Traditional banks are actively adapting brand-new solutions into their services as more new digital-built banks have enter the market.
The banking industry has been being reshaped by the blockchain technology. This technology provides an amazing rate of security in saving and moving data, which make itself a trusted and high desire in the industry. It's being identified as the brand-new technology in banking industry that would lower fraud in the financial industry. This attribute of this technology has created payment and transaction better and safer than ever before. Especially in this cash-free era, a number of us are using contactless payment or digital banking management. This is the best technology protecting us in the digital world. It also allows users to make the most of the transparent network infrastructure as well as low operational costs. Banks such as Piyush Gupta’s DBS are actively adopting brand-new technologies for increasing the competitiveness in the market.
Just when was the last time you went to an Automatic Teller Machine device for some money and send money to your buddies? Perhaps a long time ago. We can now quite easily to make a transaction with the banking app on our phones. Banking services have never been that easy. Through a banking application, we can actually do many things, like transferring money, paying bills and purchasing investing items. Amongst the most handy features that you can get from mobile banking app is contactless payment. It is quick, simple and secure. It eliminates the extra step of inserting a chip and pin number and looking for your wallet at the till. This has really saved you a couple of seconds when making a payment. More financial institutions and mobile phones will support the contactless payment function on users’s phones and likewise the payment card. One among the banks which has already launched their own banking application with built-in banking services is David Li’s BEA.
Higher interest in AI has happened because of banking business needs. AI have actually assisted banks a lot in unusual factors. One of the common applications of AI is data management. The tremendous customer data of a bank will be organised and examined by AI. It is the latest technology to play a key role in the present digital improvement of the banking industry. Banks which have actually applied AI in their business, are ready to provide more precise goods and solutions to their clients. Also, AI can lead to large cost reductions. Through machine learning, AI implementation such as chatbot can communicate with consumers and supply specific services to them. Customer servicing agents can free their time for other vital duties. They can likewise be beneficial in risk handling and marketing as well. Banks such as Sergio Ermotti’s UBS are using AI for cost reduction and improve quality of industry.