Going Digital: The Fintech Landscape Roadmap
Technologies that will Rule the Banking industry
Many significant changes are happening in the financial industry, especially around technology. Banks have always been innovative and creative with their products and services. Today, with the entire banking industry shifting to digital channels, technologies such as blockchain, AI, and robotics have the potential to improve numerous facets of banking. AI and Machine Learning have facilitated the companies across the consumer lending space to transform, both concerning their back and front-end processes.
Generic Challenges Surrounding FinTech space
I think the significant challenges that the enterprises are facing today are around keeping up with the transformation happening in the industry. Startups are generally nimble, and they start off with a product which is a lot more flexible when it enters the market. But a major roadblock that they have to overcome is to deliver products at lower cost points or on an efficiency level which is difficult to replicate for them.
The Right Way to Choose a Solution Provider
I always start off by seeking the company that makes an excellent strategic fit with my firm. Then I conduct a checking operation for the things we lack in and try to revamp those by partnering with people who have the same outlook and strategy. Also, keeping up with the pace of digital information is vital; I make sure that we are focusing on digital banking by using technologies such as blockchain and AI.
Key Leadership Principle
The first thing we look at is our strengths, and then we match them with the key trends in the industry. Next, observe the gaps that exist internally so that we can create an opportunity for us to work on them. Right now we are on the same process as it gives us a chance to take a step back and take a broader view of the market. We then accordingly, plan the strategies and bring them into actions—these actions are prioritized based on the opportunities and resources.
"Today, with the entire banking industry shifting to digital channels, technologies such as blockchain, AI, and robotics have the potential to improve numerous facets of banking."
The Forces Transforming the Future of banking industry
We have seen migration happening in the retail sector from brick and mortar to the online store. The financial sector is no different when it comes to migration. In recent years, financial organizations have significantly increased the usage of digital technologies, and this migration will continue as we move forward.
But unlike the retail sector which is very transactional; in financial services, it’s not the case. In financial services, the customers look for specific products and they want their bankers to be their advisers. So here lies a challenge because when you are in a digital environment, it’s difficult to give advice and services. That’s where AI and robotic nature of the product services come into play wherein they could cost-effectively offer these services. Thus, these technologies emerging in the financial sector are providing the capability for migration to digital.
Piece of advice
I would suggest to constantly observing the industry and learning about the new trends rising on the horizon. Do a lot of research and try to be updated, figure out what new things you can learn and apply that. Be futuristic and build plans which can serve up to five years down the lane.
According to me, the technology is becoming increasingly critical to organizational success. Transformation is an area where CIOs will continue to emerge; not just because they come from a technology background but also because of their engagement in driving the business value. So how you leverage technology to evolve—that’s another element, I continue to see emerging.