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New Banking Trends to Watch in 2021

February 09, 2021

New Banking Trends to Watch in 2021

Due to Covid-19, new adaptations, the latest digital changes, and accelerated trends is been witnessed and a few more to witness in 2021 year.

Let us understand the dash to pieces of every change in the banking sector:

1] Upswing trends due to pandemic:

upswing trends due to pandemic

In Banking Sector, there was an upswing trend noticed during the pandemic. Many factors, aspects, methods changed. Below are a few pointers that will help you understand what are the factors that accelerated during the Covid-19 phase.

Cost reduction
There was a Structural cost reduction in this period. It is the critical priority of any business or organization.

The rise in innovation and agility
As no one was prepared for the lockdown, Yet, Employees became more agile, creative, and innovative in this period. They became more pro-active and prompt while taking decisions.

Flexible work-models
The employees started working remotely during the lockdown period, the working style changed, it became more flexible than before.

Safety measures increased
Customers became more safety concerns due to the growing viral disease. Safety was given priority by both Customers and employees.

Responsibility expanded
The corporate responsibilities increased. The purpose of banks changed but so as the responsibilities.

Digitization
From traditional method to digital method was heavily adapted by the banking sector. And Digitization helped them in this critical phase.

2] As per Deloitte data, Digital transformation that has been considered by many banks:

Covid-19 taught everyone it is crucial to be well-prepared for any unexpected cause. This is why the Banking sectors are planning to consider a few aspects of digital transformation.

digital transformation

Below are the bank’s expectations to apply for digital transformation is explained in percentage.

  • Live interactions with bank employees via ATMs is 48%
  • Change in Self-services touchscreens into contactless kiosks for transactional services chance is 46%
  • The position of AI-based robots banking assistants at flagship branches chance is around 39%
  • There is a 33% higher chance of adding sensor-based virtual reality/augmented reality experience.

3] Spending over technologies:

Banking Sectors are planning to spend over technology, as it is a very important aspect of banking Industry. Below are a few technologies mentioned on which they are planning to spend.

spending over technologies

  • There is the possibility to increase the spending by 71% on Cyber Security.
  • If we discuss Data Privacy spendings, the plan of spending will be around 60%
  • Whereas, Cloud computing and storage spending % will be the same as Data Privacy.
  • The planning of banks is to increase spending on Data Analytics by 51%.
  • The chance of spending on Digital Channels is 29%
  • The growing Artificial intelligence in today era has a chance of spending by 43%
  • On Robotic Process automatic technology, there is a 40% probability of spending.
  • Plans of spending on Blockchain and distributed ledger technology is by 37%.

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