Digital Banking: Trends and Predictions For 2023

In 2023, financial institutions face a challenging business environment and rapid technological disruption. Here is a short summary of ebankIT’s?Digital banking trends and predictions for 2023??to help you stay updated with the latest innovations in the fintech sector. In this new and exclusive report,?ebankIT?has gathered the top?main?trends?that will influence?digital banking?this year. It will help innovators understand upcoming banking transformations and prepare them to lead the next generation of digitally empowered financial institutions.

1. Chatbots are taking over

Chatbots are predicted to play an increasingly important role in digital banking. Millennials and GenZs are customers that are becoming more and more used to talking to machines. A survey found that?40% of internet users prefer interacting with chatbots?rather than with customer service agents.?

2. Super apps: hype or hope for digital banking?

A super app?offers a multitude of services?and products within one single app. This type of app is already popular in the east with?"WeChat"?and?"Alipay"?in China. These apps' services include instant messaging, social media, an online marketplace, and much more.?Super apps make the life of the user easier, they?only need to?open one app to perform tasks that once required a dozen of them.?"WeChat" is proof of a super app's success with a huge user base of 1.24 billion users.

3. Cybersecurity

Banks have always been a target for hackers and as digital banking keeps expanding,?cybersecurity?risks will keep growing. It is expected from banks and other financial institutions to protect their user's data as well as they keep their client's money.

In order to address the growing cybersecurity threat,?banks should guarantee that their digital platforms can integrate with?external cybersecurity systems.?Technologies such as machine learning and Artificial Intelligence can be a great help to prevent security breaches. They can for example recognize behavioral patterns that signal the presence of a threat.?

Discover more trends and read the full report here