Straight Through Processing: An Economic Lifeline
In 2023, as the corporate customers are hit by severe price variability and supply chain stresses linked to energy price rises and the aftereffects of the pandemic, banks will need to do as much as they can to build out a service backbone that simplifies servicing of business accounts. The goal must be to minimise unnecessary delays that add further stresses onto the already stressed business operations of their corporate clients.
CBDCs Added to Payments Mix
Recent declarations and experiments by central banks in creating digital currencies may become less hot air and vapourware in 2023 with 15 governments undertaking trials with central bank digital currencies (CBDC). There is a sense of momentum growing as central banks from across the developed and emerging economics seek to coordinate their plans.
A Careful Autonomous Service Tech Revolution
When the first ATM was inserted into a wall, banks appointed themselves the pioneers of self service. Nowadays, self-service banking extends well beyond the hole in the wall machines of the 1960s and is pervasive from mobile apps to websites to assisted self-service devices in new style bank branches. But there is further to go, and in 2023 we will see more evidence of what is known as autonomous service in how banks serve customers across their channels.