IDC FutureScape: Worldwide Banking 2023 Predictions
This IDC study provides IDC's 2023 top 10 predictions for banking. Predicting the future of banking and the implications of technology strategies at financial institutions has become more and more difficult over the past three years. But IDC believes that the predictions in this document will enable banks to overcome the challenges of rigid architectures and strategies and put those institutions in a better position to navigate the dynamic, and sometimes chaotic, market environments of the future. "Today's goal for banking worldwide is to overcome the immediate challenges in the markets, while mapping out a longer-term strategy for growth and innovation during calmer times," said Jerry Silva, research vice president, IDC Financial Insights. "The banks that can map out strategic investments, leveraging appropriate technologies, will be best prepared to remain resilient and profitable in any situation."
Please Note: Extended description available upon request.
- IDC FutureScape Figure
- Executive Summary
- IDC FutureScape Predictions
- Summary of External Drivers
- Predictions: Impact on Technology Buyers
- Prediction 1: By 2026, 40% of Global Banks Will Have a Strategy of Standing Up a Digital Core Banking System Alongside Its Current Application, Without the Urgency of Replacing the Legacy System Entirely
- Associated Drivers
- IT Impact
- Guidance
- Prediction 2: In an Effort to Increase Global Resiliency and Scale, 30% of the World's Top Banks Will Be Sharing Data, Applications, and Operations in Multi-Industry Ecosystem Environments by 2025
- Associated Drivers
- IT Impact
- Guidance
- Prediction 3: By 2027, One in Five Global Banks Will Abandon the CSAT as a Measure of Customer Experience and Adopt the CES — Customer Effort Correlated to Outcomes as a Key Indicator of Journey Satisfaction and Success
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 4: Ransomware and Other Cybersecurity Attacks Will Remain a Serious Threat and Will Increase by 20% from 2022 Through 2024, Mostly Because of Phishing Attacks and Weak Password Construction
- Associated Drivers
- IT Impact
- Guidance
- Prediction 5: By 2027, 10% of Attempted Identity Fraud Will Be Reduced Because of More Sophisticated AI/ML and Deep Learning Algorithms by Leveraging Available Data Through Open Banking Sources
- Associated Drivers
- IT Impact
- Guidance
- Prediction 6: Driven by Increasing Technical Complexity and Growing Numbers of Payment Rails, 50% of Global Banks Will Adopt Payments as a Service for Some or All Payment Processing Workloads by 2028
- Associated Drivers
- IT Impact
- Guidance
- Prediction 7: Fueled by Mobile BNPL Applications and Mobile Wallets, BNPL and Similar Installment Payment Methods Will Capture 7% of Online Purchase Transactions by 2026
- Associated Drivers
- IT Impact
- Guidance
- Prediction 8: By 2028, 50% of Corporates Will Practice Enterprise Liquidity Management Requiring Banks to Deliver API-Based, Real-Time Data Services and Transactional Services to Centralize Treasury Operations
- Associated Drivers
- IT Impact
- Guidance
- Prediction 9: By 2027, 50% of New Securities Issued Globally Will Be Issued as NFTs (or Blockchain-Based Tokens), as a Technology Channel for Private and Public Equities and Debt
- Associated Drivers
- IT Impact
- Guidance
- Prediction 10: By 2025, 50% of Lending Portfolios of Tier 1 Global Banks Will Be Clearly Linked to Sustainability
- Associated Drivers
- IT Impact
- Guidance
- Advice for Technology Buyers
- External Drivers: Detail
- Storms of Disruption — Accelerating, Interconnected Uncertainty
- Cybersecurity and Risk — Scaling and Evolving Threat Environment
- Digital Business — Stepping Stone to the Future Enterprise
- Meaningful Intelligence — Differentiated Decision Power
- Ecosystem-Based Innovation — Driving Enterprise Value
- Mainstream ESG — Sustainability Is Measured and Mandatory
- Everything as a Service — Thriving Through the Change
- Learn More
- Related Research
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