While many emerging technologies are transforming the banking industry, a number stand out with their potential to improve customer satisfaction, reduce costs, mitigate risks, and increase revenues. Secure, publicly accessible application programming interfaces (APIs) have been around for more than ten years in the financial services sector, but until recently banks were reluctant to publish open, external APIs for customers or third parties to readily access financial data. With regulatory initiatives well underway across the world, and in the Euro Zone and the UK, it is clear that open banking APIs are inevitable.
Artificial intelligence (AI) can help banks by applying newly capable technology in analytics, bots, robotic process automation, and report generation. AI has the potential to improve all parts of the bank, from front end, customer-facing areas; to the middle office; and through to the back office. While there's more smoke than fire today in banking AI, institutions must nevertheless develop a strategy for this set of rapidly developing technologies.
The inflexion point for banking will come when these emerging technologies are combined. APIs and AI, coupled with instant payments will transform how we do business. And with Internet of Things (IoT) arriving already in our homes and offices, there is an imperative for banks to ride the wave of opportunity that it brings - or face being washed up.
In this exclusive, invitation-only event, senior executives from leading financial institutions will discuss how banks can be in the forefront by adopting emerging technologies that allow them to enhance and replace human processes, modernize and streamline legacy infrastructure, and innovate and deliver an improved customer experience. What are the key use cases for AI, APIs, and IoT in banking? What opportunities to improve business results are made possible with new technologies? How are banks embracing collaboration with third parties and harnessing the potential of open banking?
This intimate event will provide an opportunity for bankers to network with their peers and connect with analysts from Celent, a leading technology anlayst firm focused on financial services. Dan Latimore, the leader of Celent's banking practice, and Gareth Lodge and Zil Bareisis, London-based Celent Senior Analysts, focusing on payments and banking, will facilitate a morning-long program devoted to today's most pressing strategic technology issues.