As one of the busy persons, you find it very tough to get time to visit a bank for various banking activities. How would you feel when you could do all these things from your home? Deposit your check, transfer fund and withdraw money- everything becomes easier for the technology. By 2020, you will find several technological trends in the banking industry.
We have talked about some potential technologies in the banks and all other financial units.
Upgraded technology in the ATMs
We know that the introduction of ATMs had caused a transformation of the tech setup of the bank. Now, you are going to find contactless payment technology in these ATMs. We may compare it to Google Wallet and Apple Pay. This technology will help you to make transactions of ATM by using your mobile.
The ATMs in a few countries (like Australia) have already applied this technology. In Qatar ATM, there is iris recognition feature. However, Indian ATMs have a biometric verification system. In due course, you will find a better financial system for the latest technologies. The future ATMs will also enable you in purchasing flight tickets, buying prepaid cards and in paying for bills.
Robotic advisors for you
Your spouse may have a habit of spending half of his income for buying lottery tickets and various other items. You have persuaded him to manage his earnings rightly. However, in future, you will find automated KYC and Suitability Tools. These are robot systems to help customers in knowing how much they have to save for future and how to avoid buying any unnecessary item.
One of the major innovations in the technological field is Blockchain. This technology is effective at transforming financial and banking services. It also results in the decentralization of financial management to the computers of the widespread network.
The blockchain-powered financial settlement will reduce scams and frauds. Some banks have also applied this technology for making this payment transaction in a better way. This technology will increase the speed of the transaction.
The adoption of Blockchain in the present banking industry will make the security system much stronger. The overall process for transaction will turn out to be paperless. The information will flow between customers and banks properly.
Faster growth of several non-banks
Most of the banks think that the latest technologies will help them to offer a transparent and faster solution to their customers. They invest much of the resource for better compliance, higher security and various other industry-oriented requirements. However, the non-banks and different other financial institutes have used the new technologies for flourishing at a faster rate. Most of these private companies have devoted the assets for developing the latest financial technologies. In future, they will apply more innovative technologies than that of the conventional banks. We think that they will also attract more customer for this effort.
Online and mobile banking
This technology has become common in most of the banking sectors. Banks have made a heavy investment for their online banking technologies. The customers are able to use their Smartphone for their transactions. They are using digital or online platforms for using banking solutions.
Banks have adapted chatbots, created with artificial intelligence. These chatbots help customers to make payments and to deal with various other tasks.
Wearables- Applying the devices in the banking sector
The tech-savvy customers love wearing the smartwatches and various other wearable technologies. However, in future, these wearables will turn out to be a highly useful option for the retail banking solution. For instance, the banks will be able to apply Bluetooth beacon technology for sending the message of greetings to the new customers, who are getting into the banking unit. The customers, using smartwatches, will get this service.
Smart glasses are also the wearables, useful for various bank tellers. The employee of the bank will be able to process the banking information of the customers. He may also do various other tasks at that time.
Thus, in conclusion, we can say that smart devices and the latest technologies have made the banking sector highly advanced. There is also remote technology, helping you to communicate with bank from your home. Without going to the branch of your bank, you may do several things. The technologies have helped not only the banks but also offered various solutions for saving money. For instance, you can get discounts at HotOzCoupons.com.au that helps the buyers in using the coupon technologies. You can buy anything online to have these discounts.