What brand-new technology trends can we anticipate to see in the banking industry this year? Here is some ideas for you.
Because banks and financial institutions are offering more new services such as contactless payment service, business that are developing wearable devices update their products to handle the market change. Wearable gadgets like clever watch is so popular today. It is not simply a watch telling you time however more functions consisting of music, health monitoring and contactless payment. Smart watch makers such as Fitbit partners with the credit card company to provide contactless payments service with wearables. No matter you're shopping in a shopping mall or going for a beverage after a run, you can simply pay by your watch and forget your wallet.
The entire banking industry is altering as the financial innovation keeps evolving. Fintech is changing the financial services industry by introducing up-to-date services. One sector which the majority of the new fintech business are concentrating on is mobile payment. The global mobile banking and payments market is massive. Gradually more consumers are utilizing mobile banking services daily. Customers can perform all the standard banking services through their mobile phones. Likewise, by using their phones, they can pay through contactless payment too. This is a lot more convenient than paying with a card or money. To make every payment more secure, banks like NatWest and their selected users are testing the brand-new biometric payment cards to make contactless payments much faster and secure. As more shops and banks worldwide are accepting contactless payment with no constraint and extra costs, contactless deal will keep growing in the future.
The application of artificial intelligence is differed. The banking industry is among the world biggest industry which is proactively using AI to improve their organisation. AI-powered customer services are broadly used across banks and financial institutes. Clients can directly talk with representatives by online tools. Funny that, sometimes consumers believe they are speaking to a human client service representative however, instead, they are chatting with a chatbot. The automated service representative can supply accurate and event action to the requests which can much better satisfy customers. It is likewise an innovation that can significantly reduce expenses. Advanced innovations can in fact do more than just developing a virtual agent. Because banks have access to consumer information including detailed demographics and deal records, this sophisticated innovation has the ability to incorporate and evaluate details from database. Banks which are using this technology can create more personalised products for different targeting groups. There is an unpredictable capacity of the development of AI. Banks including Bank of East Asia and their US activist investor are putting more resources on developing their products with the implication of AI.