The financial business landscape is constantly changing — companies need to be able to adapt to new conditions. This year is seeing several new technological developments in the banking industry.


The demand for digital services continues to grow, giving rise to the creation of new technological solutions.

Key growth points in this direction are:

  • collecting and analyzing customer data to create more personalized products;
  • addressing customer requests with remote services, therefore reducing operating costs;
  • embedded finance, or when financial services are provided by non-financial organizations through their products or services;
  • simplification of money transfers, such as standardizing identifiers for cross-border transfers or using phone numbers as a universal identifier;
  • content delivered to customers via social media interface; video stories, messaging and gamification elements capture users’ attention and promote engagement.

Embedded finance provides banks with the opportunity to attract customers through non-banking services, such as loyalty programs in online, insurance purchases on travel sites, various options for BNPL installment services, et cetera.

The embedded finance concept is based on the BaaS framework, which allows banks to provide third-party service providers with their infrastructure. Such organizations receive information about customers through banks’ open API, and effectively use it to provide the right products, ensuring a smooth user experience.

SOLAR solutions will help banks promptly prepare their infrastructures for the BaaS model, efficiently responding to real-time industry changes. Out-of-the-box solutions are adapted for each client and have nearly unlimited possibilities for functionality expanding.

Most people already actively use remote services, so the maintenance of physical departments has become impractical. Even those banks that initially did not position themselves as neobanks are gradually closing branches.


To create a customer-oriented business today means to conduct serious data analytics and, using the information received, adapt interaction with customers to exceed their expectations.

By collecting customer data from various payment services and using artificial intelligence (AI) to analyze it, banks can understand the needs, lifestyles, priorities and interests of their demographics. More personalized service and high cybersecurity come as a result.

Banks will increase the volume of accumulated data and the quality of their analytical processing using Robotic Process Automation (RPA) and cognitive automation. This will help create engaging smart products, modernize existing services and expand chatbot capabilities.

SOLAR analytical tools collect information about customer behavior. The data is easy to use and interpret in the system and transfer to surrounding infrastructure thanks to the rich API.


The major trend of 2023 is service here and now. When making a purchase, modern consumers can use a wide variety of payment options: QR code, NFC, pay services, instant transfers, BNPL, et cetera.

In an effort to make the payment process seamless and gain a competitive advantage, many players are launching their own pay services. Some banks even offer payment stickers with a built-in NFC chip, which can be glued to a smartphone and, in situations where the gadget does not support the technology, act as a full-fledged replacement for NFC in mobile devices.

Further development is expected in biometrics payment technologies. This promising direction opens up opportunities for familiar operations without the use of devices, and characterized by a high level of speed and ease of identification. With the mass introduction of technology, there will no longer be a need to use any gadget as a payment instrument — a customer’s financial and personal data will be available directly via biometrics.

SOLAR products cover a full range of accounting and processing tasks for all types of financial transactions. The architecture of the system is horizontally scalable and designed for large volumes of operations even when working on simple servers. SOLAR E-Commerce implements any digital payment methods for your business, while SOLAR Datamart Interface will build convenient data storefronts and solve the issue of keeping them for further analytical processing. And SOLAR Mobile will create a modern application for remote customer service.