The banking industry in Europe is going through a state of change due to the enforcement of GDPR and PSD2 regulations. The complexities introduced by these regulations have made the waters harsher for financial institutions in Europe regarding their control of a person’s private financial data. In the wake of these regulations, it is critical for financial institutions to ensure that the customer experience does not get adversely affected when they give customers more control over their personal information. For this, banks and financial institutions have started to invest across different technological platforms such as online, mobile, and social media to enhance and maintain customer satisfaction while ensuring compliance.
The technologies that are beginning to see the greatest traction in banking include AI, extended reality (XR), microservices, blockchain, and so on. These technologies can not only ensure that financial institutions maintain regulatory compliance, but they also help them enhance their processes. AI has been increasingly used by financial institutions to automate repetitive, rule-based manual tasks from anti-money laundering monitoring to credit card fraud detection. This also helps in faster and less error-prone fraud detection. XR technologies such as VR, AR, and mixed reality (MR) have the inherent potential to lead to more meaningful customer engagements and improved workforce performance. Additionally, by leveraging technologies such as blockchain and microservices, financial institutions can decommission unnecessary legacy systems to bring forth a productive workflow.
By carefully scrutinizing the baking tech companies in Europe, a distinguished selection panel comprising CEOs, CIOs, VCs, and the Banking CIO Outlook’s editorial board has selected a list of the top banking tech companies in Europe that leverage innovative technologies and strategies to enhance today’s banking processes. These companies offer powerful solutions coupled with innovative strategies that are distinctively prominent in the field.
We present to you Banking CIO Outlook’s Top 10 Banking Tech Companies in Europe - 2018.