IDC FutureScape: Worldwide Financial Services and Payments 2022 Predictions

IDC FutureScape Figure

• Figure: IDC FutureScape: Worldwide Financial Services and Payments 2022 Top 10 Predictions

Executive Summary

IDC FutureScape Predictions

• Summary of External Drivers

• Predictions: Impact on Technology Buyers

• Prediction 1: As Regulator and Social Pressures Increase, by 2024, 40% of Banks Will Implement AI-Based AML Models to Better Detect Patterns of Human Trafficking and Other Illicit Activity with High Social Impacts

• Associated Drivers

• IT Impact

• Guidance

• Prediction 2: By 2023, 25% of Global Banks Will Use AI-Based Sentiment Analysis to Improve Customer Experience on Current and Future Products and Services

• Associated Drivers

• IT Impact

• Guidance

• Prediction 3: By 2025, 25% of Tier 1 Banks Globally Will Deploy Their Data Warehouses and Analytics Operations in the Cloud

• Associated Drivers

• IT Impact

• Guidance

• Prediction 4: The Massive Change Brought by Current and Upcoming SWIFT Releases Will Force Legacy Replacement of Trade Finance Systems, 75% of Which Will Be Cloud Based by 2025

• Associated Drivers

• IT Impact

• Guidance

• Prediction 5: By 2025, 50% of Insurers Will Offer Real-Time Risk Prevention as a Service to Their Retail Customers in Both Life and Nonlife, Either Directly or Through Digital Partnership Ecosystems

• Associated Drivers

• IT Impact

• Guidance

• Prediction 6: By 2022, Consolidation of the Fintech Market Will Continue with at Least 30% Prominent Fintechs Acquired and Another 30% Failing Because of Lack of Scale

• Associated Drivers

• IT Impact

• Guidance

• Prediction 7: By 2026, 35% of Payments Will Be Optimized Using AI-Derived Routing Models

• Associated Drivers

• IT Impact

• Guidance

• Prediction 8: By 2023, 65% of Consumers Across All Channels Will Try an Instant Finance Option

• Associated Drivers

• IT Impact

• Guidance

• Prediction 9: By 2025, FedNow Will Capture 75% of U.S. Real-Time Payment Volume, Including Cross-Border Transactions

• Associated Drivers

• IT Impact

• Guidance

• Prediction 10: By 2024, 30% of Global Banks Will Use Relevant and Responsible Personalization as a Key Differentiation Weapon to Create Loyal Clients

• Associated Drivers

• IT Impact

• Guidance

Advice for Technology Buyers

External Drivers: Detail

• Pervasive Disruption Continues — Volatility, Opportunity, and Resilience

• The Future Enterprise — Thriving in a Jungle of Agile Innovation

• Embracing Digital First — New Strategies for Complexity and Ubiquity

• The Velocity of Connectedness — The Future Is Data in Motion

• Intelligence on Demand — Navigating the Torrent of Data

• Digital Ecosystem — Thriving in a Multiplatform World

• Engagement Reimagined — From Responsive to Anticipatory

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• Related Research