The sea of digitalisation continues getting deeper. How will digital banks move forward in 2022?

So, what will digital banks focus on in 2022?

Process automation and putting artificial intelligence to use were the two key focus points for many digital banks. I expect this focus to remain intact, as both customers and employees benefit from its applications greatly.

Almost all digital banks are already utilising artificial intelligence, some are much further ahead than others. And the reason for this is straightforward – some have been working at their own speed when implementing new technologies. In contrast, others have realised that it's not just the implementation that matters but also the time it takes to deliver results.

Automation of processes will continue to be crucial in 2022, making everyday tasks easier and allowing us to do more. However, the digital bank that tries to do things faster than others will undoubtedly have a much more significant market advantage.

Embedded finance services – a path to even deeper waters Embedded finance is slowly gaining popularity among digital banks and should continue to do so. In short, embedded finance is the integration of financial services into a non-financial system, app or platform.

Embedded finance is the integration of financial services into the system of almost any online platform using an Application Programming Interface (API). It provides a seamless payment experience at a single touchpoint. The dependency on third parties is made redundant by the end-to-end solution with a wide variety of innovative offers that is highly beneficial for the consumers and the merchants. So, for example, a digital bank offering such services can help a retailer offer its branded credit cards or integrate financial products such as consumer loans or insurance into its service offer directly on its website, app, or stores.

The adoption of embedded finance is expected to grow in popularity because it can provide a smoother user experience for the consumers while the whole financial process stays in-house, building loyalty and convenience for the company.

It is clear that customers will only ever expect the fastest, most accessible and most productive services from digital banks. But will they really be as such if the bank does not get to grips with its internal processes and adaptation to innovation first?

Soon, digital banks will focus much more on making processes easier and on their employees themselves. Of course, this will be helped by the rapid pace of new technologies and process automation, but just as important will be employees' even more rapid upskilling. After all, if they are to have a good understanding of the new technologies, they need to be given more opportunities to improve their knowledge.

Assuming that we have already started talking about the internal processes of banks, it is worth emphasising that the fact that things can be handled remotely will sound like a common feature, not only for bank customers but also for employees.

Soon enough, remote working will not even be a discussion point to any degree for digital banks.

A modern digital bank is a global bank, where employees can work not only from the country where it is located. And the good old rule of thumb is that motivation and performance are key. So modern digital banks will increasingly pay less attention to where an employee is based. After all, it's nothing new here – in a couple of years of the pandemic, we have all learned how to communicate virtually.

If you had to choose between two digital banks, and one of them, as opposed to the other, would emphasise the security of all transactions and, above all, the security of your funds, which one would you choose? Probably without a second thought, the one that talks about security.

So, security is something that digital banks will have to talk about more and more in the future.

For a digital bank that wants to be a leader, it will be important to ensure that all services are secure and strengthen its position on anti-money laundering. In addition, educating the public on security issues will be essential to earn more trust than others. This will continue to be as important a focus in the future as it is today.