Unlocking the Power of ‘Team Human’ in UK Financial Services: 6 Key Technology Trends to Watch

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As the world continues to evolve at an unprecedented pace, the financial services industry is facing unprecedented challenges. With the rise of new technologies, changing consumer behaviours, and shifting regulatory landscapes, it’s easy to feel overwhelmed. But as senior technology leaders in the UK banking and financial services industry, we have a choice: we can either simplify or embrace complexity.

At IBM Consulting, we believe that true success will come from empowering your team to perform at their best. And to do that, you need to stay ahead of the curve when it comes to technological innovation. So, what are the key trends to watch?

Let’s take a closer look at six technology trends that will shape the future of UK financial services:

1. Mobile & Connectivity: As consumers increasingly expect seamless, on-the-go experiences, mobile and connectivity will play a crucial role in financial services. With the rise of mobile-first transactions, financial institutions must ensure that their systems can keep up with the pace of change.

In the UK, for example, mobile banking apps have become the norm, with over 53% of adults using mobile banking services. To stay ahead of the competition, financial institutions must invest in mobile-first strategies that prioritise user experience, security, and seamless transactions. This includes developing mobile apps that provide real-time account information, allow for easy bill payments, and offer personalised financial advice.

2. Artificial Intelligence: AI will help financial institutions make more informed decisions, improve customer experiences, and automate routine tasks. From chatbots to predictive analytics, AI has the potential to revolutionise the way financial services are delivered.

However, AI also introduces new risks and challenges, such as bias in decision-making and the potential for AI systems to perpetuate existing inequalities. As technology leaders, it’s crucial to ensure that AI is designed and implemented in a way that benefits all stakeholders. This includes developing AI systems that are transparent, explainable, and fair.

3. Cloud & Edge: The convergence of cloud and edge computing will enable faster, more secure, and more efficient processing of data. With the rise of IoT devices and the increasing importance of real-time data, cloud and edge computing will play a critical role in financial services.

In the UK, for example, cloud computing is already being used to improve financial services, such as cloud-based accounting software and cloud-based payment processing. To stay ahead of the competition, financial institutions must invest in cloud and edge computing strategies that prioritise security, scalability, and data analytics.

4. Immersive Reality: Immersive technologies like AR and VR will revolutionise customer interactions and employee training. From virtual reality training simulations to augmented reality customer experiences, immersive reality has the potential to transform the way financial services are delivered.

However, immersive reality also introduces new challenges, such as the need for specialised hardware and software, and the potential for VR/AR experiences to be inaccessible to certain users. As technology leaders, it’s crucial to ensure that immersive reality is designed and implemented in a way that benefits everyone in a fair and consistent way.

5. Blockchain & Digital Currencies: The potential of blockchain and digital currencies to transform financial transactions and supply chains is vast. From secure payment processing to transparent supply chain management, blockchain has the potential to revolutionise the way financial services are delivered.

6. Social Media: As social media continues to shape consumer behaviour, financial institutions must adapt to stay relevant. From social media marketing to social media customer service, social media has the potential to transform the way financial services are delivered.

However, social media also introduces new challenges, such as the need for specialised social media skills, the potential for social media to be used for malicious activities, and the need for social media data to be protected.

So, what does this mean for you as a technology leader in the UK financial services industry? It means that you have a choice: you can either simplify or embrace complexity. You can choose to invest in technologies that will simplify your operations, improve your customer experiences, and increase your competitiveness.

Or you can choose to embrace complexity and invest in technologies that will help you navigate the ever-changing landscape of financial services.

At IBM Consulting, we’re passionate about helping our clients navigate this complex landscape. By understanding the needs of ‘team human’ and harnessing the power of these six key technology trends, we can help you stay ahead of the competition. Join us on this journey, and let’s unlock the power of ‘team human’ in UK financial services.

To find out more, visit our IBM Consulting Financial Services page.