{"id":2513,"date":"2018-09-07T07:30:49","date_gmt":"2018-09-07T07:30:49","guid":{"rendered":"https:\/\/devbloglavaprotocols.nityo.in\/3-things-you-need-to-know-about-the-future-of-it-in-banking\/"},"modified":"2018-09-07T07:30:49","modified_gmt":"2018-09-07T07:30:49","slug":"3-things-you-need-to-know-about-the-future-of-it-in-banking","status":"publish","type":"post","link":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/3-things-you-need-to-know-about-the-future-of-it-in-banking\/","title":{"rendered":"3 Things You Need to Know About the Future of IT in Banking"},"content":{"rendered":"
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By Matthew Cameron, Senior Product Marketing Manager, Financial Services, Salesforce<\/strong><\/em><\/p>\n

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The banking industry hasn\u2019t always been a pioneer of tech innovation. Restricted by regulations and siloed organisational structures, banks have often seen innovation in traditional service offerings as too complex or risky.<\/p>\n

But the world\u2019s most tech-savvy generation is all grown up, and they demand smarter, faster, and easier experiences \u2014 especially when it comes to their money. This, combined with a slew of fintech competitors, have driven banks to revamp their business strategies for a digital era. No one department plays a greater role in this banking revolution than IT.<\/p>\n

In recent years, we\u2019ve seen new advancements in banking tech, ranging from mobile banking apps and customer service chatbots to digital banking providers without physical locations. But it\u2019s still not enough. As mobile, artificial intelligence (AI), and Internet of Things (IoT) consolidate consumers in a digital space, IT is increasingly central to banking\u2019s business performance.<\/p>\n

In Salesforce\u2019s research report,\u00a0The Role of IT in Banking\u2019s Digital Transformation<\/a><\/em>, more than 130 IT banking leaders worldwide shared insights on how emerging tech is transforming the banking industry \u2014 and what IT leaders should do to adapt.<\/p>\n

Here are 3 things CIOs need to know about the future of IT in banking.<\/p>\n

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1. Banks Must Live Up to High Digital Expectations<\/strong><\/h2>\n

Banks have traditionally centred their focus around the branch and in-person customer experiences. But today\u2019s customers want faster, more accessible banking experiences that are just as personalised in the digital realm as they are in the physical world.<\/p>\n

The industry has a lot to gain if they adapt \u2014 and a lot to lose if they don\u2019t. While technology makes it easier than ever for customers to take their business elsewhere,\u00a072% of millennial consumers are optimistic about tech advancements in banking, saying they will\u00a0positively impact their relationships with banks by 2020<\/a><\/b>.<\/p>\n

Banking IT leaders\u2019 central function is now about enabling these 1-to-1 experiences by supporting their partners across sales, service, and marketing.<\/p>\n

But despite the fact that IT banking leaders have prioritised the creation of a single customer view, only 32% of IT banking leaders say they\u2019ve integrated 75% or more of their data sources. Unless banks can invest in new data solutions, lack of visibility into customers and their needs will prohibit them from meeting customers\u2019 increased expectations for connected experiences.<\/p>\n

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2. Banking IT Leaders Focus on Speed and Innovation<\/strong><\/h2>\n

While the pace of change within banking as a whole traditionally has been slow, banking IT teams are taking a more ambitious approach to transforming the customer experience. Over the next 12\u201318 months,\u00a072% of banking IT leaders say transforming customer-facing tech is a critical or high priority<\/b>.<\/p>\n

To meet demand for these projects, speed is crucial as a key performance indicator among the majority of banking IT leaders. To speed up their development cycles, teams are turning to low-code development (point-and-click or visual tools suitable for non-technical users) to help them share the app development workload with partner business units. It\u2019s clear the low-code revolution is in full swing, as 91% of banking IT leaders use or plan to use low-code development in the next 12\u201318 months.<\/p>\n

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3. Emerging Tech Will Transform Banking<\/strong><\/h2>\n

Banking IT leaders have their sights set on three up-and-coming technologies to have a transformational impact on their business by 2020:<\/p>\n