Future of Smart Banking (Technical Insights)
Technology Convergence Leading to an Age of Branchless Banking
By PR Newswire
NEW YORK, May 5, 2015 /PRNewswire/ — Traditional branch-based banking practices are undergoing transformation into smart banking. Banks are now focusing on integration of futuristic technologies and applications to explore new opportunities for higher customer engagement and improving customer experience. This report focuses on technology and application innovations that are enabling the transformation to smart banking. The report also highlights their convergence prospects and envisions future innovation opportunities.
1 Cybersecurity has evolved as a key factor for the banking and finance sector. Considering the growing dependence on computing devices and the Internet for carrying out banking processes, bolstering security with the most advanced technology solutions is the inevitable trend. With more endpoint devices interacting directly with the banking portals for digital transactions, focus on securing the various layers of security is in practice.
2 Digital payments are changing the way customers handle transactions. Innovations enabling cashless transactions are experiencing rapid popularity. Smartphone-based digital payment applications are becoming the most preferred option due to sheer convenience and hence are being widely adopted. Banks are also gradually adapting to this changing ecosystem of payments.
3 Adoption of advanced analytics solutions is being widely leveraged for various banking functions, from customer analysis to risk analysis. The banking industry is undergoing the transformation to the age of smart banking powered by actionable insights and intelligence delivered by the analytics solutions. These insights are being used as key
4 components for financial decision making.
Cloud computing is also playing a major role in enabling the transformation process. Banks are leveraging the flexibility and scalability of cloud services to operate in a real-time collaborative environment to deliver superior banking services to the customers. Cloud computing is facilitating the migration process from branch banking to anywhere banking.
5 Mobile banking is emerging as the new definition of futuristic banking. The convenience and flexibility delivered by mobile banking is gaining rapid popularity. Banks are equally promoting the use of dedicated mobile banking solutions to minimize customer banking complexities. The advancements in wireless communication, machine-to-machine (M2M) communications, highly functional mobile devices and so on are paving the way for future innovations that will further facilitate the transformation to smart banking.
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