As we move into 2023 and beyond, there are a number of trends that are set to shape the way financial organizations approach to content services. Decision-makers will need to navigate these trends to create effective digital strategies that enable them to make the most out of their budgets and stay competitive in the volatile financial landscape. In this post, we give some of our outlooks for 2023:
What is around the corner
One of the biggest challenges facing banks and financial companies in 2023 is the sheer volume of data and information that needs to be managed. Despite the growing amount of structured content, at least half is expected to remain unstructured, which makes it difficult to extract meaningful insights. To address this challenge, organizations will need to invest in adequate capture and data extraction systems to take control of all this data.
Content Services Ecosystem
In the coming years, organizations will increasingly look for solutions and partners that can provide seamless ecosystem solutions for content services. Rather than opting for best-of-breed siloed solutions, decision-makers will look for content services ecosystems that enable them to build solutions on top of it themselves through APIs and plug-and-play components for their own business applications.
Rise of Insourcing and Low-Code in IT
In 2023, we expect to see an active move away from the outsourcing trend as banks and financial institution seek to gain greater control over financial resources and empower insource resources to be internal drivers of automation. Low-code platforms will become increasingly mainstream, providing simple tools for internal “citizen” to automate business processes and data integration on their own. According to Gartner, “By 2023, the number of active citizen developers at large enterprises will be at least four times the number of professional developers.” Partners that can provide such solutions and joint cooperation will be in advantage.
The “Safe Bets”
There are some activities that will continue to be “safe” bets in 2023.
Business process digitalization
Business process digitalization will remain a key driver as many processes in organizations are still manual and require digitalization or improvement. Additionally, the COVID-19 pandemic has exposed flaws in processes and has continued to be a driver for efficient “remote” work setups.
Hybrid approach to archiving
Hybrid approaches to archiving physical and digital documents will also continue to evolve alongside advances in technology and changing user needs. The number of digital documents is growing but physical archiving remains an important aspect of document management, and it will continue to evolve due do to more and more compliance being imposed on documents regardless of their form.
The choice between cloud or on-premise deployment is more of a “fit” question than a trend. Organizations will need to determine what deployment option best fits their ecosystem and provides overall costs and features. On-premise deployment of content services platform solutions may seem as an initial high investment, but does not require incremental costs throughout ownership, as in the cloud deployment type. The on-premises deployment mode still holds a dominant position in the market due to security concerns associated with customers’ private data.
The Cool Stuff
Finally, we cannot ignore the power of AI when it comes to content services. While AI has been around for some time, it is only recently that we have seen a true rise in consumer applications. AI-s potential to be used in service of content to simplify search, understanding, and protection of documents seems unparallel to none. Pairing AI with content services will continue give more focus on personalization, tailoring insights to individual users based on their interests, preferences, and needs. This will require the use of advanced algorithms and machine learning to analyse user data and deliver relevant content.
Don’t Just Store It – Control It
Merely storing files of a financial organization is insufficient to meet industry compliance standards. Beyond legal mandates, a records management strategy is vital to a bank’s information life cycle. At an organizational level, the strategy should govern how information is created, stored, shared, tracked, and protected.
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— Berislav Tomašić
ECM Head of Consulting