{"id":25528,"date":"2021-12-21T22:23:00","date_gmt":"2021-12-21T22:23:00","guid":{"rendered":"https:\/\/fsv.mysites.io\/?p=25528"},"modified":"2022-01-02T22:26:10","modified_gmt":"2022-01-02T22:26:10","slug":"us-stocks-are-expensive-copy-copy-copy","status":"publish","type":"post","link":"https:\/\/fsvllc.com\/us-stocks-are-expensive-copy-copy-copy\/","title":{"rendered":"The 5 Hottest Technologies In Banking For 2022"},"content":{"rendered":"
\n\"Forbes\"\n

Ron Shevlin, Senior Contributor<\/p>\n

Dec. 31, 2021<\/p>\n

OBSERVATIONS FROM THE FINTECH SNARK TANK<\/strong><\/p>\n

For readers unfamiliar with the Fintech Snark Tank, this annual list subscribes to the Deep Throat approach to ranking banking technologies. In the movie All The President’s Men, Woodward and Bernstein meet their informant-whom they refer to as Deep Throat-in a parking garage who tells them: “Follow the money.” The truly “hot” technologies in banking are the ones that financial institutions invest in-not necessarily the ones the pundits talk about<\/p>\n

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At the end of the past seven years, Cornerstone Advisors has surveyed financial institutions to find out where their technology dollars will go in the coming year. The What’s Going On in Banking 2022<\/i><\/b> study reveals some shifts in technology focus for the coming year.<\/p>\n

The top five list for 2020 and 2021 reflected minor changes in priorities in each of those years as the same technologies were included in the list for both years, but in slightly different order.<\/p>\n

For 2022, however, three new technologies crack the list: chatbots, machine learning, and digital loan origination systems.<\/p>\n

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Digital Account Opening: Get it Done Already!<\/h2>\n

It’s 2022-what’s taking the industry so long to implement digital account opening? This should have been done years ago. It’s not rocket science. According to Alex Johnson, Director of Fintech Research at Cornerstone Advisors and author of the Fintech Takes newsletter:<\/p>\n

“Financial institutions ascribe too much importance to digital account opening; as if offering a great digital account opening experience will somehow magically drive customer acquisition. That’s nonsense. Putting a new coat of paint on your storefront every year won’t make sales go up if customers don’t like the product you’re selling.”<\/i><\/p>\n

Amen, brother.<\/p>\n

Chatbots: Every Bank Needs A Few of Them<\/h2>\n

Looking ahead to 2022, one in four financial institutions plans on investing in or deploying a chatbot. To date, just 18% of banks and credit unions have made investments in chatbots.<\/p>\n

It’s taken awhile, but the industry is coming around to the realization that chatbots-or more broadly speaking, conversational AI-have become a competitive necessity. Three requirements are driving the need for chatbots:<\/p>\n

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