As usual, I began the year with a bunch of predictions. I always like to end the year by going back and reviewing them.
My own predictions were a little bit off. I said the main four things that would happen this year were:
- Getting down to business with Artificial Intelligence (AI)
- Rationalising and cleansing core data structures
- Continuing the digital drive
- Distributed Ledger Technology (DLT) continues to rise
I would claim that 1 and 3 did happen, but I didn’t see much of 2 and 4, DLT, well … are you pulling my blockchain? In fact, my worst prediction was that “cryptocurrencies valuations continue to rise (some say bitcoin will exceed $100,000 soon), and regulators will focus upon these markets to try and lock them down” … or maybe the regulatory involvement did quell that bubble’s burst.
Disappointing in many ways that 2018 didn’t see a greater movement forward to get bank systems and structures sorted out, but then I guess many are still just focused on their shareholder returns and they’re doing fine so why bother?
Nevertheless, I wasn’t the only one more optimistic at start of year than at end of.
Jim Marous of The Financial Brand had this lovely crowd sourced list of priorities back in January
- Removing Friction from the Customer Journey
- Expanding Use of Data and Advanced Analytics
- Improving Multichannel Delivery (note: I never use the word channel)
- Embracing PSD2 and Open API Banking
- Building Fintech Partnerships
- Expansion of Digital Payments
- Navigating Compliance and Regulatory Changes
- Exploring Advanced Technologies
- Competing with New Challengers
- Testing Blockchain Technologies (that was last year imho)
I would say that only number 5 saw any real traction out of this list, or maybe I’m being too harsh?
Meantime, I did share this infographic at the start of the year from Clari5 by Customer XPS …
Looking back, this was probably the most accurate reflection of what happened in 2018. Do you agree?