Technological advancements have helped the banking industry to shed traditional processes and adopt new and innovative solutions. These solutions have helped banks to improve the efficiency of their operations and increase productivity. Many recent innovations like advanced cryptography and biometrics have allowed banks to strengthen their security features and protect against any bank scams. The remote banking applications enable customers to avail banking services without visiting the branch.
The banking industry always ropes in emerging technologies to constantly evolve and provide its customers with innovative solutions. Here are some of the new banking technologies that can help banks to enhance their banking services:
Blockchain technology: Blockchain technology has been able to create a massive buzz across many industries after the successful implementation of cryptocurrencies. The technology has many innovative features that can transform the banking and finance industry. Blockchain solution can break the financial transactions into encrypted packets and add to the chain of computer code, which can provide optimum security to the banking transactions. The technology can also help to decentralize financial management from a central authority to an extensive network of computers.
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Upgraded ATMs: The introduction of ATMs revolutionized the financial services, helping customers to withdraw money without going to the branch. The next innovation in ATMs is likely to involve cardless payments. Many banks are trying to implement contactless payment solutions that will enable customers to use ATMs with the help of their smartphones.
The proliferation of Non-Banks: Technology has helped banks to deliver a faster, more transparent experience to its customers. However, banks dedicate a large portion of their resources to security, compliance and other industry-specific requirements. This has allowed many non-banks to prosper as they are not regulated by the banking industry.
Mobile and Digital Banking: mobile and digital banking have experienced phenomenal growth in recent years. Many banks are implementing artificial intelligence enabled chatbots in their mobile and digital solutions to address any customer grievances.