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Emerging technology trends The road to the bank of the future

Emerging Technology trends

Published By : Anita Kimber | EY

Preparing for the next wave of reinvention is largely being driven by a rapidly changing technology landscape. Banks seeking to understand how they should transform and invest in programmes of work to activate new capabilities, need to consider technology innovation and trends.

Rapid transformation ahead
Banking has gone beyond the digital tipping point. The sector is gathering momentum towards rapid and wide scale transformation, driven by both fintech disruptors and a responding wave of innovation investment from incumbents. The challenge for banks is to understand the technologies that are reshaping and will continue to reshape the future and how to strategically invest now. The way consumers think about money and banking is already changing dramatically. Financial services workers are also empowering themselves with technology, allowing them to work more effectively and deviate from traditional working hours and practices.

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TABLE OF CONTENTS

Rapid transformation ahead
Navigating the adoption and investment horizon
Certain and mature technologies
Disrupting internally
Distant Horizon

Navigating the adoption and investment horizon

The horizon below, profiles the technologies we believe most likely to confer competitive advantage over time, considering proliferation in the market, costs and usefulness of application in the average bank’s operating model today. Thinking out to the horizon will enable banks to start developing new workforce management strategies and regulatory and compliance frameworks, that will be required to leverage future technologies. New and emerging technologies will change the profile of workforce skills and capabilities, creating demand for currently scarce IT and technological skillsets. The worldwide competition for qualified talent in science, technology, engineering and mathematics is as its highest level since the global financial crisis.

According to Qualigence, by 2015, 60% of new jobs will require skills that only 20% of the population possess. To avoid paying a premium for scarce resources, banks will have to both invest in reskilling their own staff and work with education and academic providers to ensure the workforce of the future have the necessary skills. Future technology is also likely to require a highdegree of compliance management. Many new technologies will require additional government regulation, others, such as the internet of things and quantum computing, will require government support.

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