Technology Will Define 'Banking Next'

Among the various elements which will define ‘banking next’ - the stage that present day financial institutions will evolve into, technology is one of them.

Having transformed banking over the years from a stodgy, manually intensive, location-bound transaction-based activity into a thriving, agile, globalised, IT-led service, are there any frontiers left for technology to conquer?

I believe that ’technology next’ might be entering its more exciting phase ever.

Going forward, ‘banks next’ will have to expand their worldview of technology and think of it not just as an enabler of scale, product innovation, unified customer view, faster time to market etc. , but a veritable game changer that will determine their survival amidst a tight field of traditional and next-generation competitors. And the big question is how they will leverage it.

Technology next will be about providing cheaper, faster, efficient and effective choices in the shape of cloud computing, pervasive computing, sensor networks and intelligent IT. These will not only make technology costs variable, widen the scope of mobility and improve the usage experience, but more importantly, transfer control into the hands of external vendors. I can foresee a situation in which banks become mere users of technology, rather than owners. This will free up their energy and resources to allow them to concentrate on their core business of banking.

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While future technology might develop along lines that we may not even have visualised as yet, what is certain is that it will take a lead role in meeting the challenges and opportunities of banking next.
Which technologies do you think will gain most traction in the coming decade? Do tell us.