10 ways technology will change banking in 2019 - American Banker

To stay competitive, banks are investing millions of dollars into technology to digitize nearly every aspect of their businesses. But can they keep up with constant change coming from all directions?

Customer demand for more high-tech services, and for connectivity between popular financial management apps and their primary bank accounts, may finally force banks to set aside their security and competitive fears and strike data-sharing deals with fintechs in 2019.

Meanwhile, artificial intelligence and automation's impacts will continue to be felt at many companies, though regulators will have a say in the pace of adoption.

Fintechs, which have been encouraged by regulators as a means of spurring innovation, may have to brace for a consumer-protection backlash in response to mistakes they have made.

The customer profile is changing, too. There are some painful lessons ahead, for sure, in how the youngest customers — Generation Z — differ even from the still sometimes perplexing millennials.

Here's a summary of those and other banking technology trends to watch in 2019.

The nature of work, and the 'workers,' will change

Bloomberg News

U.S. Bank, Wells Fargo, BBVA Compass and Banco Popular are among the banks that have centers of excellence deploying robotics and artificial intelligence to streamline work processes and establish more uniform procedures.

The largest banks are automating work anywhere they can, especially routine work like cutting and pasting data from one app to another. Use of AI and robotics will only grow provided banking regulators become more open-minded about them.

This will dramatically change banking jobs and the skills required to do them. People will be needed to design and train bots and AI engines, to test and oversee them, and to manage the employees who do those jobs. There are 960 listings on efinancialcareers.com for jobs involving artificial intelligence and 105 for jobs that require robotics expertise. These numbers will multiply next year.

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