Reengineering the business continuity plans, resetting the revenue outlook, shifting to an asset-lite model are all some of the approaches that organizations are looking to adopt in order to thrive in the post-COVID era. On that front, retail banks are also increasingly looking out for strategic partnerships and novel ways to personalize their offerings to support organizations in their growth endeavors. And cutting-edge technologies and techniques, such as big data, AI, data analysis, and several other technologies will play a mounting role in making this paradigm shift possible.
Notably, AI has enormous potential to transform the sector on its own. AI is extensively leveraged today to enhance the in-branch experience for retail banking customers and lessen the burden on existing staff. Also, the industry is increasingly leaning toward AI-driven predictive banking. With AI, banks can observe, analyze, interpret, and catalog the actions of their customers. With a fundamental shift expected in customer behavior, it will allow banks to design and deliver rich and personalized experiences that will help to build customer loyalty in the post-COVID world.
And with the soaring expectations and needs of the customers, banking institutions will also move toward open banking or banking-as-a-service strategies to provide compelling end-user experiences. It would enable the banks to deliver their services in broad value chains by leveraging fintech, startups, and software solution providers in concert.
At this juncture, there is a variety of tech solution providers available in the market that cater to the different needs of the retail banks. To help them choose the tech solution that best fits their requirement, Banking CIO Outlook has compiled a list of the top 10 tech solution providers for retail banking. The enlisted solution providers are the frontrunners in the market that provide a wide span of features. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you Banking CIO Outlook’s, “Top 10 Tech Solution Providers for Retail Banking – 2020.”