Capgemini is encouraging its clients and those who follow the firm’s advice, to be frugal in their usage of technologies, in its newest TechnoVision report, entitled TechnoVision 2023: Financial Services, Right the Technology, Write the Future.

The report, in its 15^th year of publication, includes the TechnoVision financial services industry playbook, now in its fifth year of publication.

Together, the publication provides insight into how firms are operationalizing their technology transformation programs. It examines 37 technology business trends applicable to the banking and insurance industries and provides over 70 industry examples. It analyzes the current technology ecosystem and also looks at what the firm calls a wide gamut of solutions available.

“The financial services industry has evolved from a transaction business to a true experience business, coupled with new technologies and evolving business models that have given fresh impetus to accelerate this evolution,” they write, adding that investment continues to be focused on providing enhanced experiences for customers and employees. The report also acknowledges that financial services firms are subject to strict compliance, regulatory and security concerns. It discusses digital experiences, generative artificial intelligence (AI), customer expectations, customer journey orchestration and analytics, virtual workplaces, the token economy and sustainability commitments.

“Managing the data generated by ever increasing interactions is more important than ever – especially for retail banks and insurers looking to transform how they communicate with their customers,” the report states. “Financial institutions can no longer rely solely on automated responses and are moving toward offering a mix of human and AI interaction.”