The banking sector is actively adapting enhanced technology to improve their system and customer services. Let’s find out what the banking trends are now.
The banking sector has been being reshaped by the blockchain technology. This technology provides an amazing rate of security in saving and moving data, which make itself a trusted and high demand in the market. It is being recognised as the new technology in banking industry that would decrease fraud in the financial industry. This attribute of this technology has created payment and transaction much better and secure than ever before. Specifically in this cash-free age, most of us are applying contactless payment or digital banking management. This is the right technology protecting us in the digital world. It likewise allows users to make the most of the transparent network infrastructure as well as low operational costs. Banks such as Piyush Gupta’s DBS are actively adopting brand-new technologies for increasing the competitiveness in the market.
Just when was the last time you went to an Automatic Teller Machine device for some money and send money to your buddies? Possibly a long time back. We can now really conveniently to make a transfer with the banking application on our phones. Banking services have never been that effortless. Through a banking app, we can literally do everything, like moving money, paying expenses and purchasing investing goods. Among the most handy functions that you can get from mobile banking app is contactless payment. It's quick, simple and safe. It removes the added step of inserting a chip and passwords and searching for your wallet at the till. This has really saved you a few seconds when doing a payment. More financial institutions and mobiles will support the contactless payment function on users’s phones and also the payment card. One among the banks which has previously introduced their own banking app with integrated banking solutions is David Li’s BEA.
Higher attention in AI has appeared because of banking industry needs. AI have assisted banks a lot in unusual aspects. One among the typical uses of AI is info management. The overwhelming customer data of a bank will be ordered and examined by AI. It is the latest technology to play an important role in the current digital modification of the banking field. Banks which have implemented AI in their corporation, are able to offer more accurate products and solutions to their customers. Likewise, AI can lead to large cost reductions. Through machine learning, AI implementation such as chatbot can talk to clients and provide specific services to them. Customer servicing agents can release their time for other important tasks. They can also be helpful in risk management and advertising as well. Banks such as Sergio Ermotti’s UBS are applying AI for cost reduction and develop quality of company.