Top 5 Trends to observe in IT in 2018
Technology has intensely disrupted businesses, markets and the industries, in many ways. Commenced from the Captain Kirk’s communicator to the initial home computer, information technology has abetted the fiction-to-invention changeover with innumerable possibilities that have habitually caught the delusion of the sci-fi motivated human mind. Now, technology is hastening the pace of revolution like never before, and in the year 2018, we are on the tip of a truly reimagined future.
The year 2018 marks the start of a new era in banking with many initiatives like PSD2 and open banking, and even the sharing economy getting sharper focus. Moreover, there are some vital technology trends that will outline the future of banking. The year 2018 will be the year of convergence of technologies like cloud, artificial intelligence, analytics, and more, as opposed to distinct use cases, driving a move in the constructive principles of an enterprise.
Here we look at the top 5 technology trends for 2018.
Rise of Open APIs and Open Innovation –
Financial and Bank Institutions have already encompassed API-led business development by participating and curating in ecosystems and by delivering their APIs to third parties. For instance, BBVA’s API market has above 1500 registered developers and businesses, and moreover it offers 8 APIs to these parties in the sandbox phase.
With many open APIs, banks will not only profit from the open sharing of data to deliver better lending terms to their commendable customers, but also capable of implementing better fraud management procedures. Furthermore, as third party providers incorporate banking APIs into their contributions, banks will profit from an involved developer ecosystem, a suggestively reduced time-to-market and streamlined integration.
Business on Cloud-
Core to Non-Core– Many Banks and financial institutions will move yonder the cost-based commercial case for cloud adoption. As they turn out to be more contented with public cloud, financial and bank institutions will progressively see it as a commercial enabler with many paybacks of innovation and agility. Banks are progressively making the alteration from ‘fringes and ‘non-core business on Cloud’ to ‘the core on Cloud’.
DBS Singapore, a progressive bank that intends to alter itself to work like a technology firm, targets to move 50% of its compute workload to the cloud by the year 2018. One more leading bank Capital One that has been compering its software on the AWS cloud from 2015, claims big gains in efficiency, speed and time-to-market. Most of the bank plans to move their workloads to the AWS cloud in the year 2018.
Blockchain for Business-
Prominent banks and technology giants are supplementing their blockchain abilities by collaborating with FinTechs in the cosmos or by creating consortia. Banks such as Emirates NBD-ICICI have previously reported fruitful result from their vital projects with momentous reduction in transaction spell. In the year 2018, blockchain will start to gain commercial implementation, marked by the advent of new ecologies as well as maturity amid the existing ones.
For instance, the Emirates NBD and ICICI Bank blockchain network hinders the necessity for a devoted host-to-host integration to add alternative bank to the network. It can merely be done by adding a knob on the blockchain, enabling quick expansion of the current network.
More Things to Bank On –
The Cisco Visual Network Index evaluates around 3.5 networked devices per person by 2021. These adaptable devices and their profusion will provide firms more chances to not only reach clients in more pioneering ways, but also form delightful experiences.
For instance, Emirates NBD’s fitness application well-suited with fitness trackers and smartwatches, interprets the level of commotion and fitness into interest rates. The year 2018 will see financial institutions revolutionizing to integrate banking more closely with a customer’s day-to-day life, through a wide range of capabilities.
Artificial Intelligence (AI) –
Though interest and investment in AI across many industries will endure to increase, 2018 will see a more noticeable understanding of the technology, as a convergence of the crucial building blocks of embedded analytics, natural language processing, machine learning, deep visual and learning recognition. Practical AI solutions like Smart Virtual Assistants (SVA) and chatbots will see better adoption in the year 2018, and RPA-led optimization will progress from rule-based engines to machine intelligence controlled bots. Application of AI will go yonder risk management and fraud management this year.