The way entire banking industry operates is changing. We are going towards to digitized future in our new digital era.
Competition from fintech firms, bigger expectations from the consumer are requiring banks and credit unions to integrate new technologies.
From retail and mobile banking, to neobank startups, technology has its hand in seemingly every aspect of the banking industry;
Nowadays everyone use mobile banking to make deposits, account transfers, and monitor their spending.
Mobile wallets are another up-and-coming feature in mobile banking; they allow users to make purchases online or in-store with their smartphones – without ever having to take out their physical credit card.
Digital-only banks, or neobanks, are also another new trend in global banking system.
The development of more neobanks globally will bring more awareness as more non-traditional banking choices are available to consumers today, enticing them to switch banks for better customized services and value propositions.
AI and blockchain
New innovative technologies as blockchain and artificial intelligence (AI) will have big impact on banking system through 2020. These innovations help banks to ensure streamlining processes and even cut costs.
Consumers can already see AI being used by most banks through chatbots. Banks are using AI to smooth customer identification and authentication.
Most financial organizations will move from basic dialogue and account inquiries to doing transactions using voice commands. Customers will be able to execute payments through voice commands, do transfers and establishing account alerts. Many believe that in the next five years, 50% of all banking interactions will be via voice-first devices. What do you think?
Many experts think cloud-based core banking will soon become more mainstream, with many believing that the majority of new core banking projects launched by 2020 will be in the cloud. Such a cloud technology automates operations and workflows, ensuring more efficiency, security and cost savings.
Never before has the importance of technology been greater in financial services. All new trends and innovations are building winning strategies for banking system. Do you agree? If you have your question, please write it below, I would be glad to answer your questions or to introduce your project to my team at Astorts Group (astorts.com) to be evaluated.
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.