North American Banking: Future Trends
To understand future trends (in the next two years) for the newest technology available for financial services institutions in order to determine which of those would provide the best technology-human combination of interactions to please the largest segment of banking customers.
Our background research revealed insights on future technology trends for financial services institutions. Here are some key pieces of information we found:
North American Banking:
Future Trends in 2020
- Industry experts predict that technology will increasingly transform retail banking for services to be online rather than through branch banking as a future trend. However, retail banks hoping to increase in-bank sales may "direct customers to interact with tech kiosks for some transactions and reserve person-to-person interaction for answering questions" in order to fullfill the unique needs of the individual customer.
- Another future trend in retail banking is predicted by industry experts to be the growth in importance of the smart device as it "takes its place alongside cards as the primary medium for consumer payment." Retail banking customers will benefit by these new technologies being more convenient.
- Biometrics (e.g. fingerprints, voice recognition) is also predicted per industry experts to be a future trend that will "become commonplace in transaction authorization, but will remain tied to a replaceable physical device. (e.g. smartphone)." These new technologies will enhance banking security for customers.
Proposed next steps:
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As our initial research only touched upon future technology trends in North American banking, we recommend additional research to identify 2-3 more future trends that are predicted to be within the next two years in the North American banking industry that will also help to determine which trends would provide the best technology-human combination of interactions to please the largest segment of banking customers for a comprehensive report.
From previous findings, we also recommend identifying 2-3 best practices for AI implementation in large banks. For each best practice, we will provide a thorough description of what it is, how it can help, and why it is considered as a best practice for a comprehensive report.