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The Bank of the Future: What Will It Be?

The bank of the future will essentially be a “data company that is inclusive and leverages technology and ecosystem partnerships to deliver value for the customer’s financial and non-financial digital ecosystem in a seamless manner.” The banking organization of the future will be a value aggregator, advice provider, and access facilitator – all in one. Instead of reactive and post facto notifications, there will be advanced warnings, recommendations, and advice to change course to avoid a difficult situation. The key pillars of a bank in the future will be data, API, AI&ML, a cloud-based platform, cybersecurity, and controls & compliance.

The future of the banking ecosystem will extend well beyond financial services. The industry will have to look deeper and further than just closing branches, improving online & ...

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