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March 2018 |
Citi GPS: Global Perspectives & Solutions |
NOW / NEXT
Key Insights regarding the future of Banking
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INNOVATION |
Large incumbent banks lag digital natives and their technology stacks are struggling |
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to compete in a world that is mobile first. / Banks are exploring AI uses in consumer |
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and wholesale banking with the help of robotics (automation of routine tasks), |
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analytics (big data mining), chat bots (digital dialogue with customers), and |
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cognitive (changing rules and adapting). |
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TECHNOLOGY |
Today’s global payment infrastructure moves money from one payment system to |
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another through a series of internal transfers across institutions which makes the |
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system slow, error prone, and costly. / The use of Blockchain will enable direct |
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transfer of digital assets without the need for an intermediary or a centralized |
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authority plus smart contracts/tokenization that can automate and execute pre- |
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agreed conditions once they are met. |
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SHIFTING WEALTH |
The old question was whether new entrants — FinTech startups — were going to |
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nibble away at incumbent bank’s profit. / The new question is how to stop |
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established tech giants — BigTech — leveraging their strong customer bases, vast |
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user data pools, agile tech platforms, and deep funding pools to disrupt banks. |
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© 2018 Citigroup
vk.com/id446425943
Citi GPS: Global Perspectives & Solutions |
© 2018 Citigroup |
www.citi.com/citigps |
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