in the future – – but branches will still continue to grow.
Watch the video on the American Banker site.
Note that these viewpoints are pretty practical. No one is really predicting a complete redo of financial services. Perhaps they are missing a few key elements related to how the millennials are going to bank? Also, are the soundbites meant to support a cohesive banking industry? Either way, it’s not a radicalization in banking — its building and diversifying for a more ubiquitous deliverable.
OrboGraph supports this position, and has built a product strategy with a similar foundation. Take OrboAnywhere, for example; building on the foundation of recognition technologies, then enriching those technologies to be applied toward payment negotiability, fraud prevention, and compliance!