Financial Services and Investment
Financial services and investments span a wide sector and in the next few years there are several trends expected to shape the industry. Customers are seeking financial institutions with online platforms and mobile apps to let them manage and keep track of their accounts from anywhere. Although traditional banks rely on legacy infrastructure to run operations, there is a shift towards adoption of innovative technology.
McKinsey & Company predict that leading financial services firms will accelerate their cloud migrations to unlock data at scale. An increased adoption will reduce costs and create an opportunity to gain customer behaviour insights. Cloud technology will also protect systems and data from the risk of cyber threats whilst building trust among customers.
In an era of digital change, turning data into a competitive advantage is imperative – insights from data unlock a deeper understanding of customers and their needs. Yet a 2022 Capgemini global retail banking report found that three-quarters of global retail banks struggle to turn data into insights. Financial institutions have the opportunity to be more customer-centric, as we see insurers are seeking more abundant quality data to accurately assess risks such as from climate change and cyber threats.
To keep up with the pace of constant change businesses are using data and the advanced technologies of artificial intelligence (AI) and machine learning (ML). Financial institutions with a data-driven approach will use AI and ML to automate analytics to help make more sense of their wealth of data to unlock its full potential, for example by improving fraud detection and prevention.
Looking ahead, financial institutions can become truly customer-centric and data-driven when they break free from the constraints of legacy technology
The outlook shows customers are looking for financial institutions with online platforms and mobile apps that let them manage their personal accounts and keep track of their financial health from anywhere
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