Obviously, banking and financial industry are the biggest consumers of technology.
Therefore, using past years as a guide, FinTech will continue to dictate the speed of innovation in technology, says the Founder and CEO, New Horizons Nigeria,., Mr. Tim Akano in his Digital Crystal Ball predictions 2019. Excerpt:
Below are the TOP 10 VARIABLES for the financial industry in 2019 and beyond.
They are: (1)Digital only Bank will grow faster than the legacy brick and wall, High street banks
(2) There is bound to be bigger cash injection by banks into Digital transformation in order to reduce overhead cost ultimately.
(3) Massive deployment of Artificial Intelligence in customer profiling for credit transaction will happen in 2019 in the banking industry.
(4) Due to the stringent and thick regulatory requirement and compliance for the financial sector- more banks will make use of AI technologies for compliance purposes.
(5) 2019 is the year of surgically implanted Near Field Communication devices (NFC) (6) Block chain and Crypto currencies diversification will be massive consequent upon the rise and fall of Bitcoin- we have not seen the end of crypto.
(7) Quantum Computing will become mainstream because of Big Data and Internet of Things (8) GDPR and Digital Marketing for banks will drive the OPT-IN data mining sales model as a way to reach customers
(9) Decentralised App for payment- online payment using decentralised apps will grow because of their relative security vis-à-vis the legacy payment model
(10) Cyber Security- when Marriorit Hotel lost 500 million vital data to cyber thieves towards the end of 2018- that was a passing shot to all the financial institutions that cyber security will become their Centre of gravity in 2019 and beyond.