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Patterns of disruption are forcing banks to rapidly adopt new technology enabled models
Driven by competition and rapid disruption, banks increasingly spend on technology enabled models targeted to improve customer experience and service capability. What are the recent developments and top priorities of banks in 2018?

November 21, 2018 | Neeti Aggarwal

Fintechs and new entrants are driving evolution in financial services as they set new standards and change customer expectations. The disruption is forcing banks to rapidly adopt new models as fintechs bring broader financing access to customers through new products and frictionless digital processes. Market places and P2P models are expanding reach while new mobile payment models have taken a stronghold. Technology companies like Amazon, JD Finance, and Ant Financial have rapidly expanded market reach, bringing innovative experience to their customers through their vast exiting touch points. Some of these fintechs are eating into bank’s businesses while others are becoming partners to banks bringing with them simple, frictionless and agile services that improve customer experience.

The future is all about what a customer needs. Forced by the disruption, banks are now rapidly revisiting their existing technology platforms and applications. Leading banks are re-designing their processes to be customer-centric, while operations are digitised. The focus is now on improving customer journeys. Banks realise the need to integrate silos of products, channels and data to have a relevant offering and shift their legacy systems to services oriented core systems and clouds. The business processes are being overhauled, enabled with new emerging technology such as artificial intelligence (AI), big data analytics and application programming interface (API) banks are expanding digital and integrating physical presence to make customers’ experience more frictionless.

The trends from Financial Technology Innovation Awards

The Asian Banker conducts The Financial Technology Innovation Awards every year. This year it received an extensive response with over 200 submissions in 2018 across countries for different categories of projects that were completed in 2017.

The top areas where the banks across all regions implemented projects...

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Keywords: Fintech, Technology, P2P, AI, API, Chatbots, OCBC Bank, Emirates NBD, IVR, KYC