Banking and Financial Services
There was little that changed for the banking industry before internet came along. The past few decades have been monumental for the banking sector and every aspect of the financial services.
The banking and financial industry is slowly coming to terms with these drastic changes. The increased online activity has taken the customers to the banking websites, in turn reducing the traffic in branches across banks all over the world.
The reduced branch activity at banks has led to a cycle where the cost of maintaining structural presence are going through the roof. As a result of this shift, banks are now working to make their services more customer centric than anything else.
A big concern for most banks in the aspect of data privacy. In the age of internet, data theft is, unfortunately, easier. Banks usually handle a lot of sensitive data of the customers. The services of the banking and financial service industry are, thus, focused to adapt ways that suitably answers the privacy concerns of their customers. No bank and financial service provider is now immune to the changing trends. The adaptation to online means of banking is the future that every banking institution is preparing for.
The Role of Mobile Applications
The 21st century human interacts and responds to the world through hand-held devices. Quite literally, the world is now in everyone’s palms. Advanced mobile banking services is the way in which banks are today offering secure and fast services to their customer base.
A large percentage of the population is now using mobile banking services through their bank’s mobile applications to pay their bills, pay for other services and other financial activities. With the ability to be accessed across a wide range of devices, mobile applications of banks allow the customers to stay connected despite being away from a branch. The basic expectations from a banking mobile application is that it should allow the user to transfer funds, track transactions, and interact with their bank at their convenience. Mobile applications have helped banks reach a point where they are connected to their customers around the clock, all through the week.
The Role of AI
The next reboot for banks will be the use of Artificial Intelligence, or AI, in the banking and financial industry. It will help iron out the kinks in the present services, while streamlining the back ends. Systems integrated with Artificial Intelligence will help the banking and financial services industry to engage customers in a more meaningful and direct manner. Mobile wallet transactions are likely to increase in the near future, and Artificial Intelligence systems can help the system become more efficient. Innovation is the need of the hour for the banking and financial service industry. The banks will have to be proactive in anticipating the changes in customer behaviour, predict their needs, and mould their online presence accordingly. The digital identity, data management skills, and commitment to data privacy will be of paramount importance in this transformational time. Banking and financial services industry is on the cusp of monumental change.