Six business trends driving intelligent financial services

Six business trends driving intelligent financial services

Microsoft Inspire 2019 is underway and the TiG team have been attending the conference in Las Vegas, gaining useful insights on the direction the industry will be heading in the future. In a conference early in the week Microsoft presented research they have gathered into the major business trends driving intelligent financial services, which we’ll share with you here –

Changing customer expectations

54% of banks think removing friction from the customer journey is the most important trend in retail banking

 

Legacy systems

37% of bank executives plan to upgrade their IT infrastructure to cut cost and improve efficiency

 

Complex regulatory environment

$72B projected risk technology spending by 2019 Basel III MiFID / ICR / SCE FDIC Dodd Frank Ringfencing / Recovery and Resolution GSIB / CYC/ PSD-2 / T2S SEPA / FAJCA

 

Threat of disruption and disintermediation

37% of Generation Y customers use non-traditional banks: retailers looking to be customer interface

 

Increasing frequency and severity of claims

Severe catastrophic events occur more frequently and require better solutions to assess and price risk

 

Fraud and cybercrime

25% of banks think cyber risk is the top threat in the financial services industry

 

The message across all six of these business trends is clear – the first step toward becoming an intelligent bank is managing and provisioning data with security and compliance top of mind. This message is further confirmed by Satya Nadella, CEO of Microsoft:

 

‘We have to treat privacy as a human right. We have to have end-to-end cybersecurity built into technology. We have to have both a set of ethical principles that guide our AI, but most importantly we have to translate that into engineering practices that are there, that are part of everyday engineering.’

Satya Nadella
Microsoft

 

Assessment of the current IT environment allows for planning of future infrastructure and security upgrades. Engaging TiG to assist with the completion of this assessment is the first step on the journey, and we’ll ensure industry compliance through every stage of the business transformation. Contact us to find out more.

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