bankingciooutlook

4 Bankers' Tech Drifts Reimagining Customer Experience

By Banking CIO Outlook | Wednesday, July 03, 2019

Banking TechnologyStaying at any corner of the globe and making payments without standing in a long queue is always alleviating, and banking technologies are here to make it happen by transforming the way we handle money.

FREMONT, CA: Latest banking technologies are transforming the financial industries. The traditional banking landscape is all set to change in the future rapidly. Biometrics and advanced cryptography are safety features that help customers against bank scams. Remote applications will make it easier to do banking without visiting a branch. A few banking technologies change data sharing and money handling.

•  Blockchain

ATMs transformed the bank tech systems when it was primarily introduced. It may also be seen as the next revolution of ATMs might involve contactless payments. Users may soon be able to conduct contactless ATM transactions using their smartphones. Biometric authentication that is used in India and other technologies can help bank security by protecting against ATM hacks.

•  Upgraded ATMs

ATMs transformed the bank tech systems when it was primarily introduced. It may also be seen as the next revolution of ATMs might involve contactless payments. Users may soon be able to conduct contactless ATM transactions using their smartphones. Biometric authentication that is used in India and other technologies can help bank security by protecting against ATM hacks.

•  Proliferation of Non-Banks

Banks are anticipating that technology will enable them to deliver a faster and transparent experience to users. A large portion of their resources is dedicated to the security, compliance, and other industry-specific requirements. This has allowed non-banks that are not regulated by the banking industry to flourish. 

•  Mobile and Digital Banking

In the banking system, the mobile and digital transformation has just begun, and the growth is now explosive. Banks are investing profoundly in digital banking technology in which users can use any digital platform to use banking services. AI solutions like chatbots to assist customers in making payments.

Although banks can pour loads of money into technology, the quickest way to deliver financial innovation in the later future is likely going to require strategic partnerships. Fast-growing businesses that already have new-wave fintech or social media platforms in place could make terrific partners for traditional banks attempting to intensify the customer experience.

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