Current trends in banking

The international banking business is experiencing an important transformation to a more digital-focused field. In the following years, clients can anticipate more easy services.

The banking sector has been being reshaped by the blockchain tech. This technology provides an unique degree of security in storing and moving data, which make itself a reliable and high demand in the industry. It is being acknowledged as the new technology in banking industry that would minimize fraud in the financial industry. This attribute of this technology has made payment and transaction much better and secure than ever before. Especially in this cash-free age, many of us are applying contactless payment or digital banking management. This is the right technology protecting us in the digital world. It also allows users to make the most of the transparent network infrastructure as well as low operational costs. Banks such as Piyush Gupta’s DBS are actively adopting brand new technologies for increasing the competitiveness in the market.

Higher focus in AI has occurred because of banking industry needs. Artificial Intelligence have assisted banks so much in different facets. One among the common uses of AI is information management. The overwhelming customer info of a bank will be ordered and analysed by AI. It is the hottest technology to play an important role in the current digital improvement of the banking sector. Banks which have applied AI in their corporation, are ready to offer more accurate products and services to their consumers. Likewise, AI can lead to significant cost reductions. Through machine learning, AI implementation such as chatbot can speak with consumers and give certain services to them. Customer servicing representatives can release their time for other essential tasks. They can likewise be useful in risk management and marketing as well. Banks such as Sergio Ermotti’s UBS are using AI for cost reduction and enhance quality of working.

When was the last time you went to an ATM machine for some cash and transfer money to your friends? Likely a long time ago. We can now quite effortlessly to make a transaction with the banking app on our phones. Banking services have never been that effortless. Through a banking app, we can literally do everything, like transferring money, paying bills and buying investing products. About the most convenient functions that you can get from mobile banking app is contactless payment. It's quick, simple and safe. It removes the additional step of entering a chip and pin number and looking for your wallet at the till. This has already saved you a couple of moments when doing a payment. More banks and mobiles will support the contactless payment function on users’s phones and also the payment card. One among the banks which has previously introduced their own banking app with integrated banking services is David Li’s BEA.

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