Best Technological Practices to Change the Future Banking

Banking CIO Outlook | Thursday, June 27, 2019

The traditional banking industry is already on its way to transformation. Upcoming technologies that will mold banks further are in the pipeline too.

FREMONT, CA: Technology is helping the banking industry evolve. In the coming years, experts expect that more technologies will come along and find applications. Security features will improve, and customer experiences will get better. Banking activities will become faster, smoother, and more efficient, allowing banks to generate better revenues. The technologies the banking industry is looking forward to in the next few years include the following.

• Blockchain

Blockchain technology has a lot of potentials to transform banking for the better in the near future. The characteristics of blockchain based transactions make especially appropriate for the banking industry. Blockchain allows for immutable, decentralized banking, which ensures transparency and minimal chances of fraud. Once the technology can overcome some of its current limitations, it will become an indispensable tool in the financial sector.

• Internet Banking

The rapid development of internet-based banking has already begun, but there is much more to come. The many advantages that internet banking allows are making it popular among consumers. Subsequently, banks and financial firms are investing a lot of time and effort to develop the technology further and make mobile banking even more attractive and user-friendly.

• Revamped ATMs

ATMs had revolutionized banking when they had appeared for the first time many decades back. The ATMs of current time are evolved version of the original ATM, and one can expect to see even more advanced ATMs shortly. The ATMs will get new features like contactless transactions will add to the convenience of usage.

• Automation

Many tasks in the banks and financial firms are menial and repetitive. Banks are eager to incorporate automation and transfer these tasks from employee to computers. This will make the tasks faster and, along with reducing the need for human labor. Customer services will also see a lot of automation happening. The role of a typical bank employee will see many changes.

In the banks of the future, one might expect extensive usage of these devices for various purposes starting from greetings, to verifications to the generation of customer banking information, leading towards enhanced convenience. 

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