The Future of Banking beyond 2018

As we move into March, new technology, changing consumer trends, and legislation such as PSD2 and GDPR are already starting to shape the year ahead. With the first quarter of the year coming to a close, this felt like a good time to take the opportunity to reflect on what the industry looks like at the moment but also beyond 2018.

What trends are shaping the industry in the longer term, and how will we get there? What skills are vital to success in the industry? We all know how vital people are to the success of an organisation, especially in the technical and rapidly changing world of banking.

What better than going to one of the most active members of the ATMIA to ask them to get the views of members of their team? So we spoke to Auriga and they were delighted to get the views of their people.

In honour of International Women’s Day, Auriga focused on asking women members of their team the following questions.

* Why it is such a great time to be involved in the industry?

* What types of skills needed to survive and thrive in this ever-changing technological landscape?

* How do they see the future of banking technology?

There were some very interesting and illuminating responses!

Q. This is an exciting time to be in the banking industry, what about the industry is particularly exciting for you?

Rosvanna D'Amico one of Auriga’s Product Engineers, starts by explaining that “Banking is an industry in which technology has been a driving forces for several decades. To be successful, the industry has to be in step with new technologies, interfacing with customers and collecting their desires, trying to fully satisfy their needs.”

“It is so nice and stimulating to be part of an industry which is constantly changing and with lots of new competitors and new entrants,” explains Ségolène Darut Auriga’s Marketing & Communication Manager, “I love learning every day and being involved in tackling difficult/challenging situations: once I stop learning on a daily basis, that’s when I know I need to change something!”

“It’s fascinating to be part of a company which is taking on some of the biggest challenges facing the banking industry and which can really improve the lives of consumers,” add Rosa Sarcina a Technical Account Manager at Auriga.

For Chiara De Felice, a Delivery Manager for Auriga’s Virtual Banking products, access to financial services is important, “making banking open to everyone is a really important issue for the industry”, which is part of a wider interest for De Felice also “in my free time I'm in charge of managing the local section of the NGO Informatici Senza Frontiere (Computer science without borders) which promotes using technology to fill the digital divide and promote growth, improvement accessibility and the access to knowledge.”

Q. Do you have any predictions for the banking industry over the next couple of years? Any exciting trends you have identified?

Unsurprisingly, responses looked forwards to the big themes which are shaping the industry, “Cognitive Computing/Artificial Intelligence and a move towards “Platformisation” as a business model, are certainly aspects which will dramatically change the way we will bank tomorrow and the day after tomorrow”, explains Darut, while De Felice adds that “one of the most exciting field is the one dealing with AI, Artificial Intelligence”.

However, it is also clear that the benefits and impacts for end customers and banks need to be clear and understood. “What I see from my customers, especially those based outside of Italy, is the change in the used technologies, moving from legacy system to a more modern cloud-based approach.”, explains Sarcina.

“In my opinion, the augmented and virtual reality is about to spreading out across the Banking world in the near future, I’m excited to see how the industry will react to these changes and embrace them to make customer’s lives even better”, adds D'Amico.

De Felice summarises by adding, “Lots of disruptive innovations are taking place in technology field, but also more generally in people's lifestyle. All these changes are influencing the world that banks are operating in.

At the moment however, end users and customers are not yet comfortable or expert at getting the most out of all these new tools, so the technology needs to have an educational role, showing customers how to obtain the best from them and make their banking lives easier.”

Q. Finally, what skills are essential for those looking to work in the industry?

“Banking technology can be complicated, with all the different systems which need piecing together. I’m analytical and love solving challenges though, so that suits me perfectly”, begins D’Amico,” after graduating with an MA degree in Computer Science, I was looking for an exciting industry to join”.

“I’d consider myself hyper-dynamic, I love challenging situations and intercultural aspects. I’m ever the optimist, driven by progress, I recognise when things go wrong but I want to see actions to address the issue and get things progressing again.”, adds Darut.

Solving customer problems is also a skill needed in the industry, as Sarcina explains, “my role is both to support the account manager before sale, and to provide high-level technical support to project teams and customers. This gives me great insight into the minds of our customers and I really enjoy helping them get the right solution for their end users.”

The same is also true of De Felice, who adds “We undergo continuous improvement, always listening to the market to improve and upgrade our product features.”

So those are the views of some of the Auriga team – but what are YOURS?

Drop me a line on [email protected] to let me know and I will publish a selection of views during March.