Future-Proofing Digital Banking with Innovative Technologies

Banking CIO Outlook | Friday, July 19, 2019

With consumer expectations rising, financial institutions worldwide have become curious about how their peers are testing new technologies and deploying them to improve digital customer experience.

FREMONT, CA: Banking and financial service organizations are building on their digital banking capabilities to restructure their business models and deliver more luxurious customer experience. Digital technologies such as analytics, mobility, and cloud are improving the use of legacy technologies to change internal processes, customer relations and value propositions. This innovation-led competitiveness among financial services organizations to meet the evolving requirements of customers, employees and competitors and be digitally ready to face the challenges in the market. Following are exciting technologies making the digital transformation a reality.

Instant Payments

Banks are now offering alternatives to immediate payments and are even partnering with providing a direct P2P payment experience to a broader customer base. The availability of an instant payments platform provides banks with an opportunity to achieve the transaction pace modern consumers expect from their bank and translates to increased customer satisfaction. With instant payments, more digital transactions will be made, which means that payments will become less expensive and more user-friendly.

Voice-First Banking

Most financial organizations are moving from dialogue and account inquiries to doing transactions using voice commands. This makes banks being able to execute payments using voice commands, and doing account transfers and establishing account alerts using voice commands. With a majority of consumers having personal assistants with them, it will be easy for banks to integrate voice banking and thus to improve their relationship with their customers. Service can be provided by combining contextual learnings and preferences outside of banking.


Banks and financial service institutions are already testing the use of blockchain for inter-bank transfers, payments, fraud reduction, Know Your Customer (KYC), and loan processing. Many of them see tremendous benefits to optimizing and automating processes through smart contracts. Finally, regulators needed to create clear guidelines for banks using blockchain technology.

Banks are yet to experience extensive adoption of many technologies, which is considered a positive sign.

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