Technology has been critical in helping banks survive and thrive in the new normal. As the new decade inches closer, banks are looking to accelerate their digital initiatives even further to revamp their operations and become more competitive.
Take a look at the five key tech trends that will help financial institutions optimize their operations in 2021 and beyond.
Bring Context Into Your Engagements With AI
Artificial intelligence (AI) can enable your bank to anticipate customer needs, automate key processes, and analyze data to deliver superior and intelligent experiences to your customers. It can fetch data from multiple sources and help your customers fill out lengthy forms, initiate service requests, and quickly respond to their queries. What’s more—AI can analyze customer data to offer product recommendations, provide personalized interactions, and detect fraudulent transactions.
Enable Secure Transactions With Blockchain
In the new normal, there is an increased exchange of sensitive information remotely, especially financial data, between you and your customers. You need to ensure that the information is shared in a secure manner. Blockchain—with its smart contracts and distributed ledger technology—can help your bank record immutable transactions, encrypt data, and verify customer information at multiple touchpoints. This helps make transactions safe, secure, and transparent.
Create A Digital Workplace With RPA
Robotic process automation (RPA)—the process of automating mundane, high-volume, and repetitive tasks—can help your bank deliver a touchless, consistent, and omnichannel experience to your customers. It can increase the efficiency and accuracy of your processes while ensuring that you stay on top of regulatory compliances. Furthermore, cloud-based RPA can help you reduce server maintenance costs and enable anytime, anywhere operations.
Facilitate Remote Transactions With Voice-Based Tech
Customers are already using voice-activated commands to order food, shop online, and browse entertainment. Banking can become the logical next step. By integrating banking processes with voice-based technology and connected devices, you can empower your customers to meet their banking requirements from the comfort of their homes. You can leverage voice recognition as a new, remote, and secure form of biometric authentication. Furthermore, you can enable your customers to check account details, make financial transactions, and place new requests through voice-based services.
Make Your Systems Agile And Resilient With Open API And Microservices
Open APIs offer interoperability between mediums, helping your core banking system seamlessly integrate with third-party vendors and other systems. Furthermore, you can leverage a microservices-based architecture to break down monolithic banking applications into smaller, simpler applications that can communicate with each other through open APIs. These independently scalable services ensure that even if a single process fails, it does not disrupt the entire system.
The Future of Banking Is Connected!
The pandemic has changed the expectations of your customers and the overall banking landscape. The earlier apprehensions of conducting critical banking transactions online are gone, making room for more digital products and services. Customers today want everything at the click of a button.
You must modernize your bank to meet and exceed your customers’ expectations. The need of the hour is to build a connected bank, the one that provides omnichannel, contextual, end-to-end, and anytime-anywhere services to customers. Embracing the latest technologies can help your bank stay current, competitive, and future-ready.