One industry which continues to change and adapt to the latest innovations around the world is the banking sector. Conventional financial institutions understand the importance of technology, and they are investing in it, to meet the demands of their customers.
These days, they are focusing on digitizing countless business operations, to improve functionality. Also, they are educating their employees so that they have the skills and knowledge to handle banking in the future.
Technology is great as it paves the way for intuitive and innovative solutions. How will technology change banking in 2019? Let’s dive in to find out:
Greater use of artificial intelligence (AI)
With artificial intelligence growing leaps and bounds, expect this technology to make a huge impact in 2019. Banks realized that it is essential to provide personalized experiences to their clients, as it helps improve their business. Although this may be difficult with conventional technology, artificial intelligence is a huge game-changer.
Fintechs and banks will adopt AI, to improve a wide array of their services. They will give these financial institutions the tools to form an emotional connection with their clients.
Online lending will continue to improve
Due to significant competition from financial technology companies, conventional banks learned how to become better competitors. As customers are going online, they are improving their services, to meet the demands of their clients.
Banks are pouring a large portion of their resources to improve their infrastructure so that they can provide secure platforms. Certain financial institutions may team up with financial technology companies to take their online experience to a whole new level.
Rise of open banking
Several regulatory bodies all over the world are asking conventional financial institutions, such as banks to allow customers to share information with third parties. The aim is to drive innovation in the industry, to increase competition.
With open banking application programming interfaces (APIs) entering mainstream banking, customers will have granular control over their information. With this type of technology, even organizations with legacy systems can take advantage. The benefit of open banking is that it forces financial institutions to innovate, to keep existing customers while attracting prospects at the same time.
With technology evolving regularly, the banking industry will have to follow the latest trends to remain competitive!