In Focus Collections
l Data and analytical technologies, like artificial intelligence and machine learning, will define the twenty-first century banking and financial services.
l Asset-backed crypto-assets (such as stable- coins) or central bank digital currencies could become more widespread. l There will be no widespread adoption of native crypto-currencies that lack any asset backing and issuer.
The risk-management advantage l In the digital economy, data governance and privacy will be the most important ingredients to building a trusting customer relationship. l Investment in regtech will continue to boom, commoditising certain compliance categories. l Further steps will need to be taken to standardise work in artificial intelligence, how information is collected, presented and explained to consumers.
l Cybersecurity will be an ever-increasing board priority and focus of banks’ investment.
l Regulation will only continue to grow and more non-traditional financial players will fall within its scope over time. l Regulation is unlikely to become entirely borderless, so there will always be a need for local, as well as a global outlook.
The consumer-behaviour revolution l Neither cash, nor ‘plastic money’ will disappear in the next 10 years – as newer digital payments will have to be tested, adapted, and trusted by consumers first. l Banks could no longer be bound by savings, borrowing, and investment products – requirements will more be tailored to customers depending on their dynamic needs at any one time. l Consumers will take much greater personal ownership over their own data, leading to the formation of digital IDs.
Banks may become the trust brokers in the management and development of these digital-ID profiles – and the access to third-parties through a platform-based financial-services model
l Banks may become the trust brokers in the management and development of these digital-ID profiles – and the access to third- parties through a platform-based financial- services model. l Digital voice activation may become the default channel for customer communication, along with augmented reality in real life situations, with the option to speak to a human advisor for more complex problem solving. CCR
January 2020
www.CCRMagazine.com
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