infoTECH Feature

December 05, 2019

5 Innovative Banking Technology You in the Next 5 Years



New innovations in the banking sector are now changing the financial industry as well as the conventional banking landscape for the better. Multiple safety features, including biometric and cryptography that will increase the safety of banking transactions and broaden possible transaction options through remote applications.

The incorporation of new technology in the banking sector is set to protect customers against any eventual breach from unauthorized individuals. The payment methods available in the casinopro fast payout casino list will be more convenient and immune from fraudsters. Below are some of the technologies that are set to transform the banking industry.

1. Upgraded ATMs

Since the introduction of ATMs in the 1960s, the technology has undergone a significant transformation that has increased the convenience of transactions. One can only marvel at the milestones this technology has struck. In the next 5 years, many banks will pick up the ATM contactless payments.

Customers will only need a smartphone to complete an ATM transaction. Multiple security features, particularly the biometric authentication, have already been adopted overseas. With the improved security that this technology brings, it will not take long before it is introduced in the American banking systems. It might, however, delay for a little longer due to the strict North American banking regulations.

2. Blockchain Technology

Blockchain technology is set to enhance cybersecurity in the banking system. The innovation decentralizes financial management to a broader network of computers. The transactions are broken down into blocks that are added into the chain of computer code and encryption to improve security protection.

Blockchain is the primary concept behind popular banking methods such as bitcoin. Therefore, it will not take long before the technology is introduced into the mainstream banking system.

3. Apple (News - Alert) Store-Style Experience

Today, many banks have introduced the user-friendly banking app that customers can use to complete basic banking transactions. Besides, access to bank ATMs by customers has increased significantly.

Therefore, in-banking services will mostly be left for the person-to-person interaction for responding to unique and personal inquiries. The banking industry is also targeting to increase sales by considering the transformation as a way for clients to engage more directly with the financial institutions and their services by interacting with the tech kiosks.

4. Mobile and Digital Banking

The mobile and digital transformations are the new trends in the banking system. Banks are now putting in a lot of money in the digital banking technology that will allow clients to use mobile or web-based platforms to complete their banking transactions.

Artificial intelligence solutions, including chatbots, help clients in basic transactions such as making payments. According to a Forbes survey, mobile and digital banking technology represent the top technology investment in 86% of banks.

5. Automated Financial Services Employees

Technology is set to take up many roles in the banking industry. Vikram Pandit, in a 2017 interview with Bloomberg (News - Alert) TV, argued that the development of technology in the banking system would lead to the disappearance of up to 30% of banking jobs within the next half-decade. Today, Wall Street employees are now being forced to adapt or take up new roles due to the application of technology, including machine learning and cloud computing, which has simplified operations through automation.

Conclusion

A comparison of the face of banking in the past, today, and in the future, will have a significant difference. Technology has taken up a big part of today’s banking system. The trend is set to continue with banks targeting to make transactions more secure and improve the convenience of banking through automation and digitalization of banking services.



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