We spoke to senior figures at the likes of AWS, Ozone API, Paymentology, Wise, and 10x to get their take on how the financial services industry has adapted in 2023, and what this means for the future.
They told us that ongoing pandemic recovery was just one challenge among many sources of disruption last year. The industry also had to deal with concerns around inflation, high interest rates, and geopolitical tensions.
Our first ever banking trends forecast looks at what the future might hold. Check out the full PDF here, or get a snapshot of the key trends below.
Generative Articificial Intelligence (AI) was the most high-profile technology of 2023, so it will be no surprise to readers to see it identified as a major influence in the future – although not without warning.
Regulatory changes are another key theme, with a heightened focus on compliance, particularly in cybersecurity and fraud prevention. The introduction of new consumer duty regulations and the emphasis on data and analytics to ensure good customer outcomes indicate a shift towards more stringent governance.
Open banking and open finance continue to pick up pace as a global phenomenon. In markets where it’s established, usage
continues to grow. In many other parts of the world, it’s on its way quickly.