From standing in the long queues to just one tap and everything is done, technology has raised the bar of banking. Online banking and the numerous mobile banking apps have made life convenient but there lie challenges that need to be overcome. The upcoming technologies which can overcome these challenges will become the next significant trends in the era of banking which will take the customer experience a notch higher.
• Artificial Intelligence
Human interactions are being replaced with human-like interactions. Artificial Intelligence (AI) works with double efficiency by removing all the human errors and also enhances the speed and accuracy. Chatbots uses machine learning to reply to the customers regarding their bank queries in seconds. The integration of AI with banking can give excellent customer satisfaction and retention. Moreover, with increase in the size of big data, it is becoming important for machines to have a better knowledge of their functions with the help of big data analytics.
• Mobile Banking
Although technological advancement is booming in all the sectors, it is not reaching the economically disadvantaged not so digital-savvy population. Therefore, to increase the number of people going digital, the banking sector is removing the friction by providing photographic guidance, videos in regional languages, AI assistance, etc.
• Cloud Banking
Progressive Organizations are adopting cloud-based services, and banking sector can also be benefitted from such incorporations. Cloud-based services provide an opportunity for integrating various functions that can transform the process of banking.
• Fintech Startups
Fintech Startups have come into being to bridge the gap between tech-savvy individual and the banking sector. The startups act as a catalyst by considering the different client requirements in a banking sector. These startups introduce us to innovative software and services that are going to revolutionize the nature of banking.
• Upgrade ATMs
The ATM fraud will probably come to an end after the integration of biometric authentication and iris recognition. Also, these ATMs will be connected to a smartphone just like Google Pay and Apple Pay, making it more accessible.
• Smart Tech Wearable
Technology is advancing every minute. It wouldn't be a surprise if banks started using smart gadgets to improve customer experience. Smartwatches can be the future of the retail industry. Banking and Finance industry may adopt all the latest technology with open arms and grow in leaps and bounds.