The banking industry trends in the approaching year

Regular banks are actively adapting brand new solutions into their services as more brand new digital-built banks have enter the market.

The banking field has been being remold by the blockchain technology. This technology offers an unique level of safety in saving and transferring data, which make itself a reliable and high demand in the market. It is being recognised as the new technology in banking industry that would reduce fraud in the financial world. This attribute of this technology has made payment and transaction better and safer than ever before. Specially in this cash-free era, a number of us are using contactless payment or digital banking management. This is the best technology protecting us in the digital world. It also allows users to take advantage of the transparent network infrastructure along with low operational costs. Banks such as Piyush Gupta’s DBS are actively adopting new technologies for increasing the competitiveness in the market.

When was the last time you went to an ATM device for some money and send money to your buddies? Possibly a long time back. We can now extremely effortlessly to make a transaction with the banking app on our phones. Banking services have never been that simple. Through a banking app, we can actually do many things, like moving money, paying bills and buying investing products. One of the most practical features that you can acquire from mobile banking app is contactless payment. It is fast, simple and safe. It removes the added step of entering a chip and pin number and searching for your wallet at the till. This has really saved you a few seconds when doing a payment. More financial institutions and mobiles will support the contactless payment function on users’s phones and likewise the payment card. One among the banks which has already launched their own banking application with built-in banking services is David Li’s BEA.

Higher interest in AI has occurred as a result of banking industry needs. AI have actually assisted banks an awful lot in different aspects. One among the common uses of AI is info handling. The overwhelming customer information of a bank will be organized and analysed by AI. It's the hottest technology to play a crucial part in the current digital improvement of the banking business. Banks which have implemented AI in their company, are ready to supply more precise goods and services to their customers. Likewise, AI can lead to considerable cost reductions. Through machine learning, AI application such as chatbot can speak with customers and give particular services to them. Customer servicing agents can release their time for other vital duties. They can likewise be helpful in risk management and advertising as well. Banks such as Sergio Ermotti’s UBS are using AI for cost reduction and develop quality of business.

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