The digital transformation of the financial sector is a process that has been advancing steadily for years, relying on technology as its main driving force. Innovation is constant and new functionalities appear every day, heralding significant changes in the financial industry, but how can we determine which solutions will have a genuine impact on the future of banking?
Capgemini, a multinational strategic consulting firm, has published the fourth edition of its report “TechnoVision 2022: Financial Services”, which aims to focus on the most relevant technological trends of the moment to help financial institutions to continue to promote their digital transformation, thanks to the knowledge of Capgemini’s experts and the analysis of 70 success stories from leading companies. According to Anirban Bose, CEO of Capgemini Financial Services SBU, “through TechnoVision 2022: Financial Services, we share perspectives and knowledge about how change will impact your enterprise and to help you to develop effective strategies”.
The most relevant trends according to TechnoVision 2022
The TechnoVision report proposes seven major thematic blocks that bring together different perspectives on innovation in the financial sector, covering a wide range of trends based on technological disruption such as big data, hyperconnectivity and customer-centric strategies.
These trends highlight the impact of data as a fundamental tool for optimising financial products and services, as well as the need to continue investing in the development of artificial intelligence and increasingly modular and flexible infrastructures such as cloud computing. In addition, “financial organisations are also looking at exploring quantum computing and metaverse avenues to use their data effectively and find opportunities to improve business”, according to Arindam Choudhury and Manish Kulkarni of Capgemini.
Another major trend that TechnoVision 2022 points to is real-time analytics, always very present at Latinia, to create valuable customer experiences and drive new, much more efficient and secure communication environments. “Technologies like predictive analytics, AI, and machine learning enable financial institutions to deliver targeted offers tailored to individual customers. The availability of real-time usage data (e.g., search history) pertaining to each customer helps build a unified customer profile, ensuring that insights are driven out of every interaction, thus opening up new opportunities for financial institutions to maximise their appeal,” said Pedro Ludovico and Surabhi Gawde, experts in residence at Capgemini.
The report stresses the need to put technology at the service of people. Improving the customer experience is the main driver of technological change in the financial industry: “Investment is shifting toward enhanced customer experience (CX), not only in front-end customer channels, but also in all ecosystems that support a frictionless and personal-emotive relationship, as financial services increasingly become embedded in all walks of life of a customer, enmeshed with multiple products and services”.
Francesc Pérez, Chief Revenue Officer at Latinia, shares this view of technology as an instrument that allows banks to adapt to the needs of their customers and integrate the bank into their daily lives: “It is paradoxical that after years of digital transformation, banks are still not managing to respond to clients’ expectations. Digital transformation is not just about digitising processes and services to become more efficient; it must be understood as an opportunity to redefine and expand the boundaries of the banking business itself, and respond to the expectations of customers who want their bank to be useful and add value to their daily lives. The life of the digital client does not take place in digital channels”.