A fundamental transformation process is sweeping through the banking sector. The platform economy, artificial intelligence, robo advisory and Generation Z are just some of the game changers that are changing the rules of the game in the banking sector. But which topics are hype and which topics are long-term trends?
Market trends, technology trends, social trends and regulatory trends are changing the financial sector. The sum and complexity of these trends seem difficult to penetrate and therefore difficult to manage: in addition to managing increasing regulation, cloud services, cyber security and data analytics need to be utilized without losing the customer interface. At the same time, the speed of the technology cycles of blockchain, distributed ledgers, virtual reality and robotic process automation is shortening.
As part of the Lünendock® study "Digital Outlook 2025", banks were asked about the hypes and trends. The following results illustrate the challenges:
- 93% of respondents stated that increasing regulation will be a particular challenge for banking in 2025.
- 79% of respondents face the challenge of developing omnichannel banking services.
- 48% of respondents work intensively with startups on a project basis.
- 50% of respondents will rely on data- and platform-based banking business models in the future.
- 21% of respondents will or have already integrated artificial intelligence into their business processes.
Trend monitoring techniques help to anticipate the impact of more than just these trends. Which trends ultimately require an operational or strategic focus is then the responsibility of the respective bank's agenda setting. The roadmapping methodology has been helping a wide variety of organizations for twenty years now. In a roadmap, the bank illustrates its strategic orientation on the one hand and the future features of its products/services on the other. It is characterized by the fact that two important areas for banking are linked together: Market trends and potential customer requirements as well as new technologies.
In the coming weeks, TeleskopEffekt GmbH will be writing about individual trends, such as smart channel banking and its roadmapping, in its blog.
If you would like information on trend monitoring and/or roadmapping, please contact Dr. Julia Breßler
