The importance of technology is more significant than ever before in banking. Competition in the market and increased expectation from the customer and digital innovations are requiring banks to embrace technologies to build winning strategies. Below are technology trends that frame the post-digital era and give banks pivotal ways to set themselves apart.
When introduced, first ATMs transformed the bank tech system. The coming revolution in ATMs is likely to involve contactless payments that will allow customers to conduct contactless ATM transactions using their smartphone. Few ATM innovations are already available which have biometric authentication. These technologies can help improve overall bank security by protecting against ATM hacks.
Proliferation of Non-Banks
Technology will allow banks to deliver a faster, more transparent experience to its consumers. A large portion of their resources is necessarily dedicated to security, compliance, and other industry-specific requirements, which has allowed non-banks or financial service providers to flourish. Since these companies can devote a majority of their resources to financial technology and innovating rapidly and attracting tech-savvy customers.
The mobile and digital revolution in banking have just begun and the growth it already shows an explosive growth. Banks invest heavily in digital banking technology, in which customers use mobile, web, or digital platforms for banking. Chatbots, often help customers in simple tasks such as making payments.
Wearables are poised to change the future of the retail banking experience, according to experts. Bluetooth beacons could be sent personal greetings to customers’ smartwatches when they enter a banking location. Innovative technologies are creating a lot of excitement among banking institutions. If appropriately incorporated, it can have a long term impact on all banking processes.