So, how will technology transform financial services in the next few years?
We asked experts to share their perspectives, and here are five trends we think are worth watching.
But the best is yet to come.
Customers already interact with banks using unstructured data today (e.g.
I expect we will see a lot more applications of AI within the existing processes.
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In the future, AI will support every customer interaction, de Reus adds.
When you call the bank, youll still speak to a human, but theyll be supercharged through AI.
These are very interesting models that show great promise for future applications.
Especially GPT-3s recent performance is truly amazing.
On the back of these developments well see better AI-supported customer interactions, de Reus says.
ABN AMRO is already using NLP-powered chatbots to provide better customer service.
It would be interesting to see how future innovations in AI and NLP will help propel these efforts forward.
As acceptance goes up, more clients will work with AI, de Reus says.
Banks will use data and analytics to help business clients in a much broader sense.
They wont just finance the solar panels on your roof.
Theyll help you get optimal benefits from them by optimizing their operation and integrating with the right energy provider.
This is only possible using a data-driven approach.
One of the current pain points in financial data analysis is that clients can have accounts at multiple banks.
But each bank however only has access to its own data stores.
system programming interfaces (API)
system programming interfaces have existed for a long time.
Adolfs has helped in the development of ABN AMRO API infrastructure.
For consumers, Tikkie provides a convenient way to send payment requests to friends and family.
Businesses, on the other hand, can use Tikkie to send payment requests for their services.
This can be done via an app, portal, and API.
Learning is going to be the key theme for 2020 for all parties.
Only when all parties learn, valuable propositions will be developed that the customers like, he says.
As blockchain expands, we can expect the gradual integration of traditional and blockchain-based banking systems.
Banking operations will begin to operate on distributed ledger technology with bridges to various open-source blockchains, Hayner says.
Mauric takes it one step further.
In general and not only in banking technology is not the limitation.
The people are the limitation, says Edwin van Bommel, Chief Innovation Officer at ABN AMRO.
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