The Tech That’s Changing Banking Today

In the past year, numerous businesses have been dramatically disrupted, with events such as India’s demonetization exercise and Brexit, bringing home that we are indeed living in a society that is fast-changing.

As new technologies continue to appear, banks can provide better quality services that lean more on hospitality. Established automation is providing a deeper, unique, and more personal banking experience that everyone can ultimately take advantage of.

Changes such as growing interest rates, confident business owners, and tax cuts contribute to the necessary profit increase for banks. These balance growing technology expenses while allowing banks to hasten the digitization of various processes and platforms.

The Major Trends Controlling Technology Investments and Banking

Here are some of the major trends to watch for in the coming years.

Year of the Chatbot

According to the Washington Post, 2017 will be known as the year of the bot. In the coming years, banks will embrace conversational commerce (the future of communicating between applications).

Acceleration of Technology Transformation in Banks

Midsized to large banks have been making huge investments to revolutionize their business by employing excellent digital service providers. This does not only impact legacy systems, but also the resolutions about which firms they should partner with, invest in, and purchase from.

The Cloud First Strategy Banking

Cloud adoption has already been accepted by progressive banks. Disruptive automation that continues to alter the face of businesses will be leveraged by utilizing the process of cloud computing. A large number of banks have already grasped the idea that the agility of a business offered by cloud counterbalances the concerns.

Cashless Environment

In India, demonetization continues to push forward to a cashless environment. As more banks further develop and prepare to deal with a large number of electronic transactions, the cloud will supply banks with the necessary elasticity to meet all the required demands.

More Blockchain

As banks continue to be more adept and quick to meet the continuously increasing demands of clients, blockchain will act as an enabler for re-imagining development. In the coming years, banks will start transferring more businesses from pilot to production and leverage blockchain to automatize inter-organizational methods.

Artificial Intelligence

This will further develop into a crucial capability that aids in driving more effective outcomes for clients, boost the adeptness of banks, while also solving talent shortfalls when it comes to the skills of banker advisory. Artificial intelligence has already been working with us via robo-advising for investment portfolios, Siri for phones, as well as chatbots for back office; we cannot deny that these will further spread across the front lines of banking in the coming months.

Final Thoughts

Expect the incoming year to have more disruption, changes, and further developments. With the increasing necessity for digital transformation, banks will certainly find ways to boost their existing plans and will more likely arrange organizational changes that will be compelled by brand new leadership.

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