# Financial Services technology development in 2023 Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-12-02 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Unlocking Innovation in E-Banking: Trends to Watch in 2023 Meta Description: Discover how the rise of Super Apps and increasing focus on customer security and privacy are shaping the future of the e-banking industry in the UK. URL: https://financedigest.com/financial-services-technology-development-in-2023html ![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/peter-theunis-1736814786448-compressed.jpg) _By_ **_Peter Theunis,_** _Head of Payments EMEA at Endava_ The COVID-19 pandemic showed the importance of technology development to meet customer needs. Global lockdowns accelerated the [trend for the majority of financial transactions—including payments and eBanking—to be carried out online and the financial services](https://www.financedigest.com/trends-in-the-financial-service-landscape-and-the-impact-on-fraud.html "Trends in the financial service landscape and the impact on fraud") industry had to work even harder to meet increased demand. Both consumers and companies required a more reliable, faster, and [secure way](https://www.financedigest.com/behavioral-biometrics-simple-and-secure-way-to-authenticate-consumers-digital-identities.html "Behavioral Biometrics: Simple and Secure way to Authenticate Consumers’ Digital Identities") of handling e-banking to ensure an easy and stress-free experience. As we continue to exit the pandemic, it will be important for institutions and [fintech’s to keep listening to their customers and meet](https://www.financedigest.com/fintech-incubation-more-value-than-meets-the-eye.html "FINTECH INCUBATION: MORE VALUE THAN MEETS THE EYE") their needs. A customer-first mindset is perhaps one of the most important pillars of innovation. It’s important to consider a problem and match a solution to it, rather than [develop a solution without a clear](https://www.financedigest.com/crypto-firms-will-develop-offshore-without-clear-us-rules-coinbase-chief-says.html "Crypto firms will develop ‘offshore’ without clear US rules, Coinbase chief says") problem or need demonstrated by potential users. As we head into 2023, there are some clear [areas](https://www.financedigest.com/three-areas-of-focus-for-financial-service-cisos-in-2022.html "Three areas of focus for Financial Service CISOs in 2022") that consumers have been focusing on and that organisations would do well to tackle. **[Super Apps](https://www.financedigest.com/make-way-for-the-rise-of-the-finance-super-apps-consolidation-of-financial-digitisation-tools-platforms.html "Make way for the rise of the Finance Super Apps – Consolidation of Financial Digitisation Tools & Platforms") and Customer Satisfaction** Customer satisfaction is constantly growing, as consumers get comfortable with new [apps or tools that businesses](https://www.financedigest.com/why-mobile-apps-are-crucial-for-a-successful-business.html "Why Mobile Apps are Crucial for a Successful Business") bring out in the e-banking industry, they are already looking for the next best thing to make their experience even more stress-free. This is where we will see Super [Apps come](https://www.financedigest.com/why-pay-by-bank-app-will-come-into-its-own-in-2022.html "Why Pay by Bank App will come into its own in 2022 ") into play. Super apps allow for many applications to connect under ‘one umbrella’ and provides the customer with one single interface in order to access a range of products and services, [essentially allowing the customer to have everything in one app at the tip](https://www.financedigest.com/security-backed-mortgages-essential-tips-and-guidance.html "Security-Backed Mortgages – Essential Tips and Guidance") of their fingertips, instead of hoping to one app to another. If Super Apps do come into play in the UK, [banks will be looking to compete in order](https://www.financedigest.com/austrian-regulator-orders-system-relevant-banks-to-up-capital-buffers.html "Austrian regulator orders system-relevant banks to up capital buffers") to keep customers happy and provide them with everything they need. To do this, banks will need to [embrace smart data whilst also re-doing their business models](https://www.financedigest.com/how-collaboration-technologies-are-helping-organisations-to-embrace-a-hybrid-working-model.html "How collaboration technologies are helping organisations to embrace a hybrid working model"). However, whilst banks will have to compete in this arena, it will be imperative for Super Apps to gain [customer trust and drive brand loyalty whilst being convenient for the customer and providing a personalised service](https://www.financedigest.com/revolutionising-customer-service-three-sectors-that-are-leading-the-way.html "Revolutionising Customer Service: Three sectors that are leading the way…"), which banks are already doing. **E-banking and customer security and privacy** There is no doubt that when it comes to e-banking, [customer satisfaction is highly impacted](https://www.financedigest.com/the-fca-is-taking-immediate-action-on-customer-vulnerability-but-how-does-this-impact-advisers.html "The FCA is taking immediate action on customer vulnerability; but how does this impact advisers?") by the consumers security and privacy. In recent years, and years to come, there has been a growing focus on the security of payments, especially as customers