It’s the year 2019 when everything from retail to healthcare has gone digital. Digital banking is not an option, it’s a reality going into the future. And the sooner the banks realize it, the better for them or soon they will turn history.
In the technology arena, the promise of exponential technologies seems more real than ever. While the wild enthusiasm with blockchain has tapered off, the industry continues to sail toward a blockchain future. However, the energy might now lie with artificial intelligence (AI) and cloud, as they are already transforming many aspects of banking in significant ways.
Banks typically need bigtech, and in some ways bigtechs also need banks, as the banking industry remains a big revenue source for many technology companies.
Here’s what we can expect the future of digital banking to be:
Digital experience par excellence
There has been an explosion in e-commerce in recent times. A lot of it can be owed to better security, seamless customer experience and smart devices. The digital bankers of today are looking for payments with minimum fuss and maximum benefits. Especially with mobile wallets and mobile companies like Apple and Samsung coming out with their versions of payment applications. Banking companies have to pull up their socks to deliver a flawless digital experience to their customers.
AI and Data Analytics are the new cash registers
Data is the new oil. And banks have plenty of it. In the future, data analytics and AI will have a huge role to play as they help reduce operating expenses and create better banking products and experiences for the customers. Off-late, we have seen plenty of digital products from banks when it comes to financial planning and investments for customers.
New age banking needs new-age skills
Digital banking requires an advanced workforce and talent pool of today. While every bank cannot offer or afford this talent pool, a lot of them have started developing an IT culture from within rather than look to external resources. Banking institutions are retaining talent and upgrading their skills rather than looking to replace them as it will only mean higher attrition costs, which can run into millions for banks.
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