6 Technology Trends for Banking Industry in 2020
As we know, banks and other customary financial service providers have to respond to the customer queries from time to time. Sometimes it becomes difficult to update and resolve issues related to their data. But the latest technology trends people get an instant response. The digitization initiatives guarantee a customer-centric perception rather than the long-established focus on profits.
The Banking sector uses cutting-edge technologies for real-time data incorporation rather than usual slow analysis procedures. With all these things, the banking sector is undergoing a massive technological change right now due to the increasing concern of people towards digitization.
This tech trend also has helped banking experts to deal with cyber-security attacks in a better manner. With so much competition in the financial service providers, keeping track of all the latest market trends and efficiently implementing them is crucial. This way, you can stay ahead of your competitors and attract more people towards your banking services.
Today in this blog, we are going to talk about six emerging technologies that have completely changed the banking services. Let us have a look at them:
Advanced ATMs
The upgraded technology has transformed the way we deal with ATMs. The world’s first ATM was introduced in June 1967and after which there are several changes in the machine. The next transformation in ATMs is likely to entail contactless payments. These changes help users to perform contactless transactions even by their mobile devices. These types of ATM changes are already accessible in several countries. For illustration, The eye iris recognition feature is used by Qatar National Bank ATMs to make the payments secure and hassle-free. These latest techniques also help in improving the security factor by protecting against ATM hacks. The change in the ATMs technology will take some time but make the financial system regulations stricter and secure than before.
Mobile wallets Banking
Mobile phone devices and applications have changed the mode of the banking system in a better way. The mobile wallet apps have added digital transformation in the banking system. The growth of mobile wallet services growing at a fast pace. With time, banks are investing a lot in digital banking through which people can use their services via the web, mobile, or digital platforms. Even several banking services have incorporated Artificial intelligence, and Chatbots to assist their customers in making better financial decisions anytime anywhere in a better manner.
Wearables
No doubt, Wearables technology has positively changed our lifestyle. From healthcare to the banking sector, these devices are making their place in every sector. In future smartwatches become part of the financial-banking sector, and boost the experience of users delightfully.
With this trend, people can use their wearable devices to perform various bank related chores. It is expected, that the financial system will make use of Bluetooth beacons to greet its customers with personalized messages. Moreover, the smart glasses will enhance customer banking information procedures as banks can check whether their employees are simultaneously doing their service jobs in the right manner.
Hybrid Cloud
It is one of the major changes that technology has brought to banking. Everyone is looking for instant solutions to their problems, and a hybrid cloud is the need of the hour when it comes to responding quickly. The continuously budding marketplace that banks operate in requires them to be as responsive as possible. It is crucial to provide resources and services across the venture in an appropriate way to tackle business-related issues faster.
To deal with all these performance-related issues, banks are using hybrid cloud technology. It is the most commercial means of achieving enterprise targets. This technology helps banks to address both public and private data security issues along with the capability to organize large funds instantly at the time of need.
The world is moving towards a cashless economy. People are using more advanced ways to perform transactions while doing shopping and other money-related tasks. With the change in the economy, customer expectations have also changed considerably. Delays in payments annoy the customers and business as they look forward to payments that happen instantly. The fast payment system is a must step for banking sectors if they want to replace cash transactions with online payments. As a result, banks are continuously looking for mobile app development solutions that help them to develop apps for instant payment.
Advanced Security
Cyber attacks are increasing day by day, and the banking sector is one such industry that has all the critical information of millions of people. The leak in the sensitive information may create huge issues. Dealing with personal information is a sensitive matter, and banks have to deal with it to prevent all the cyber-attacks.
Banks systems have become an eye-catching target for cybercriminals. Thus bank institutions are adopting the latest techniques that help to minimize the harm if any misfortune occurs. The technology helps them to implement best practices that shirk the chances of online-attacks. Moreover, they should spend on technical measures like Advanced Authentication Techniques to prioritize Cybersecurity that help them in keeping the customer’s data safe.
Conclusion:
In the end, we can say that banks are paying more attention to the technology implementation to boost customer experience. They are looking for techniques that help them in preserving their connection with their customers and not on revenues. In broad-spectrum, the banking sector is adopting technology to enhance consumer behavior.
The latest trends and smart devices are navigating the industry in the direction of ease. An escalating number of advanced technologies help users to interact with their banks right from the comfort of their home. And with time, there is no need to visit a branch for any services as the tasks can be accomplished from your mobile app. These trends are going to encounter a whole new customer experience, possibly even faster than you think.
