Banking Trends to Watch Out For in 2017

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Banking Trends to Watch Out For in 2017
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When some major names in the industry in 2016
announced serious bot and AI plans, that too on a
considerable scale, it was a clear indication
that automation and technological transformation
are going to be key trends affecting the banking
industry in a significant way. In the year 2017,
both digital, as well as financial technology
initiatives, would be at the core of the banking
industry. They would also trigger many associated
changes in the job arena, the skills required,
the demand-supply dynamics, a series of new job
roles and job descriptions and some skills
becoming obsolete at a fast rate. Many notable
research firms and analysts are predicting such
massive changes taking a firm grip in the coming
year. It is being forecasted in the banking
trends 2017 that artificial intelligence, smart
infrastructure and machine learning would become
key drivers and investments for many banks and
institutions. New concepts like intelligent apps,
digital app, a mesh of digital with physical
processes, conversational systems, and adaptive
security would become very important.
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Specifically, in banking, the advent of AI and
machine-learning techniques would start shaping
real-time transactions, predictive models of
transactions and a number of high-impact
scenarios would arise which can drive clear and
specific business value. This is where job
aspirants would have to realise how and what
skills are going to become less relevant and
which ones would become the need of the new
market. It is advisable to be ready for these
digital ripples well in advance. Key Banking
Trends Likely To Be Seen In 2017 Increase in
Online and Mobile Platforms Banks will continue
to invest heavily in providing their own mobile
and web solutions. All this will eventually lead
to an integrated solution, where the entire
banking operation will go online. The phone will
be the new wallet With the help of NFC chips,
one can just tap the phone to make a transfer.
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The rise of Blockchain technology, the
distributed ledger. It is a concept where the
value exchange transactions (in bitcoin or other
token) get sequentially grouped into blocks and
with the use of digital transparency, the level
of credibility and security goes to another
level. These ledgers will become popular in
industries like identity verification,
document-heavy industries, music industry, IP
content industry, land records and title
registry. Data Analytics The success of banks
will depend on the relationships it is able to
nurture with its customers and understanding
their pulse to provide them with excellent
service. But this calls for analysing the huge
data that comes pouring in every single second
into the system. Thus the rise of smart data
analytics. A lot of other changes would be
sweeping across the industry and eventually, the
banking industrys models, processes, systems and
of course, job profiles would drastically
change.
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For banking aspirants, this means, there will be
lesser jobs based on the rule. Routine jobs that
can be automated will begin to be replaced by
machines. Candidates need to focus on developing
their digital skills and combine it with human
intuition to succeed in the new age banking. You
could also brush up your skills with
technology-driven platforms that help you learn
online offline, via pendrive. With everything
undergoing a drastic makeover, 2017 would be
quite a year to watch out for.
Thank You...