Technology Trends Revamping Financial Services in 2021

Banking CIO Outlook | Monday, May 31, 2021

Banks aim to speed up their digital projects even more as the new decade approaches, modernizing their operations and becoming more competitive.

Fremont, CA: For banks to survive and grow in the new normal, tech has become vital. Banks aim to speed up their digital projects even more as the new decade approaches, modernizing their operations and becoming more competitive.

Let's see significant technological advancements that will aid financial institutions in optimizing their operations in 2021 and beyond.

  • Bring Context into Engagements With AI

Artificial intelligence (AI) can help the bank anticipate client demands, automate essential procedures, and analyze data to provide better and more intelligent client experiences. It may pull data from various sources and assist its consumers in filling out lengthy forms, initiating service requests, and receiving prompt responses to their questions.Furthermore, AI may evaluate client data to deliver product recommendations, tailored interactions, and fraud detection.

  • Enable Secure Transactions with Blockchain

In the new normal, business and their customers exchange more sensitive information remotely, particularly financial data. One must make sure that the data is available in a secure manner. Meanwhile, using smart contracts and distributed ledger technology, blockchain can assist the bank in recording immutable transactions, encrypting data, and verifying consumer information across numerous touchpoints.It makes transactions more secure, safe, and transparent.

  • Create A Digital Workplace With RPA

RPA—the practice of automating monotonous, high-volume, and repetitive tasks—can help the bank provide a frictionless, consistent, and omnichannel experience to its customers. It can help to enhance the efficiency and reliability of the processes while also guaranteeing regulatory compliance.Furthermore, cloud-based RPA can lead to significant savings on system modifications and enable operations from anywhere at any time.

  • Facilitate Remote Transactions with Voice-Based Tech

Customers are already ordering food, shopping online, and browsing entertainment via voice-activated commands. Banking could be the next natural step.One may empower their consumers to satisfy their banking needs from the comfort of their own homes by integrating banking procedures with voice-based technologies and linked devices. Voice recognition can be helpful as a new, remote, and reliable biometric authentication method.One can also use voice-based services to allow their clients to check account information, execute financial transactions, and make new requests.

  • Make Systems Agile and Resilient with Open API And Microservices

Open APIs enable smooth integration between mediums, allowing the primary banking system to work with third-party providers and other methods. Additionally, a microservices-based design can be helpful to break down monolithic banking apps into smaller, simpler systems that may connect via open APIs.Such individually scalable service means that even if one process fails, the system as a whole remains operational.

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