January 9, 2024
Financial Services 2023 Year in Review + Preview of 2024
Episode 209 of The Innovation Engine podcast.On this episode of The Innovation Engine, we dig into the recent past and upcoming future of innovation in the Financial Services industry. Rob Murray, 3Pillar’s Financial Services Industry Leader, moderates a conversation with Jennifer Mun and Albert Thibault, two integral members of our Financial Services industry team , about what they’re seeing as the most prevalent trends impacting Financial Services companies as we move into a new year.
The trio discuss some of the key trends they saw shaping the FinServ space in 2023, including:
- The evolution of consumer behavior toward a cashless (and sometimes even cardless) society
- The rapid rise of artificial intelligence and machine learning
- The constraints that years of technical debt can have on a company’s capacity to drive innovation
- How data and personalization are revolutionizing customer experiences
Looking ahead to 2024, the group identifies several areas where they foresee opportunities for companies in the space to make headway, including further enhancements in customer and employee experiences driven by evolving AI applications and data analytics. They stress the importance of ethical AI deployment and data use in a globalized landscape, and they touch on some of the strategic decisions FinServ leaders must make when determining whether to buy or build technology solutions.
Tune in to this robust conversation as Rob, Jennifer, and Albert lay out a roadmap for the future of innovation in Financial Services.
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Episode Highlights
- Jennifer’s key trends from 2023 include the transition to a cashless economy, the importance of data, and increasing digitization in the space
- Albert’s key trends that he highlights from last year were converging customer experiences from institutions of all sizes, what he calls “the war for talent” in FinServ, and the growing prevalence of tech debt
- Rob’s key trends from 2023 include a pullback in tech spending tied to expected economic headwinds, a huge surge in interest around AI, and heightened awareness of and interest in reducing technical debt
As they look ahead to 2024, the group discussed:
- The crucial role of talent in driving innovation in Financial Services
- The prospects for AI and data analytics to shape the future of the industry
- How companies should approach striking the right balance between innovation, security, and trust in a highly regulated industry