New Technologies That Will Change Banking Forever

For decades, the banking industry had been based on branch-based and mainframe-supported operations that solely focused on the efficiency of processing transactions in person, at ATMs, on the phone, and with plastic cards. But, the impact of digital technology lately has moved to make transactions out of the branch and on to mobile devices in the face of advanced data analytics allowing for personalized delivery of services.

The integration of AI, robotics, blockchain, open banking APIs and the internet of things is about to accelerate the pace of digital change exponentially. We are already seeing multiple tests of all of these digital technologies to different degrees across the industry. These tests are significant to keep pace with consumer expectations.

Artificial Intelligence and Machine Learning- To improve customer service, organizations are testing the use of chatbots while machine learning is being used to decrease fraud and improve personalization.

Blockchain- Many firms are using Blockchain technology for secure document transfer and to reduce settlement costs.

Robotic Process Automation- RPA is automating alerts and notifications.

Open Banking APIs- In order to provide expanded banking services, several traditional banking organizations are partnering with non-traditional providers.

Internet of Things - Apart from the usage of mobile device geolocation for enhanced credit/debit card security, firms are also testing the use of voice-first digital assistants to conduct transactions.

New digital technologies will have a huge impact on the entire banking value chain, which will impact the competitive structure and the ways people bank. Elimination of internal silos are one of the keys to delivering in the new digital banking ecosystem, which is not only required for improved data analytics but is important when trying to deliver customer- as opposed to product-centric solutions.

 

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