A comprehensive report by Information Services Group (ISG) highlights the transformative role of technology in the BFS sector. To delve deeper into this trend, ISG is hosting the TechXchange event in Paris on September 19-20. The conference will bring together leaders from prominent banks and financial institutions, including Standard Chartered, Citi, Santander Germany, and Crédit Mutuel, to share their insights on how BFS institutions can leverage data, automation, and AI to thrive in a saturated market.
Colas Truong, an ISG partner and the event’s host, emphasized the importance of technology during the pandemic. He stated that agile use of technology enabled BFS institutions to navigate the crisis and meet consumer demands for digital assets, personalized services, and security while demonstrating their commitment to social values.
“Agile use of technology enabled these institutions to navigate the pandemic and it is now enabling them to meet consumer demands for new digital assets, personalized services and security, while demonstrating their shared commitment to social values.”
Truong also highlighted the shift in consumer sentiment towards ESG (Environmental, Social, and Governance) principles. According to his data, up to 10% of consumers are considering changing their banking relationships if they perceive a lack of commitment to these principles.
However, it’s not just consumer demands that BFS firms need to address. The backend operations of BFS institutions, particularly cybersecurity, remain a major concern. An ISG study revealed that 80% of BFS executives view emerging technologies like AI and machine learning as top challenges due to the rapid evolution of cyber threats.
The ISG TechXchange: Exploring the Future of Banking
The ISG TechXchange event will cover a wide range of topics, including the balance between seamless customer experiences and robust security measures, the potential and pitfalls of concepts like banking as a service, and the future of banking in the context of emerging tech platforms such as the metaverse.
The event will also showcase innovative startups like Welcome Place, Multiverse Computing, and Quandela, which are presenting their cutting-edge solutions to a discerning panel. These solutions, ranging from quantum computing to community-driven banking, represent the future of the BFS sector.
With major sponsors like Wipro, Accenture, and Cognizant, and media partnerships with several outlets, the ISG TechXchange has garnered significant industry support. The event aims to be a melting pot of ideas, innovations, and insights that will shape the future of the BFS sector.
Hot Take: Technology’s Role in Shaping the Future of BFS
In an ever-changing landscape filled with economic disruptions and cyber threats, technology has emerged as a beacon for global banking and financial services (BFS) firms. By harnessing data, automation, and AI, these institutions aim to enhance customer experience and navigate the challenges they face.
The upcoming ISG TechXchange event in Paris will provide BFS leaders with an opportunity to delve into this evolving trend. With discussions on topics like seamless customer experiences, robust security measures, and emerging tech platforms such as the metaverse, the conference promises to be a platform for exchanging ideas and shaping the future of the BFS sector.
Startups showcasing their innovative solutions further highlight the role of technology in driving BFS innovation. With industry support from major sponsors and media partnerships ensuring broad reach and diverse audience participation, the ISG TechXchange sets the stage for a collaborative and transformative future for BFS.
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