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Technology Trends Set to Revitalize Financial Services in 2022 and Beyond

What powers the Banking, Financial Services, and Insurance (BFSI) industry are technological innovations. They have been reshaping how financial institutions operate and evolve in the future. APIs strengthening the connection between banks, financial institutions, and their customers, cloud technologies shifting financial models from Capex to more flexible Op-ex, or Robotic Process Automation (RPA) automating manual business processes, technology trends in financial services are here to stay.

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Technology Trends Set to Revitalize Financial Services in 2022 and Beyond

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  1. Technology Trends in Financial Services API Open Banking to make banks more transparent. API Management Market will grow to be worth $5.1 Billion by 2023. Guaranteed cybersecurity with digital payment platforms. 51.7% of eCommerce transactions by 2024 using digital wallets is the core of enterprise payment acceptance strategy. The rise of the Banking as a Platform (BaaP) model in FinTech - a recent trend in e-banking services. Cloud Computing 10.9% growth rate of global spending on public cloud advisory services through 2024. Transitioning from Capex model to OpEx IT services and goods. Hybrid cloud model to support improvement in banking efficiency. Ultra-lean fourth-generation core banking. Cloud marketplaces to accelerate fintech collaboration. Robotic Process Automation (RPA) Robotic Process Automation in BFSI market size may reach $3.45 Billion by 2026. Hyper-automation, say for regulatory reporting within banks. RPA cloud deployment leading to zero infrastructure cost of financial services. RPA integrated with the ERP system to effectively manage complex process of bank reconciliation. Finance Robotics to automate financial modelling, invoice processing, etc. Video Banking The global digital banking market size is expected to reach $16.2 Billion by 2025. Interactive teller machines Well-integrated remote banking solution Facial recognition, voice biometrics, and digital signatures to ensure secure banking transactions and enhanced Digital Customer Experience (DCX). Predictive Routing Engines for better alignment between customer intent and the best equipped agent. ©2021 Compunnel Digital, All rights reserved Sources: MarketsandMarkets Research, FIS, IDC, Polaris Market Research

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