Banks will use next year to accelerate the transition of their branches into fully digital hubs, a specialist in banking software has predicted.
Mark Aldred, Banking Specialist at software company Auriga, said banks are looking to become ‘smarter’ than ever and so will seek to deploy more in-branch technology that improves user experience, including video banking and smarter use of in-branch tablets to improve service and sales.
“Banks will continue to review their branch networks next year, relocating away from underperforming branch locations to areas higher footfall and more demand for banking services – such as out of town shopping centres – and invest in city centre flagships,” he continued.
Aldred also said he believed competition is spurring banks to develop their offers in order to differentiate themselves and drive growth “We are likely to see banks collaborating more with each other, challenger banks and other financial services companies in 2019,” he added. “I also believe Open Banking is prompting banks to adapt.
However, progress has been slow so far. Despite being launched back in January 2018 – the full range of potential threats and opportunities as a result of Open Banking are yet to be realised.”
He said that despite the buzz around artificial intelligence and how it will revolutionise banking, development and deployment of AI in 2019 will also be slow, remaining ‘broadly experimental’.