Top Technology Trends Revamping Banking

Justin Smith, CIOReview APAC | Monday, May 31, 2021

Justin Smith, CIOReview APAC

With the advent of groundbreaking technologies, the way banks engage with customers has drastically evolved.

FREMONT, CA: The year 2020 was a year of sheer disruption and unexpected chaos brought on. But beyond its reputation as one of the darkest years, 2020 also offered a few pleasant surprises. The increasing dependence on technology paid off, and it was one of the biggest allies in the battle to keep businesses going and productivity levels high. Banking was one of the worst impacted, and the same holds as the second wave of the pandemic hits. In a time of growing uncertainty, banks are focusing heavily on using technology to improve their risk monitoring and management potentials. Here are some of the key technology trends driving banking in 2021.

Architectural Transformation

The banking sector is moving away from the clumpy rigidity of a monolithic setup. The banking architecture of 2021 will be massively distinct from that of the previous age. With customer experience attaining traction in the industry, next-generation banks require to be fluid and highly responsive. The adoption of a lighter and flexible microservices architecture will be vital to achieving this.

Implementing Cloud Technology

There are several flexible options to choose from for banks that are on the fence about cloud adoption. Hybrid cloud offers the convenience of lower Capex, along with the security of the on-premise implementation. With the advent of better cloud security, banks could even look at public cloud ecosystems as viable, long-term choices.

Blockchain for Data Sanctity

The latest trends favor the inclusion of blockchain in banking. The shared infrastructure of blockchain ensures the integrity of information, making it seamless for banks to identify fraud and eliminate risks. With the ability to mitigate operational costs while enhancing efficiencies, blockchain will be a potential gamechanger shortly.

Open Banking

As customers find ways to bank as per their preference and convenience, the banking sector expects radical developments in the open banking arena. API banking is accelerating processing times, mitigating go-to-market cycles, and enhancing decision-making and responsiveness. All roads in open banking will lead to data democratization and socioeconomic upliftment.

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