NEW DELHI: Digital assistants, social media and third-party channels are expected to be the primary channels for banking by 2022, apart from mobile and online, a report said on Wednesday.
“After existing digital channels (mobile and online), digital assistants, social media and third-party channels are expected to be the primary channels for banking by 2022,” as per the 10th annual ‘Innovation in Retail Banking’ report.
The report was launched on Wednesday by Infosys Finacle, part of EdgeVerve Systems (a product subsidiary of Infosys) and Efma, a global not-for-profit organisation. According to the report, close to half of the respondents believe that less than 40% of the current workload would move to public cloud by 2022 and 70% say that artificial intelligence (AI) is expected to have a significant impact in transforming customer service/support by 2022.
The research, in which over 300 banks participated globally, found that respondents see open banking APIs (application programming interface) as the top technology for the future of innovation, with it being stronger than ’emerging’ areas such as machine learning, chatbots and RPA (robotic process automation).
In the short-term, banks will leverage open banking for compliance such as the Payment Services Directive (Europe), Unified Payments Interface (India) and New Payments Platform (Australia), it said.