The Accenture Banking Technology Vision 2019 reveals some key trends amid the incoming era of open banking with third-party operators gaining access to customer account information.
The global survey has Canada-specific results as well as the global stats.
Security is a major concern and - worryingly for customers - only 29% of Canadian bankers say they know their ecosystem partners are working diligently to be compliant and resilient regarding security.
“Moving closer towards adopting open banking in Canada will mean an increase in the interconnectivity among banks and third parties, which in turn creates additional points of weakness and vulnerability for banks’ network security,” said Bob Vokes, Managing Director of Financial Services at Accenture Canada. “Security is only as good as the weakest link within the ecosystem partner network.”
Getting intimate
The report also highlights how large banks are hoping to recreate the kind of intimacy previously associated with banking with a small-town bank by using tech.
More than three quarters believe that digital demographics will give them a new way to identify market opportunities and unmet customer needs, and 83% of global respondents believe it will offer a more powerful way to understand customers.
They also believe that greater data will enable them to better know their customers’ behaviour to help prevent them being targeted by fraudsters.
“Digital tools can provide banks with new, near-real-time information about their customers and help them identify unmet customer needs,” said Alan McIntyre, global head of Accenture’s Banking practice. “Creating a rich view of customers’ digital and technology-driven activities is a powerful tool that banks can use to get closer to tailoring their products and services to the illusive ‘segment of one.’
AI to be the big disruptor
Around half of global respondents believe that artificial intelligence (AI) will have the greatest impact on their business in the next three years.
More than half of Canadian banks are piloting or have adopted AI in one or more lines of business, but 10% are not planning on implementing AI or evaluating it for adoption, while 50% of Canadian organizations are piloting or have adopted distributed ledger/blockchain technology into one or more lines of business.
The survey also discovered that Canadian banking professionals are more digitally mature than their employers.
Three-quarters of Canadian banking executives believe that increased employee velocity – the speed at which members of the workforce move between roles and organizations – has increased the need for reskilling in their organization.
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