Of course, automation is not new, and the finance sector has long embraced tech in order to find new ways of streamlining, efficiencies in process and to provide better customer experience. But as automation, machine learning and AI moves on, so will we.
In eTrading the trend will be increasingly focussed on algorithms which isolate and implement trade opportunities and manage positions without publishing those intentions to the wider market.
We’ll see more uptake in Cloud solutions, with an increased uptake in using software as a service solution, and migration of services to the Cloud. The benefits here are reduced costs and increased efficiencies in trading, reporting and treasury.
User Interface (UI) technologies will be in higher demand than ever. Bringing out a new tool or system that isn’t easy to use, and is not well designed makes you look archaic. Many business banking apps are clunky to use and just don’t look good, so we expect to see a big uptake in UI tech going forwards.
AI is going to be deployed more and more to make those incremental improvements. Many of our systems are already automated, so how do we make them even quicker and more efficient? How do we eliminate bugs and mistakes?
Machine learning and AI are the solutions here. The more data that’s available, the more machine learning and AI can understand, improve and move forward.
Looking to the future, the banking sector has a lot to learn from the automotive, consumer and retail sectors.
Amazon are revolutionising the shopping experience with their pilot grocery shops. As long as you have an Amazon account, you can walk in, scan your phone, shop for your groceries and leave. That’s a pretty streamlined, efficient process and incredibly convenient for the consumer.
In automotive, the seemingly impossible is being achieved, with driverless cars edging ever closer to becoming reality, a trickle-down effect in incremental improvements implemented by Formula 1.
Similarly, the likes of the Amazon retail innovations will trickle down to the supermarkets, and in banking it’s essential to be innovating and pushing, and ensuring that improvements are adopted and implemented more widely once they’ve been proven.
We’re pretty optimistic for the year ahead at emagine – tech will never stop pushing improvements, and the nature of the beast means that it’s well-placed to ride out any recession, which if it arrives, looks set to be reasonably shallow and short-lived.