The Banking Executive Magazine - January 2023 Issue

Technology Outlook 2023 development frameworks for the edge replete with new data manage- ment, compliance and security Ap- plication Programming Interfaces APIs. Different edges will be imple- mented for different purposes. Telecommunications providers have their own architectures that break down into a provider far edge, a provider access edge, and a provider aggregation edge. The use of private 5G networks in industrial settings, such as manufacturing where sensors and robotics are heavily used, will begin delivering on the promises of device connectivity, machine recon- figurability and real-time data analy- sis. Edge developers will embrace open standards and frameworks. CYBERSECURITY OUTLOOK 2023 An accelerating digital attack surface will demand more and future-proof security innovations. New business innovation capabilities are needed in the area of risk management, com- promised credentials, misconfigura- tions, and malicious and inadvertent misuse of resources. New innova- tions are needed in secure digital ac- cess to products and services as well as new security applications and more secure Application Program- ming Interfaces API. As modern cloud-native applications are be- coming drivers of business, protect- ing the underlying application environment is critical. In 2023, de- velopers will get more and more sup- port from various tools that help speed up development cycles and allow them to better manage and se- cure distributed application architec- tures with an emphasis on delivering exceptional, secure digital experi- ences. In quantum cryptography, transmitting keys poses a fundamen- tal risk to security, as keys can be harvested and decrypted later. Zero Trust will be a mindset in 2023. We should not trust anyone or any- thing that wants to access data or join a network without verifying cre- dentials. Zero Trust will improve mo- bile security because it ensures only authenticated users get access. Cy- bersecurity transparency will be a strength. Security concerns will be the primary concerns for Information Technology (IT) team. Companies will be focus- ing more on cybersecurity and look- ing for solutions to make their devices less vulnerable. IT depart- ments will implement IT monitoring solutions as organizations become more demanding of the quality of service and much more fearful of in- creasing cyber-attacks. Behavior- based analytical detection will be required. TECHNOLOGY DEVICES OUTLOOK 2023 • ELECTRIC CARS: 2023 will be the year that electric charging capabilities will increase dramatically, and we will see the second-generation battery and en- gine technology hit the market with increased range and perform- ance. • PERSONAL FLYING VEHICLES: In 2023 we will see an impressive number of electric flying personal recreational vehicles hit the mar- ket. • PERSONAL COMPUTERS PCs: PCs will undergo screen modifica- tions, from multiple to rolling screens, throughout the year. We expect more efficient chargers, a much greater focus on sustainabil- ity overall, and a continued effort to develop PCs as a service (PCaaS). • SMARTPHONES: Smartphones will have rollable dis- plays and improvements in camera software helping to create better- looking photos. Real-time video streaming enhancements and fea- tures will improve, and we will see the next generation of Artificial In- telligence AI-based digital assis- tants. There will be wireless charging enhancements in pre- mium line phones as the year pro- gresses. • VIDEOCONFERENCING AND COLLABORATION DEVICES: There is a confusion surrounding whether people will remain home or return to the office. As a result, video conferencing solutions will be diverse, with some focused on improving the experience in large rooms and others in the home. There will be better camera track- ing with cameras, better noise iso- lation with microphones and speakers, and significantly stronger audience monitoring tools. • TELEVISIONS: 2023 will be the year of the true emergence of 8K TVs, and we will see more affordable rollable dis- play TVs in limited runs. GLOBAL SUPPLY CHAIN DIGITAL TRANSFORMATION OUTLOOK 2023 We are in the midst of another en- ergy crisis. Rising costs and reliable access to energy are global problems and they impact everyone. There are several maturing technologies that are beginning to converge, and to- gether, they will enable us to address challenges like never before. In 2023, adoption of technologies, such as computer vision and deep learn- ing, will propel the supply chain for- ward. Driverless fleets, autonomous warehouse management, and simu- lation are just a few of the optimiza- tions that will lead to a new era in smart logistics and global supply chain. The key to transforming the supply chain is to use technology to opti- mize each step along a product’s journey. In 2023, we will see an ac- celeration in the development of smart factories, smart equipment, and smart shipping. WHAT WILL MATTER NEXT IN 2023 FOR BANKS AND FINANCES • MONITORING AND KEY PER- FORMANCE INDICATORS (KPI): To survive and thrive, banks and fi- nancial institutions need to be able the BANKING EXECUTIVE 12 ISSUE 169 JANUARY 2023