NEW TECHNOLOGIES IN BANKING INDUSTRY
There’s a new era of banking and financial services on the horizon. With the emergence of digital banking and fintech, the sector is facing a massive shift in the way people bank. Advancements in technology, including artificial intelligence and blockchain, has enabled banks and financial institutions to redefine what banking means to consumers today.
- Adopting blockchain
It is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network. A major trend that took the financial and tech worlds by storm was cryptocurrency mining.
Blockchain technology can be used for money transfers, record keeping, and various other back-end functions. By creating a clear and tamper-proof digital ‘paper’ trail, the technology helps wipe out the need for a physical one. It serves as a kind of decentralised digital ledger, subsequently reducing the price of processing transactions drastically. And saving the bank billions in transaction costs as well as reducing the number of inefficiencies in the system.
- Artificial intelligence
It has made it possible for people to hold meaningful and productive conversations with super-intelligent bots. Either through text or voice recognition interfaces. This, of course, opens up new channels of customer service and engagement Conversational banking is a result of the integration of smart bots with customer engagement.
Companies such as MasterCard and Google are already developing technology that will make it possible for people to conduct transactions with merely a voice command. Quite literally, customers can ‘converse’ with an AI bot either via text or by using voice recognition technology to keep track of and manage their financial assets.
- Upgraded ATMs
- Apple Store-Style Experience
- Automated Financial Services Employees
- Mobile and Digital Banking
- Partnerships
- Wearables
