There are many different technology trends happening in banking infrastructure.
There are various technology trends out there that will change the way banks operate.
There is a wide range of transformation set to take place this year in terms of technology in the banking industries. They range from the use of artificial intelligence to blockbuster, the cloud and design thinking. These latest technology trends will change the ways banks operate by making it more digital and allowing customers to access banks more easily without having to physically go to the banks. They will also increase the products and services that banks are currently offering and help the bank to increase their customer base by developing customized platforms to fulfill every customer’s needs.
One of the technological developments in 2018 is the use of artificial intelligence in to improve the customer experience. The use of artificial intelligence or AI will help to automate banking services and improve customer services. AI will be used for cognitive computing and will mainly focus on sales and marketing, investments and wealth managements. The use of AI in improving customer service will be through chatbots. Banks will add artificial intelligence capabilities ibn their banking apps to enable them to be more convenient for use by their customers. Customers will be able to get immediate feedbacks on some crucial issues which they previous had to wait for banks to process. This will help save time and one will be able to make financial decisions easily and faster.
New banking innovations are also expected in the mobile banking sector. Though the use of mobile banking is not new in the banking industry, its use and capabilities are set to change and become more frictionless. The new digital banking will increase customer preferences and experiences by making them more enriches and data informed. Some of the new features to be developed will include offering frictionless customer-business digital banking, instant or one click payments between consumers, and provide locational services and offers to customers. The mobile banking apps will include conversations interfaces to improve the interaction between customers and their banks. Other fintech trends will include password-free biometrics as well as providing new opportunities in cryptocurrency. Banks will improve security in digital banking.
Digital banking technology is also set to improve in 2018 banking trends. Most banks are expected to enhance their services through the increased use of external application programming interfaces (APIs). This technology will ensure efficiency in service delivery as the software acts as middlemen by connecting all the banking applications such as mobile apps to the back-end office IT systems of the banks. This will help the banks to introduce more services to the market and maximize on the advantages of open banking.
Banks are set to increasingly partner with financial technology companies through opening of more APIs. More such trends expected and by the end of 2018 at least five external APIs are expected to be offered by 50% of all global tier 1 and tier 2 banks. This will increase competitions between banks and hence they will be offering more quality services to customers. They will also be in a position to increase their customer base by reaching out to those who had been sidelined by the traditional banking system.
