What new technology patterns can we expect to see in the banking industry this year? Here is some concepts for you.
The whole banking industry is altering as the financial technology keeps developing. Fintech is transforming the financial services industry by presenting updated services. One sector which most of the new fintech companies are concentrating on is mobile payment. The global mobile banking and payments market is enormous. Slowly more customers are utilizing mobile banking services daily. Customers can perform all the standard banking services through their mobile phones. Likewise, by using their phones, they can pay via contactless payment as well. This is a lot more convenient than paying with a card or money. To make every payment more safe and secure, banks like NatWest and their selected users are checking the new biometric payment cards to make contactless payments quicker and protect. As more shops and banks worldwide are accepting contactless payment with no constraint and additional fees, contactless deal will keep growing in the future.
The application of AI is differed. The banking industry is among the world greatest industry which is proactively using AI to improve their organisation. AI-powered customer care are broadly used across banks and financial institutes. Customers can directly talk with agents by online tools. Interesting that, sometimes clients believe they're speaking to a human client service agent but, instead, they're talking with a chatbot. The automatic service representative can offer precise and occurrence action to the requests which can better satisfy customers. It's likewise an innovation that can considerably decrease costs. Advanced innovations can actually do more than just producing a virtual agent. Considering that banks have access to customer data including detailed demographics and transaction records, this advanced innovation has the ability to incorporate and analyse information from database. Banks which are using this technology can produce more customised items for different targeting groups. There is an unpredictable capacity of the development of AI. Banks including Bank of East Asia and their US activist investor are putting more resources on developing their products with the implication of AI.
Since banks and financial institutions are supplying more new services such as contactless payment service, companies that are producing wearable devices upgrade their items to manage the marketplace modification. Wearable gadgets such as smart watch is so popular today. It is not simply a watch telling you time but more functions including music, health tracking and contactless payment. Smart watch makers such as Fitbit partners with the credit card company to provide contactless payments service with wearables. No matter you're shopping in a shopping center or going for a beverage after a run, you can merely pay by your watch and forget your wallet.