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The Ongoing Digital Banking Transformation

August 31, 2022 | 0 min read

Gartner recently updated its Hype Cycle for Digital Banking Transformation, diving into technology innovations transforming the future of digital banking. These technologies highlight a range of innovations that are making waves in the finance sphere. For industry leaders, these technologies are shaping the finance industry and should be considered when formulating digital strategies and prioritizing technology investments. Key themes include: 

  • Open Banking, embedded finance, and new roles for data and APIs: It’s important to understand how products and services are being distributed by organizations. And once distributed, we need to understand how they are being consumed by clients.
  • Core technologies and cloud computing: Industry growth is enabled through core technologies, impacting banking across different sectors.
  • Blockchain, digital currencies, digital assets, and decentralized finance: The rise in cryptocurrencies isn't going unnoticed. With new forms of payments and transactions rising in popularity, new horizons and asset classes are growing in value.
  • Analytics and artificial intelligence (AI): The industry is becoming more automated, and the analytics process is changing with the development and incorporation of AI. 
  • Payment innovations: Organizations are turning their focus to which innovative drivers are leading the payments space. 
  • The Internet of Things (IoT): Growth in IoT machines increases the variety and volume of consumer-generated data — leading to potential new products and services.

While this list can't cover all the evolving and changing parts of the industry, it does emphasize the elements leading the charge on digital banking transformation. Check out MX's Digital Banking for All to learn more about digital banking.

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