As banking advances further into the Digital Age, some aspects will remain the same while others change. One factor that will not change is the need for banks to manage risk. Technology is both an opportunity and a challenge, aiding risk management to become more efficient but introducing new risks. One thing is certain, banking of the future will still be centred on the goal of providing top-notch customer service, which will be enhanced by data and technology.
Open banking is an emerging global trend and is expected to drive increased choice for how individuals and businesses consume financial services, is driving significant change as the financial services industry adjusts to a digitally-enabled economy, and is working to appropriately manage the risk of a new digital ecosystem.