The move to digital financial services will accelerate in 2022. This will be driven by increasing competition in the sector from fintechs such as Square (Block) and Stripe and 'big tech' giants such as Google and Apple, which are steadily staking claim to the payments and parts of the financial space.
To stay competitive and meet customer expectations, banks and credit unions will increasingly pursue the holy grail of a single, 360-degree view of their customers.
Ben Dunne, head of operational outsourcing for Santander UK (formed by the acquisition of several banks) says, “Data integration is a top priority for us. Immediately, it allows us to manage and reduce operational risk. And as the processes and models we use for integrating our data mature, it empowers us to provide seamless services for our customers by eliminating manual intervention and gives us an advantage in terms of supporting [our] digital transformation efforts."
To obtain this single customer view, organizations will consolidate a wide variety of internal and external data.
What is the one thing all these predictions have in common? At the end of the day, every financial institution will be a technology firm or it won't survive.
A version of this article first appeared in The Financial Brand. This article was authored by BK Kalra, global head of banking and capital markets, Genpact.