Technology, with an emphasis on artificial intelligence – AI – will both drive and enable personalised, contextualised and timely advice delivery. Right across the decade, three factors in particular will encourage AI adoption, within cloud native architectures.
1) Cost of computation
2) Big data
How can institutions select and shape their technology solutions to create effective responses?
Flexibility is paramount in fragmented technology landscapes. Client-centric solutions will combine diverse systems and services.
Successful institutions will become agile at switching software providers for specific functional sub-domains. They will learn to get the best from the technology market, to help them combine legacy core systems with new applications. Without disruption. And without client service experience friction.
Technology providers will respond with robust capabilities, functioning effectively across multiple, heterogeneous environments.
As cloud-native, microservices and AI appear increasingly across channels and operational areas, they will bring general performance improvements. And they will have a pronounced impact where regulations are heavier.
Technology will also need to function holistically. Front, middle and back office all contribute to client-centric business processes. New solutions will impact entire institutions. They will automate repeatable tasks. More creatively, they will offer advisory professionals the tools and knowledge to perform the right actions at the right moment.
In summary, AI, microservices and business process management tools will be key enablers of new digital initiatives in 2021. This is the future. And it’s already happening.