Banking has always been a strong and stable pillar of society.
From artificial intelligence to blockchain, there is a new realm of possibilities that banks are now experimenting with.
What does that mean for the future of banking?
How will this unprecedented tech boost impact banking in the next ten years?
Not quite, but here are some ideas of what can happen.
Artificial Intelligence will deliver value for the business
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For example, here, AI is being used to increase the speed of responses in social channels.
Currently, 30% of responses made by employees are AI based suggestions available to them as shortcuts.
ABN AMRO applies AI to a broad range of topics.
For example, its working on AI to improve on their MIFID-II reporting.
In terms of product-related applications, Tikkies cashback and deals proposition uses AI to scan receipts and detect fraud.
One use case is automatically extracting information from documents that clients provide.
Specifically, personalization will be where AI can add real value to client interactions.
in communication, advice, service concepts and even in risk-based pricing.
AI will enable companies to shape their communication and sales interactions in real-time.
The instigator for institutional cryptocurrency investments is the maturity of the regulatory environment.
With internal and external cryptocurrency educational efforts underway, institutional crypto mandates may be commonplace in the next decade.
Tokenization can make the issuance, distribution, and storage of that asset more efficient.
A reduction in cost makes certain financial structures like corporate bonds accessible to smaller companies.
This makes it affordable for banks to issue smaller ticket sized bonds for small companies.
For instance, the bank has been investing in real estate energy efficiency solutions for some time now.
This will help the bank future-proof their business by allowing them to identify future partners beyond traditional finance.
Expect to see even more of these bank-startup collaborations in the next ten years.
Cryptocurrencies could sit alongside fiat currencies as we transact tokenized versions of various financial instruments.
She was previously an Innovation Strategist at Quirk London.
Aside from writing for TNW, she also blogs on the Huffington Post UK.
