By 2025, 40% of bank payments will be optimised using artificial intelligence (AI)-derived routing models, according to International Data Corporation (IDC).
Banking services in particular would witness increased adoption of AI to improve speed and efficiency of payments in cash and trade services, the agency predicted.
Also, with the central bank digital currency (CBDC) scheduled to be introduced in FY23, banks would have to gear up for several changes.
With CBDC roll-outs gaining momentum, by 2025 more than 15% of tier 1 corporate banks would offer their clients integrated solutions to unlock liquidity from both traditional and digital assets.
“They need to evaluate the existing workflow and data structure to identify the processes and systems that require adjustments to support CBDC adoption,’‘ said IDC in a study on Friday.
As a result, some 35% of corporate banks would platformise connectivity by 2023 to deal with the growing channel fragmentation.
Banks would have to factor in infrastructural requirements to support custodial and depository services for CBDCs with the combination of centralised relational database management systems and distributed ledger technology, IDC added.
