Written by, Niraj Gupta
Over the last decade, we have seen an immense rush in the usage of technology to simplify and better engagement of the customers in all business sectors, especially in the finance sector. The banking sector has embraced the true use of technology to serve its customers faster in a smarter way. The emerging technologies have changed the banking industry from mere paper & branch-based banks to digitized & networked banking services.
Back in the day, the traditional way of banking had a brick and mortar approach. With the dawn of technology over banking, the level of innovation has reimagined banking for us. Nowadays, banks create an end-to-end digital operating model and boast upon the re-designed customer journey. The think tank is engaged in real-time & personalized insights at micro-segments.
Now let’s jump in and see what new improvements are happening in the banking sector after the dawn of improved technologies:
One Tap money transfer anywhere at any time:
Well, for us ‘No internet’ is the shortest horror story. But, trust me E-banking and UPI transfers are making our lives much easier than before. Now with E-banking, we as customers can access our bank details on our own computers, can make money transfers from one account to another quickly, print bank statements and inquire about our financial transactions in a jiffy. Isn’t that simple? Say no to long queues! The whole bank and banking services are squeezed in your mobile phone and via the internet, you can avail all the unique banking services from the comfort of your home.
Remote banking is now a new way of banking:
Banks have installed ATM machines & Kiosks in various areas; that means a customer doesn’t have to go to the main branch to make his/her financial transactions. This unique facility has also enabled anytime banking because customers can use ATM machines to deposit money to their accounts instantly. Remote banking has helped people in rural areas and has improved the culture of saving money.
Customer is the king:
Every bank these days encourages an open architecture to enable external ecosystem exchange. Whether you are shopping or paying your monthly bills, you can do all of these instantly. Just select your desire and grab great offers or amazing cashback instantly! Plastic money is the new age money for all the millennial. Credit Cards have made the banking industry more flexible than before. Now with a credit card, you can borrow a specific amount of money from the bank to purchase anything and the bank bills them later. In this case, we don’t have to go through the hassle of borrowing small money for someplace else.
Artificial intelligence: a core touch point:
Banks are reducing RMs & Call Centres by encouraging the design for no operations: Virtual Banking assistant, wherein a customer can ask and clear doubts related to banking instantly. As a part of the go-green initiative and minimizing operation, banks started boasting Paperless, Signature-less, STP approach and nowadays this adaption is highly appreciated by the new age customers.
One click away from your investment status:
Term deposits, mutual funds, insurance and many more. You think of investing and you have a plethora of investment knick-knacks. Now with millennial banking style and with the true boosting of technology you can actually check your investments status, interest rates, cumulative interest rates in one go at any given time.
Voice Biometric is the newbie in the banking sector:
To safeguard the customer’s confidential data and to stop those gruesome cyber attacks on banking institutions around the world, banks have introduced new viable solution to protect bank accounts from the tools and techniques of hackers. The voice biometrics in banking could potentially be that solution. The biometric modality is not an alienware in the banking industry and various banks have already adopted it to protect their data from the fraudsters. But, voice recognition technology is comparatively new and is still improving its system. However, it is relatively newer than other modalities like iris, fingerprints etc. but it is considered as one of the most secure biometric modalities till date.
Facial Recognition is the key to safeguard your banking activities:
Since the epic dawn of the digital revolution, facial recognition has been gaining appreciation over touch & type based interactions due to the comfort it offers without compromising on the security of transactions and other banking activities. Well, banks are now providing additional options under multi-factor authentication processes that allow its customer to choose their own type and degree of security to control their banking experiences.
As it stands today, various new and improved technologies have the ability to help banks upgrade their customer engagement abilities to ensure improved customer satisfaction levels.
The banking & finance sector continues to advance and is evolving with a rapid pace to keep up with new technologies to ensure that their customers are delivered with great services that enable simpler and more efficient financial transactions from any part of the world. Literally with the dawn of technology the new age banking is your best pal now.