No longer science fiction, AI’s role in society is significant and provides an evolving use service going into the next decade. Brands will benefit from AI’s effective role in data strategy, enhancing the speed and convenience of customer insights and best improve personalization. As over 51% of bank users use this technology already (finextra), FS brands data strategies/analytics will become reliant on AI as it helps to minimize the backlog of siloed data and handle hyper personalized CX. A report by McKinsey found that personalization across digital channels can help increase revenue growth by up to 15%.
Expect banks to accelerate use of AI, ML and other technology to help predict customer intentions, tailor CX interactions and provide Marketers with the insights the need.

•How can you best enable seamless engagements and interactions across the Digital/Human umbrella?
•What effect does slow data analytics have on your ability to remain agile in the market?

With the Cost of Living Crisis tightening its grip on both sides of the Atlantic and Covid 19 still in our rear-view mirror, banks are preparing to go above and beyond to support their customers in 2023. 60% of consumers say they have higher customer service standards since the pandemic. (TFB) Engaging their customer base across multiple channels and supporting the customer’s journey and financial objectives will see active investment. 69% of customers want a consistent experience with a company across all physical and digital channels.(TheFinacialBrand). While the pandemic saw an accelerated shift to digital first and a reduced footfall across branches, 2023 will see a more balanced focus to maintain loyalty and customer satisfaction through hard times.
2022 saw only 33% of institutions actively investing in CX to improve customer retention (Fullview). Getting people in the door is an obvious focus, however keeping your customers under the roof of your brand should never be over looked.

•How are you managing your multichannel approach to invigorate, not alienate your audience?

Gone are the days where simply offering an App/ online presence put you in the hands of the consumer first. End to end service tools, biometrical secure purchases and card management access are all now necessary features to maintain a competitive edge. Revenue generated through mobile banking is expected to see an annual growth rate of 6.58%, meaning the market will likely grow to $565 billion by 2026. (storyly). 2023 will see mobile apps shift to CRM platforms and smart digital assistants. Diversifying your digital offering in favour of growth over short term revenue gain, encompasses a customer first omnichannel approach, fit for the decade ahead.
With a new generation of tech-savy customers, banks need to attract Gen Z to their platform to ensure stable growth over the next decade. This will include social media and third-party platform integration as a shift to Open Banking gathers momentum.

Building defences in this uncharted territory requires human ingenuity and disciplined programme management. As the Financial Industry rally’s, The Zero-Trust policy will continue to influence technology trends as we move into the second half of this decade. 88% of customers believe trust is their priority in times of uncertainty (Salesforce). With cyberattacks and data hacking a common weakness, the concept of ‘Zero-Trust’ ensures that no device, network or application will be trusted without a complete authentication process.
Ensuring a smooth and attractive online experience is vital to survive the this digital decade. Easy of use and customer interaction is key, yet database and application mechanics remain the most sensitive to a ‘Zero Trust policy’ and should never be overlooked. 58% of financial service organizations cited migrating cloud workloads as a challenge (BizTech). Maintaining database security under one roof of responsibility reduces the operational risk through times of hybrid workforces and post pandemic policies.

•How are prioritizing your cyber investment, modernizing your security operations, and remaining resilient?
•How do you stress test systems, hunt bugs and fix vulnerabilities?

The days of hiding behind buzz word barriers like ESG and sustainability are over. Real world targets and committing to sustainable action is no longer an ethical question but an economic strategy. Pre-pandemic ESG investment totalled US$285bn in 2019, rising to US$649bn in 2021/22. (Deutsche Bank). Traditional economic strategies are giving way to a consumer led ecosystem still recovering from the disruption of Covid 19. ESG funds now account for 10% of worldwide fund assets (Reuters). The Financial industry has an economic and social responsibility to build a brighter future the world and their customers, while managing equitable risks to their growth.
ESG performance is now seen as a competitive differentiator across all industries, the Finance sector needs to grow visibility and embrace accountability to remain relevant. With NTFs, Cryptocurrencies and Digital Blockchains redefining how the consumer interacts with their money, Banks will look to further abandon their Legacy tech to innovate their position in the market. The volume of electricity consumed by bitcoin mining a year could boil enough water for all cups of tea consumed in the UK for 30 years (Cambridge BEC). This highlights the challenge for FS as they navigate a new consumer-led ecosystem.

•How are you currently deploying and evaluating your ESG strategies?
•What mitigating factors are limiting your sustainable implementation?
•Do you currently have a Sustainability leadership team in place and how closely do they influence across the Board Room?
•How are you delivering visibility and marketing your sustainable innovation?