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Banks across the world have been through a rather crucial year. The technology investments and the strategic decisions that they made in the past have not only helped them sail through this pandemic, but also emerge as a winner.

While the United Kingdom braces itself for another strain of the virus, the banks are trying to leverage the right technology to ensure that the bank reaches the unbanked. We try and take a look at 3 key trends that we believe will dominate the tech space in the UK, as we usher in the new year.

API based banking Will be in the forefront

Thanks to the open banking push, the banks across the region have chalked out a very robust strategy for digital transformation. Most of the banks have already started using API based banking extensively. In 2021, we foresee that,

  • Banks will concentrate their efforts on scaling their API offerings and make them available as much as they can
  • Bring in more digital service offerings for their customers
  • There could be more emphasis on bringing in governance standards that are common for all and ensure a safe playground

Open banking, will pave way for innovations

The pandemic has left all of us guessing about what’s in store in the future. It has become the new normal for all the industries to incorporate a strong technology-based transformation strategy as part of the growth roadmap. The banking industry is no exception to this. A successful digital transformation hinges on the ability to unlock the enormous business potential of customer experiences for a bank. The year 2021 will see a great impetus on open banking in the UK.

  • With the Payment Services Directive in the background, the UK banking scene is going to be abuzz with more and more players adopting the open banking ways of business and more and more legislation being introduced.
  • Neo banks and Challenger banks will now focus on increasing their focus on the apps and they will try to be banking super apps, trying to bring a bouquet of services benefitting their customers.

Engineering superior customer experiences will be the key to success

Crafting superior digital experiences mandate proven domain expertise as well as the ability to
engineer with open source and hardened technologies. This report from Deloitte says, “The promise of digital banking was never fully realized, largely due to customer reluctance and/or a lack of attractive digital solutions. But the pandemic turbocharged digital adoption across products and demographic segments.”

In the year 2021, the banks will focus on –

  • Mobile-first approach when they are designing the service offerings.
  • Increasingly leveraging artificial intelligence and machine learning to drive superior customer experiences
  • Launching more and more ways to be cashless and financial inclusion

Players like Maveric bring in a strong base of canned user journeys and the dynamic repositories of customer touch points and personas collated and developed for the past 2 decades which helps creating superior customer experiences.

We wish you have a great year ahead, and for everything banking technology #DigitalMaverics are all equipped and ready to help you.

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Digital Practice