With the advances in technology, all industries are currently undergoing a permanent revolution. And banking is no exception – as its industry continues to evolve, financial institutions must adapt to stay competitive and meet their users’ expectations. One of the most significant changes on the horizon is the growing demand for seamless digital experiences, particularly among the rising generation of adult Gen Zers.
Let’s explore some of the top trends in banking for 2023 and how they can be leveraged to meet the needs of consumers:
- Embedded finance. An increased demand for seamless and frictionless payments is the main driver behind the explosive growth of this trend, which is expected to reach 7 trillion dollars by the next decade. This trend is connected to providing quick and convenient shopping experiences for users in non-financial settings, which fosters customer loyalty and increases the reach of banks.
- AI in banking. With the explosion of big data and the availability of infrastructure to support it, banks will be leveraging AI to gain a deeper understanding of their customers and offer tailored services. AI also plays a key role in frictionless onboarding for new users, preventing payment fraud, and streamlining operations with personalized interactions with customers.
- Data aggregation. By securely collecting and analyzing user data, financial institutions can gain valuable insights and drive innovation. Connecting with third-party services essential in this regard, as it will allow banks to offer a more comprehensive view of their customers’ financial well-being.
- Cloud solutions. As the volume of data handled by banks continues to rise, especially in light of the trend of data aggregation, the need for robust and secure cloud solutions becomes increasingly important. These cloud-based solutions will enable banks to connect and utilize data, allowing them to securely and quickly deliver new content, applications, and services to customers.
As we move forward into 2023, it is clear that the banking industry will be shaped by technological disruption, regulatory changes, and new trends.
One thing is certain: consumers will always demand more frictionless experiences, and those institutions that can deliver on those digital expectations will earn their trust and business. Reach out to us and discover all the ways we can leverage these trends and help you reach your business goals!