The world is changing rapidly. Traditional book stores and travel agents get most of their business from the internet. Customers use Google and other search tools to find information and educate themselves before they make a purchase. The financial industry slowly follows and it is expected that during the coming years international banking and finance changes drastically.
These days it is possible to use a third party like Transferwise or Currencyfair to transfer money in other currency in an affordable, cheap and simple way. Blockchain technology is currently known as the driving force behind crypto currency, but can also be used to improve technical processes. The Basel Committee on Banking Supervision has to monitor technology closely to avoid missing the boat. It would not come as a surprise when the Basel agreements for banks get updates more periodically.
To regain trust of the consumer, banks and financial institutions must get a focus towards customer driven activities. The technical transformation of bank services means that the bank can work in a more efficient way. This can bring the desired (and needed) cost reduction.
Risk reduction becomes crucial. Compliance, audit and risk management are key factors in a more digital society where Common Reporting Standards (CRS) enforce banks and governments to share information and slowly minimise the gab between high tax, low tax and zero tax plans.
Artificial intelligence (AI), gets implemented in more industries. The banking environment has to follow and product development gets a stronger focus towards tailor made solutions for the individual client. Brand loyalty and long-term contracts start to fade away.
FinTech and security go hand in hand. The shift from traditional banking to more digital and online banking centers already started. Big data is not a buzz word anymore and also the banking industry is going to follow. All requires a demand on new talented banking employees. People who assist with the transformation from face to face processes to a more streamlined online industry.