The onslaught of fintech organizations has long been disrupting the financial services space at large, introducing a slew of new business models, technologies, and cultural approaches to the industry. 2024 will be another transformative year as these fintech ideals continue to spread into banking, insurance, wealth management, and more, changing the way clients view and what they expect from their financial services.

For 2024, our industry experts foresee three key themes dominating the conversations about technology investments for financial services: open banking, CDP, and call center digitization. Let’s review the motivations behind each of these.

Open banking principles will continue to drive innovation

First up is the gradual move toward open banking. Open banking can easily sound more complicated than it is: financial institutions use open APIs to foster more innovative development of apps and financial data transparency for clients. It’s an exciting concept and one that many organizations are adopting rapidly—not just in fintech, but the whole finance industry. But there are also strong reasons to hesitate, waiting for a carefully prepared strategy to ensure data security throughout any open banking implementation. As more and more organizations tackle these stakeholder concerns head-on, we expect to see an exponential increase in open banking models, putting more of the financial experience directly in consumers’ hands. 

Demand for personalized experiences will push CDP readiness

The ongoing push for end-to-end personalization is impacting customers of all financial institutions, from banking and retirement planning to insurance and beyond. To answer this need, the customer data platform (CDP) is the investment of choice for complete control and 360-degree visibility into your client base. Equipped with AI analytics, a CDP can become the hub of complete marketing transformation by unifying your client insights and turning them into next steps at every touchpoint—true data capitalization. CDP can also support financial organizations, specifically, as they attend major financial events, track retention rates and debt-to-credit ratios, or analyze advisor loyalty scores. 

Call center digitization will reign supreme for insurance and beyond

Digitized customer service has been tagged as one of the most important technologies to support customers in Gartner’s hype cycles several times over, and for good reason. Call center digitization is one of the most rewarding investments because it uplifts customer experience throughout their journey. And in perhaps no other industry is the call center more bombarded with customer interactions than insurance. Insurers are especially keen on digitizing their call centers with more automated claims and underwriting, self-service hubs, and AI-led conversational bots to ease the workload and save complicated cases for human agents. But it’s not just insurance we foresee emphasizing this investment—many financial institutions are due to overhaul how they handle customer service. 

To kickstart your organization’s investment in any of these solutions and technologies, you’ll want an expert partner at your side. Reach out to Simplus for industry-specific, tailor-made roadmaps that keep the long-term scalability and success of your platform at the forefront.