Technologies that can improvise the banking system

Enterprise Security Magazine | Tuesday, February 05, 2019

Banking organizations are driven by a faster pace of innovation, using data and analytics more extensively. Advanced technologies power the banking sector to be more innovative in targeting, expanding services, re-configuring delivery channels, and integrating payments. Intelligent security features aid in securing banks against frauds and scams. The technological trends that define banking today:

Artificial intelligence: AI enables banking organizations to know their customer needs better and offer greater levels of personalization. Also, offers better and more accountability in real-time with charts and reports. Banks will be able to be transformed and change the conventional monthly accounting procedures.

The new age technology is capable of predicting outcomes with accuracy that opens up new possibilities in many areas. Advanced machine learning boosts business applications to reduce rates, improve operational efficiencies, and recover.

AI-enabled chatbots provide financial guidance to the clients through voice and text messages. Clients can access services from them at any time. Businesses don’t need to hire customer service personnel as chatbots can perform the day-to-day transaction.

Nowadays AI-ready business applications are becoming mainstream and they help accelerate digital transformation initiatives.

Blockchain: This technology is a potential alternative mode for payments, clearance and settlement transactions, and numerous other financial functions. Some of the advantages of using blockchain in the banking sector are:

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Disintermediation: Blockchain eliminates the need of any middleman in the network.

Transparency: Participants in a blockchain have real-time visibility into every transaction. That allows parties who don’t trust one another can feel safe while doing businesses.

Security: Transactions are cryptographically protected.

Unhackability: Hacking a blockchain network is a difficult task.

Automation: Smart contracts are one of the important features of the blockchain. It can be used to automate processes as insurance claims processing and digital order fulfillment.

The technology manages risks in trade and supply chain financing operations.

Cloud computing: The financial organizations send their main operations of services to the cloud and automated services. It helps to decrease the need for individual services in the companies’ infrastructure. Cloud technology acts as an economical option for peripheral systems and receivables to a business enabler that can bring flexibility and innovation to the traditional systems.

The banking sector is leveraging advanced technologies to respond to consumer expectations. Technologies support banking enterprises to understand where they stand and what needs more to improve their services.