From customer engagement solutions to omnichannel banking enablement, we break down the technology categories automating functions across banks' front, middle, and back offices.
Retail banks face growing customer demand for seamless digital banking experiences. At the same time, fee compression continues to cut into their margins.
To maintain a competitive edge, banking incumbents are turning to technologies that can help digitize their existing processes and offerings in ways that drive efficiencies, cut costs, and add new revenue streams.
In the back- and middle-office, this includes replacing or improving legacy systems with SaaS offerings, as well as leveraging APIs and AI/machine learning (ML) solutions to automate repetitive tasks like know your customer (KYC) approvals and mortgage application reviews.
In the front office, tech solutions are improving customer loyalty and satisfaction through natural language chatbots, user-friendly mobile apps, and product add-ons like card-based rewards.
Using CB Insights data, we identify 100+ vendors helping banks automate and digitize processes across 11 categories.
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