According to Forester, the hot technologies that banks are investing in today include AI, machine learning, predicative analytics, natural language processing (NLP), computer vision, and microarchitecture.

Forrester’s report, “Top Emerging Technologies in Banking in 2022,” is based on surveys of tech decision makers in banks and their technology vendors.

Artificial intelligence and machine learning top the list of hot technologies since it offers multiple benefits, including supporting strategic business decisions, building applications that can serve customers in a personalized way, and driving revenue growth.

Another hot technology for banks is real-time and predicative analytics. Eighty nine per cent of respondents are already using the technology or are about to introduce it. This technology can help banks make better informed business decisions and serve customers in a more personal way.

Banks are also investing in 5G, NLP and microservices. Fifty six per cent of respondents believe that 5G will play an important role in their customer service department.

NLP and its subset, natural language understanding (NLU) is also important as it can be used to overcome various challenges, including comprehension of local languages, dialects and accents.