Banking Technology Trends all over the world
Banking technology is the latest development in banking sector worldwide. It involves the digital and other systems used in banking. For example, mobile banking has become a part of technology in banking. There are several trends in banking technology that are taking place all over the world. Banks use state-of-the-art software to enhance customer experience and reduce operational costs. Here are some of the most noteworthy banking technology trends:
In the 19th century, banking technology was limited to national banks and limited banking hours. Banks used to operate 9am to 5pm Monday through Friday. This was the limit on what banks could do with technology at that time. However, technological advancements have made it possible for banks to offer 24/7 service to their customers through the internet. This makes it easy for people to bank wherever they are at anytime. To give you an idea of how far technological advancements have come, consider this- back in 1969, IBM introduced the first mainframe computer with prices exceeding $1 million.
- Banks use many different technologies to meet the needs of their customers.
- Smart banking technology helps with customer service and efficiency.
- Banking technology is becoming more reliable and safe.
- New banking technology is expected to increase banking efficiency and cut costs.
- Information technology is used to make banking easier and more efficient.
- New banking technologies are being developed and implemented every year.
Artificial Intelligent and Machine Learning
AI & Machine Learning, some of the most exciting technological trends, provide a hyper-personalized customer experience that can drive high customer satisfaction and retention in the increasingly competitive banking industry. AI can also help reduce operational costs, automating and expediting manual processes within companies.
Smart contracts are programs stored in a system that automatically runs when certain conditions are met. These can help ensure that claim processing, KYC processing, transparent audits, and more are rolled out more quickly and can allow these to be done simultaneously.
Digital currencies are starting to be taken seriously by central banks, with some already in the process of launching digital currencies of their own. This opens up large opportunities for the banking industry to provide faster, more secure payment options and to widen its customer base.
New Talents and Upskilling
With banks heightening their technological capabilities, it demands skills in new avenues such as programming and software engineering. New talent and upskilling are critical, with current employees needing to be trained in digital competencies and new talent being focused on finding those who have the necessary digital skills to continuously provide innovative services.