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2017 PREVIEW On the radar
IBS Journal asks leading industry players: what are the banking technology/FinTech trends to watch in 2017?
developments and investments in FinTech over the last few years. Moving into 2017, we will not only start seeing greater market adoption of these new technologies but more importantly translating FinTech ideas and concepts into tangible value proposition to solve real clients’ needs. At the same time, we expect that natural partnerships between traditional financial institutions such as banks and FinTechs will continue to be formed, integrating the strengths of the banks’ distribution capabilities and the latter’s innovative ideas to create new client solutions.
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Further driving the evolution from competition to cooperation between banks and FinTechs is the culture infusion between the two industries. The agility of FinTech culture will help banks to reduce time to market while the strong network and client base of a bank will allow for quicker commercialisation of the client solution. Hence, it is without doubt that we will continue to see more collaboration in 2017 with a much stronger focus on creating value propositions to enhance the client experience.
One of the most talked about FinTech buzzwords in 2016 would probably be distributed ledgers. The concept has energised the financial services industry globally. Various use cases on distributed ledgers have been created and prototyped to test and prove its commercial usability. While we believe that distributed ledgers will continue to be a key trend in 2017, it will no longer be a mere experiment in an innovation laboratory. Banks are swinging away from asking “What is this technology?”
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he world has seen significant
to “What do we do with this technology?” We will be seeing more distributed ledgers technology starting to land in commercial usage and creating new client value proposition.
The next big thing is data or more specifically the use of data in the analytical space. Data is no longer a set of information simply just for making a decision but also the fundamental element to formulate strategic roadmap. Banks are not only leveraging data to enhance their internal processes, but are also extending the power of data, through sophisticated analytical platforms, to allow clients to have greater visibility of their financial activities and better understanding and insights on their ecosystem.
With greater mobility and connectivity globally, work will no longer be constrained by location and time zone. Mobile solutions allow people to interact and exchange information, at anywhere and anytime. People are conducting work ‘on-the-go’ and aiming at quicker and faster turnaround time of decision making. Mobile solutions will hence be pushed, moving the banking frontier closer to clients and making banking possible in
every corner of the world.” Gautam Jain, Global Head, Digitisation & Client Access, Transaction Banking, Standard Chartered
“2017 will see an acceleration in the pace of innovation, particularly in the banking sector, where collaboration, digitalisation and a services-centric approach will continue to drive change throughout the industry.
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