Banking has gone from standing in long queues to one tap-everything over the last decade. The fact that most customers today, like daily errands to be performed fast, easy and error-free doesn’t require re-telling.If I had a write a monologue on my banking experience in the first half of this decade, it would include words like terrible and not so great. But new technology and the ways banks have adopted them has been changing my banking experience in recent years.
A recent study in the US claims banking and related tasks to be the most frequently performed daily activity of an adult aged between 25-65. Online banking, mobile banking, apps, etc.has made the life of a super-busy adult, super- easy. There are still many challenges, and you must be wondering what? Those challenges lead us to the NEXT BIG TRENDS in the world of BANKING. These trends will take your banking experience a notch higher and help you battle all the challenges in the future.
Here comes Artificial Intelligence
We live in the era of face recognition, robotic encounters, sci-fi movies, machine learning. It’s time to replace human interaction with human-like interactions. Artificial Intelligence removes all human errors and doubles the efficiency, speed and accuracy. Imagine not waiting for minutes to connect to the customer care but reach out to a humanlike chatbot answering all your banking queries. Sounds like a dream? Not anymore! The amalgamation of banking with AI can give customer experience an unimaginable twist that can bring a lot of customer satisfaction and retention. AI-assisted banking will serve as an efficient way for banks to function.
Friction-less Mobile Banking
Most technological advancements do not reach the economically disadvantaged and the not so tech-savvy population. It is 2018 and internet connectivity, and digital adoption is growing at an unprecedented rate across the world. Banking tech is being amended to remove the friction in accessing and using such. Photographic guidance, videos in regional language, AI assistance, etc. will increase the ease of use of those technologies and will increase the number of people going digital rapidly.
Cloud Banking
Progressive organizations across all sectors are adopting cloud-based services, and banking sector can get benefited from such incorporations exponentially. Cloud-based core banking solutions provide an opportunity for integrating various services that millennials use and will truly change how the banking sector works.
Fintech Start-ups
The life of a tech-savvy customer and the load on banking sectors are so diverse and demanding, that to bridge the gap, fintech start-ups have evolved. These start-ups are considering the different internal and client requirements in a banking sector and are acting as a catalyst. They bring forth innovative software and services that are going to disrupt and change the nature of banking as we know it.
Upgrade ATMs
Biometric authentication and iris recognition are taking over to protect you from all the ATM hacks that you have been afraid of. ATM was a big evolution when it was first created in the late 60’s and soon, just like Google Wallet and Apple Pay you will be able to connect ATMs to your smartphone and access them.
Wear Smart Tech
You will soon spot banks using smart gadgets to improve your experience and save their time. Smartwatches are the future of retail banking experience. Smart goggles for bank tellers, Bluetooth beacons is the technology banks shall embrace with open arms and grow in leaps and bounds.
In 2021, I am sure that my monologue about my banking experience would have the words amazing and ecstatic. The growing technology in banking is so dynamic and customer-focused that I have high hopes for great customer experiences in the coming years.