The Future of Banking: Embracing Exciting Times


Over the years, the banking system has developed efficiently to cater to the ever increasing demand of its customer base. The Digital India Campaign has ensured that banks improvise themselves with the booming technology and latest facilities. 

10 New Features in Banking Sector

In today’s blog we are going to discuss about 10 new features that are gradually being incorporated in the banking sector to empower its efficiency and utility.

Biometric Authentication: 

Banks are integrating biometric authentication to further improve the security credentials of the users. This includes facial recognition, fingerprint analysis, iris scanning etc. With the ever rising theft, it is very important to protect the users from breach and theft.


AI-Powered Customer Service: 

Artificial Intelligence has entered the banking sector as well. AI enabled chat-bots and virtual assistants are present to cater to the queries and doubts of the users, and eventually connects to the online customer support in cases of serious queries.


Open Banking APIs: 

Open banking initiatives allows third-party developers to design new products and services which are an amalgamation of tech and finance by accessing bank data using Application Programming Interfaces (API).


Blockchain Technology: 

Banks are making the best use of Blockchain technology that is allowing a lot of benefits, which includes reduced costs and faster problem solving. 


How does a blockchain work - Simply Explained


Personalized Financial Insights: 

Banks are providing personalized assistance to its user base in making informed financial decisions that is leading to the creation of a more trusting relationship between banks and the users, thereby increasing more investment opportunities for the bank.


Digital Identity Verification: 

Digital identity verification solutions are being implemented to streamline account opening processes and comply with Know Your Customer (KYC) regulations, reducing paperwork and enhancing security.


Instant Payments: 

Real time payments using software applications has enabled the users to make payment instantly between accounts, even across different banks, enhancing the speed and convenience of transactions.


Robo-Advisors: 

Robo-advisors are automated investment platforms that use algorithms to provide portfolio management and investment advice tailored to individual preferences and risk profiles, making investing more accessible and affordable.


Should I Use a Robo-Advisor?


Cybersecurity Enhancements: 

Banks are making consistent efforts in improving the cybersecurity of its user base. This includes a series of algorithmic checking before making a big investment or installation of multiple security layers throughout the financial process.


Sustainability Initiatives: 

Many banks have taken a global initiative and are focusing more on sustainable projects. This includes investing in renewable energy products, supporting environment friendly business and offering green financial products to save the ecosystem.

Banks Embracing New Change

The future of banking is exciting and it has a long way to go in transforming the entire system seamless and more authentic. But some of the big banks have already incorporated some amazing features that have led to their success.

Bank of America - Erica

For instance, Bank of America has introduced Erica, an AI-powered virtual assistant that helps customers manage their finances more effectively. Erica can provide personalized recommendations by tracking and identifying patterns in finances, and accordingly provide customized recommendations along with providing financial insights, scheduled bill payments, etc.

HSBC

Whereas leading international bank HSBC have incorporated block chain technology in its system that has reduced the manual dependency by automating tedious tasks, that has significantly reduced the unnecessary cost and time in performing tasks. It has improved international transactions with cross border associations.

DBS Singapore

In the era of digital banking, DBS bank in Singapore has created an excellent app for its mobile banking facilities. It is offering a wide range of features such as seamless account management, instant fund transfers, and personalized financial insights, that has modified the way users manage their finances.

How to embrace change | Jeremy Soo, DBS Singapore Head of Consumer Banking Group

Conclusion

In conclusion, we can confirm that the banks that will accept modern technological advancements will stay in the game in the long run. This includes AI incorporation, block chain tech, biometric authentication, improved mobile banking etc. These facilities will improve the customer service over the years, thus strengthening the relationship between banks and the user base. As technologies continue to evolve, it leaves ample possibilities for banks to grow further in the near future.

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