Digitally native customers are driving banks to jump into the future by embracing technological breakthroughs such as artificial intelligence, machine learning and robotic process automation. And in the process, banks are discovering the many advantages of these innovations, from cutting down on costly human errors to improving everything from fraud management, operational efficiency and trading. As they progress through their digital evolutions, many are reinventing themselves for the better.

When A.G. Bell invented the telephone, he had no idea that less than a century and a half later, the phone would be used to talk through—and text, shop, even bank with. Smartphones are small enough to be held in one’s hand and big enough to handle nearly any function. How are banks making fraud-vulnerable processes such as onboarding fast, efficient and secure by verifying the identity of customers?

The huge global increase in connectivity, prompted by the launch of mobile devices, has affected banks just as much as retailers. As a result, financial institutions have had no choice but to put digital at the front and centre of their strategies – using technology to enhance the customer journey at every touch point

Mainframe computers have enabled banks to manage huge amounts of financial data for nearly 70 years, but these legacy systems are today proving to be hindrances to progress. Lean fintechs are taking full advantage of today’s ground-breaking, agile technology, while established banks are struggling to transform their bedrock digital infrastructure for the new world. How are banks migrating to cutting-edge systems that will maintain them on their industry’s frontlines?