In 2020, we saw banks and financial institutions being pressurised to leverage new technologies to boost internal efficiency and improve competitiveness during a global pandemic. This means embracing new business models and implementing emerging technologies like cloud computing, big data, machine learning and artificial intelligence (AI). For CFOs, the digital transformation currently taking place across the banking and financial services industries demands that they become digital change makers; embracing automation, learning new skills and making strategic use of data to expedite finance tasks.
Below, we list the top blog posts covering all the latest finance and banking trends. Take a look.
#1 How cloud computing can aid African banks
The African banking sector has a big problem. This problem, according to a report by Genesis Analytics, is that African banks tend to have a cost to income ratio that is much higher than their international counterparts. Why is this a problem?
Read more, here.
#2 Understanding digital strategy for banks in 2020
This week, Standard Chartered Bank and Microsoft announced that they have entered a three-year strategic partnership to accelerate the bank’s digital transformation via a cloud-first strategy. The digital strategy partnership makes the bank’s virtual banking, next-gen payments, open banking and banking-as-a-service plans a reality.
Read more, here.
#3 How digitalisation will change the role of the CFO in 2020
Forbes put the digitalisation challenge currently facing modern CFOs succinctly: “Sadly, CFOs are spread too thin to fully embrace the technological revolution”. The publication goes on to say that innovations like artificial intelligence (AI), machine learning, robotics and crypto currency may offer amazing potential to CFOs and their teams but many are simply too overwhelmed to focus adequate attention on making the best use of these new technologies.
Read more, here.
#4 Open banking is on the rise – here’s what you need to know
Open banking is a banking practice that gives third-party financial service providers access to consumer banking, transactional and other financial data through the use of application programming interfaces (APIs). This enables the networking of accounts and data across institutions for use by consumers, financial institutions, and third-party service providers. Poised to reshape the banking industry, open banking interfaces facilitate greater competition and create new business opportunities.
Read more, here.
#5 How machine learning and AI are revolutionising banking
Artificial intelligence and machine learning are set to transform the banking industry. According to the McKinsey Global Institute, the use of these technologies to improve decision making, tailor services and enhance risk management will generate more than $250 billion in value across the sector.
Read more, here.
In 2020, a year categorised by uncertainty and disruption, we wanted to keep you updated about all things banking and finance and we plan to do the same into the new year. If you’d like to have more content like this delivered to your inbox simply subscribe to our monthly newsletter by completing the form below.