All you need to do is a quick Google search for “2020 technology trends” to see that there are more hits than you could get through in a lifetime; approximately 514 million. You can narrow your search to “2020 financial services technology trends” and it will cut your reading time to approximately 219 million hits. OK, truthfully, you might make it through the first page or two before you start forming opinions of your own and noticing a lot of overlap in what experts are predicting.
As a leading digital banking solutions provider, Tagit focuses on the trends that will have an impact to the delivery of digital capabilities to a bank and to their customers. Additionally, a year’s time in today’s technology landscape can see a lot of change; but not necessarily enough time to see trends become habit for consumers or reach mass adoption.
Let’s look at the technology drivers and consumer drivers in 2020, that are influencing banks, solutions providers and work we do at Tagit.
- Continued and accelerated adoption and expansion of digital capabilities. You might think that we have reached saturation, and, in some countries, this may be the case, but not globally. Open Banking continues to influence the expansion of what is available to consumers digitally to perform their financial services transactions.
- Scale. This is really a bit of a statement of the obvious, but with the adoption of cloud-based services, microservices and containerization technology, there is a focus by all solution providers like Tagit to ensure the digital solutions can scale very quickly.
- Meaningful customer interactions; or in most 2020 technology trends articles, adoption of AI. This includes not only continued adoption of voice-based channels but meaningful insights.
- Data privacy will continue to be focus for both consumers and regulators.
- Security and more security. There are many aspects to security and securing data, access, devices. This is not a trend, but a core focus that will always be at the forefront of design for all digital solutions providers.
- Real-time payments expansion globally is taking shape. Many countries now provide real-time, cross border payments as agreements are being reached between countries.
- Meaningful adoption of blockchain. While many banks are testing the waters with blockchain, there are emerging use cases that really make sense for this technology and will drive accelerated adoption.
- IOT. By definition, these are objects which can collect and transmit data; i.e. geolocation. This increased data for consumers will only add to the credible feedback banks can provide their customers.
What are the practical implications of these 2020 trends for Tagit?
1. Customer-centered delivery
We continue to ensure our focus in the delivery of digital capability is customer centric and has meaningful substance; not just “flash” and style. Continue to focus on UX designs that evolve to meet the bank’s customer’s preferences
MobeixTM will continue to support rapid scalability and native cloud deployment of business services and capabilities. The services built on our MobeixTM digital banking engagement platform will now be offered as a series of components that will be deployed using containerization technologies. Domain focused, API enabled and Microservices ready business services will see a continued expansion of these newly architected business components.
3. Meaningful customer interactions
Tagit will focus on using customer insights to drive the delivery of digital services and information. Our digital engagement platform will harness the vast amount of data that flows through it and will be used with machine learning models to glean customer insights.
4. Data privacy
As Tagit is delivering our business services in an Open Banking environment, integration points are in place to leverage a bank’s data privacy solutions to ensure compliance.
Tagit continues to focus on security in every release of the Mobeix digital banking engagement platform. Specifically, areas of focus in 2020 include:
a. Pre-integration to digital eKYC solutions for managing secure on-boarding of new customers and accounts
b. Adoption of an Open API standard platform for the Tagit business services
The 2020 focus for Tagit is not only driven by industry technology trends, but feedback from our customers and the expectations their customers have for digital access to products and services