The banking sector is on the cusp of a revolution, driven by the twin forces of #Fintech and #AI, including the emerging powerhouse of #genAI. As we look toward 2030, the question arises: Is this transformation good or bad for the industry and its customers?
From a bank’s perspective, the integration of AI could result in operational cost savings of up to 50%. However, the benefits extend far beyond just cost reduction. The advent of new automated processes and systems is set to enhance customer connectivity and service delivery in ways that were previously unimaginable.
The New Paradigm of Customer Service
Customers today, and in the future, demand clarity, comfort, and convenience. This means personalized digital engagement will be at the forefront of next-generation customer service. The foundation of this service model is connectivity, achieved through automated engagement and service delivery mechanisms.
Embedded Finance and Process Automation
Embedded finance will play a pivotal role in making complex financial services more accessible and user-friendly. As process automation continues to evolve, the interoperability of cross-border finance and services will improve dramatically. This will result in smoother, more efficient transactions that seamlessly navigate international regulations and requirements. In essence, compliance will become an omnipresent, yet subconscious, aspect of the financial experience.
The Rise of Open Banking
Open banking is set to empower individuals with greater control over their personal and financial data. It will provide improved access to competitive products and services, fostering a more inclusive and dynamic financial landscape.
The Automated Back-Office
The back-office of the future will be heavily automated, resulting in improved and more consistent service delivery, particularly for repetitive tasks. This shift will free up human resources to focus on more strategic and customer-centric activities.
Aquila Dynamics: Shaping the Future of Banking
At Aquila Dynamics, we specialize in process and workflow automation within the financial services sector. Our mission is to co-create future-fit banking ecosystems that will thrive in 2030 and beyond. The future of banking is not just about surviving—it’s about thriving in a landscape where technology and human needs converge seamlessly.