are spending more of their payment [lives online](https://www.financedigest.com/the-high-street-is-dead-long-live-online-shopping.html "The high street is dead – long live online shopping! "). Authenticating the participants in a transaction is a key concern, however; banks, processors and card issuers have had to develop sophisticated anti-fraud and AML [solutions to ensure](https://www.financedigest.com/vias-cloud-based-solutions-ensure-painless-office-move-for-insurance-body.html "VIA’S CLOUD-BASED SOLUTIONS ENSURE PAINLESS OFFICE MOVE FOR INSURANCE BODY") we are who we say we are and to reduce risk on transactions. Going forward, these will [continue to develop](https://www.financedigest.com/southampton-development-continues-to-excite-local-investors.html "SOUTHAMPTON DEVELOPMENT CONTINUES TO EXCITE LOCAL INVESTORS"). This is not only to combat the ever-evolving threat from fraudsters and hackers, but to also advise consumers on payment methods and assist in their decision-making as they evaluate the best [ways to buy](https://www.financedigest.com/5-top-ways-to-buy-ethereum.html "5 Top Ways to Buy Ethereum") something. The key is for customers to have the easiest experience possible, whilst banks and payment providers [keep their data](https://www.financedigest.com/dollar-buoyant-as-robust-u-s-data-keep-fed-hawks-in-control.html "Dollar buoyant as robust U.S. data keep Fed hawks in control") safe. As discussed, security and privacy when it [comes to customer](https://www.financedigest.com/any-business-can-now-offer-their-customers-financial-services-how-embedded-finance-is-reinventing-the-wheel-when-it-comes-to-banking.html "Any business can now offer their customers financial services: How embedded finance is reinventing the wheel when it comes to banking") satisfaction in e-banking, will only continue to grow. We’ll see biometrics and behavioural analysis become a significant part of this, as well as further [innovation in user](https://www.financedigest.com/latam-airlines-reduces-cost-per-user-by-83-thanks-to-innovative-ad-technology.html "LATAM Airlines reduces Cost Per User by 83% thanks to innovative ad technology") experience. People’s [financial security](https://www.financedigest.com/post-brexit-uk-workers-can-have-financial-security.html "Post Brexit – UK workers CAN have financial security") is of paramount importance. **Customer and** [consumer demands](https://www.financedigest.com/lights-maker-signify-cuts-annual-outlook-on-lower-consumer-demand-china-woes.html "Lights maker Signify cuts annual outlook on lower consumer demand, China woes") We’ve already seen the payments and the overall fintech sector develop to keep up with customer and consumer demands in regards to satisfaction especially over the past five years with Buy-Now-Pay-Later, more options for IoT transactions and the majority of customers moving completely to an [online banking](https://www.financedigest.com/dutch-online-bank-bunq-applies-for-u-s-banking-licence.html "Dutch online bank Bunq applies for U.S. banking licence") model, leaving a cashless society. As we increasingly move into a different way of e-banking, with IoT, wearables and Super Apps, companies/businesses will have to keep up with customers’ needs through further [technological investment and innovation](https://www.financedigest.com/green-light-for-setsquareds-automotive-technology-innovators.html "Green light for SETsquared’s automotive technology innovators") like never before. During the [peak of the COVID-19 pandemic](https://www.financedigest.com/zoom-shares-down-90-from-peak-as-pandemic-boom-fades.html "Zoom shares down 90% from peak as pandemic boom fades") it became clear that organisations that were able to listen to their customers were in the best position to not only navigate turbulent times but also to do well and develop, retaining customers and attracting new ones. This is a mindset that must continue as we head into 2023 and [face new and unpredicted changes](https://www.financedigest.com/the-changing-face-of-peer-to-peer.html "THE CHANGING FACE OF PEER-TO-PEER") to the global economy. **Sustainability** [Sustainability is a theme which is transversal to all other developments](https://www.financedigest.com/nano-one-awarded-10-million-from-sustainable-development-technology-canada.html "Nano One Awarded million from Sustainable Development Technology Canada") mentioned above. Defining a strategy based on sustainability and other [corporate social responsibility](https://www.financedigest.com/corporate-social-responsibility-within-the-festival-industry.html "Corporate Social Responsibility Within The Festival Industry") measures becomes more and more important for the users of financial services. As such, carbon negative [data centers which use sustainable energy and/or even generate their own energy are one of the cornerstones of this strategy](https://www.financedigest.com/investing-in-a-first-party-data-strategy-can-save-the-day-for-retailers.html "Investing in a first-party data strategy can save the day for retailers"). Greener processes are much needed in every single industry out there, a [financial service](https://www.financedigest.com/how-crowdsourcing-can-help-drive-the-benefits-of-advanced-analytics-in-financial-services.html "HOW CROWDSOURCING CAN HELP DRIVE THE BENEFITS OF ADVANCED ANALYTICS IN FINANCIAL SERVICES") won’t be the exception. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---