How Emerging Technologies has helped The Banking Industry
How Emerging Technologies has helped The Banking Industry
Modern technology is serving mankind in every possible way. And when we talk about the penetration of banking and financial services to the customers then we have to admit that these services are reaching to the people even in the remotest area. Modern technology has empowered the banking industry in different ways.
In this article, we will talk about the role of emerging technologies in the banking industry. But before moving ahead we want to discuss the tech companies which provide these technical solutions so that the banking sector can work well. One such company is diceus.com. A dedicated team of experts in banking app development by Diceus has earned accolades and recognition from various prestigious institutions
Role of emerging technologies in boosting the banking industry
Cyber security
Without any doubt, modern technology has shaped and made the banking system very potent to tackle major security challenges. Some of the sophisticated innovations such as blockchain is getting extremely popular in the banking industry for making every possible transaction safe and secure. If we compare with the previous or conventional banking system there used to be innumerable fraudulent activities that used to put a huge dent in the profit of banking infrastructure. Therefore the emerging technology has significantly improved the security arrangement of banking infrastructure.
Additionally, if you want to know more about the latest mobile banking trends for 2021 then you can visit the link stated here https://diceus.com/mobile-banking-trends-2020/.
Digital bank account
In the last few years, we have encountered banking facilities reaching the last extremity of society. It is estimated that nearly about 41% of banking customers will adopt digital bank account by 2021.
The opening of consumer digital account has changed the way we used to see bank account. For both commercial and non-commercial customers banks are providing services and reaching them with a digital savings account. Even commercial banking using a digital bank account is gaining popularity especially in the growing economies, where basic banking facilities are available to only a few percentages of people. Therefore we can say that digital banking facilities have made it possible for the banks to reach their customers in digital form even without vising the bank branch physically.
API (application program interface )
Statistically, it is calculated that half of the credit unions have opted and invested in the API whereas the banking sector is not lagging behind and adopting the application user interface bandwagon. According to the data estimated about 50% of the banks have released their API for the developers. API allows multiple service providers to take the information from their websites and before doing that it verifies the third-party clients for accessing the information with unique authentication keys. Therefore the application of API in banking systems makes the whole system fast and more efficient and brings down the cost of overall operations massively.
With the increasing use of transactions, the API can be a useful tool for people to have one application for paying multiple banking customers. Applications such as google pay, apple pay are downloaded massively in comparison to the native banking applications. This proves the popularity and simplicity of API in reaching to the masses very easily.
Payments
After the rise of the global pandemic covid-19, the world has seen magnanimous demand in payments or person-to-person payments worldwide. From that point in time, the Payments system using unique bar codes, mobile numbers, bank account numbers made the p2p payments faster easier, and secure than ever before.
With mobile banking and API, there are a number of third-party apps that let users transfer their funds or receive them very easily.
Superior Customer experience
There is no doubt to say that artificial intelligence is the future of banking. Artificial intelligence improves the banking experience massively. Especially for the banking users get satisfactory customer experience in using the mobile banking applications. As the cost of human customer executives is quite high so artificial intelligence pushes the chatbots to answer the basic and repetitive queries of the customers. Without waiting long hours in a queue to attend a call the customer can simply ask about their issue and grievances from the chatbots. Using AI will solve their queries and dispose of customers’ issues on certain topics. Therefore these activities give a seamless customer experience to the banking customers.