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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