5 New Banking Technologies in the Future
The transformation in technology at this rapid pace will affect all the sectors, banking being one of them.
With this evolution in the banking business, money goes digital; digital goes money.
The experts of the business have foreseen the technologies that will be adopted in future to ease the customer service, expansion of revenue generation and security concerns related with it.
Let’s know five such new banking technologies that will be adopted in near future to re-shape the trading in banking.
Digital & Mobile Banking Usage to Boost
These days, we all use our mobile phones and e-wallets for financial transactions. This usage and growth in the mobile and digital banking system will reach next level as banks are readily investing huge chunks in it. With the increase in technology investment, the customers of the business are expected to rise too.
Upgradation of ATMs
The advent of ATMs was a revolution in itself. Adding to it, the next big thing in ATMs will be the actualisation of contactless payments like biometric authentication or iris recognition. Such payments will be done with the help of smartphones. These transformations will help in protecting ATMs against theft and hacking.
Availability of Automated Services
The rise of technology may replace the employees working in the sector as automated machines will do their tasks being self-dependent. This will make work quick and at much more ease for the consumers but certainly not for the employees of th industry.
Decentralisation of Financial Management
It was based on the blockchain technology, under which the financial management is decentralised from the authority at central level to a network of computers that is widespread. The CEO of blockchain startup, Blythe Masters has compared this technology to “email for money”.
Growth of Non-Banking Institutions
The introduction of technology in the banking sector has allowed non-banks or financial service providers who are not directly related to the industry to grow. They play crucial role in security, compliance and other not so industry oriented needs. Such institutions, however, invest a huge percent of their commodities in cutting edge over financial technology, therefore, they are predicted to attract tech-friendly customers easily.