Ways Banking Has Changed in the Last Few Years

With the financial technology evolving like never before, there’s been a significant change in the way businesses used to work till date. With this new drift, it’s quite obvious that banking operations will change in multiple ways as well. This post is going to brief you about the same.

Real-time payment options– Managing a perfect track of the cashflow has always not been so easy from the customers’ end. However, today’s real-time payment options have not only made it easy, but have also made sure every transaction made by an individual gets precisely registered in the loop. There are many instances where a persistent delay is experienced by the customers (sometimes up to 4-5 business days) between making a payment and when one can see the same reflected in their account. So, here, the customers are meant to undergo a string of mental hoops until the balance shows up in their account. However, with the real-time payment options on board, the financial transactions can just be made in a jiffy!

Artificial Intelligence– Can we really ignore the power of AI? Definitely not! With its top-end potentials, it’s definitely going to make the consumers experience a new era of banking! According to the experts, artificial intelligence will be used to help the consumers get an easy access to the best payment schedules. While they will be offered new banking products, they will also get an upper hand on a series of improved existing products. This way, it will definitely bring in new prospects and enhance operational efficiency of business processes, thereby broadening the path for innovative business opportunities.

Digital banking– With an extensive use of mobile wallets on board, the power of digital banking has already been tasted by one and all. According to several researches carried out in this regard, a radical change towards digital banking will continue. People no more like to adhere to the traditional banking model; instead, they want to bank whenever and wherever they want. With the rising interest towards the same, it’s anticipated that there will be more than 2 billion users involved in digital banking by 2020. Consequently, the conventional brick-and-mortal banking solution will be swapped by a technology-first mindset in no time!

Chances for big shifts– With the banking industry experiencing a number of transformations, there will certainly be new platforms which, in turn, would bring forth new payment options. Big names like Amazon, Facebook and Google are likely to hit the scenario with their own-integrated payment channels. However, there will be new regulations from their end for sure.

Threat for cyberattacks– A current report has shown that the customers from more than 80% of financial institutions have already taken recourse to online banking and this trend will even grow with time. So, the possibility of cyberattacks cannot be ignored totally. However, with proper precautionary measures, one can easily do away with the threat.

To conclude, today’s exclusive technology has definitely paved the way for a better banking system and it’s expected to uplift the consumers’ experience yet more in the years to come!