The decade that went past witnessed sweeping changes in the way banking is done, with the aid of innovative technologies. The future years promise greater excitements and banking space will be redefined, by the entry of the new player, the digital revolution. Conventional operating ways are fast, giving way to new age technologies. Fintech is a complex combination of financial services and technological innovations in an ever-changing ecosystem of customer expectations and regulators used to align and modernize commercial operations.
Financial institutions are looking for ways to leverage the combined power of technologies to enhance user experience at all touch-points. As artificial intelligence and natural language processing technologies continue to become more sophisticated organizations across the sector will use them to redefine how their customers interact with the brand. Consumers are becoming more comfortable with digital communication channels, and Fintech using these channels are looking for opportunities beyond simple customer servicing.
Digital revolution has opened up exciting avenues for the banking sector and also have exposed them to numerous digital threats. In an increasingly digital ecosystem where volumes of data are being created and shared, a security strategy o build a connected ecosystem, is needed. AI is fast growing to embrace the best options to handle the growing volume of transactions and curb fraud arising from data and identity breaches.
Cloud computing has become mainstream in banking, with most banks looking for an optimal mix of conventional IT, private and public clouds. With hybrid cloud, banks have the flexibility of both private and public cloud addressing data security, governance and compliance. Cloud adoption is expanding along with the creation of new revenue streams, and widening of product and services portfolio.
Instant payment is available for banks which offer an enticing opportunity to achieve the transaction speed consumers expect of their banking experience and increase customer satisfaction. More transaction will be made digitally with instant payments instead of in cash, which means payments can become less expensive and more user-friendly.