The pandemic intensified the existing trend toward the demise of cash as a medium of exchange, with digital payment forms becoming the preferred choice for a growing segment of the population. Countries are experiencing varying degrees of success in doing away with their banknotes, as exemplified by India’s and Nigeria’s recent attempts.

Artificial intelligence through machine learning and deep learning has revolutionised society today, including banking. Adaptive AI is another leap forward, whereby the technology continually learns as the world evolves. As its name suggests, adaptive AI adapts to limitless data, increasing its usefulness in an ever-changing environment.

Banks are recovering from the pandemic in time for a likely recession. Many find that collaborating with their former rivals, fintechs, is the best route to profitability. Consumers are more receptive to digital banking, and innovations such as embedded finance provide them with the super-apps they crave while generating income for banks.

Progressive banks are wielding technology to transform their operations in a competitive environment amid economic turbulence. Faced with growing threats from cybercriminals and non-bank challengers, banks are upping their game by brandishing innovations such as AI and the metaverse while being mindful of the costs, risks and expectations.