‘Global banking forecast 2016’, a recent report by Ernst & Young, ‘Transforming talent, the banker of the future presents some fascinating discoveries. It emphasizes the importance of banking industry change and reinvention, especially in the current low-growth environment.
Surprisingly, the study mentions the technological transformation as a key topic. It is predicted that by 2025, millennials would be the majority of the workforce. They’ll be mobile, tech-savvy, and self-starters. Banks should consider three areas when weighing investments in technology and people: automation of activities, augmenting individual roles, and developing new skill sets.
Technology has long been regarded as a game-changer in the banking and financial industry. Online banking, bill payments, and other such transactions have become commonplace. With digital technologies influencing every element of consumer behavior, the financial sector has unquestionably seen a new wave of change and innovation.
Digital technologies such as mobile, wearables, analytics, and telepresence are changing consumer behavior and ushering in a new era for retail and corporate banking. Security and consumer experience are two fundamental ground rules that govern the industry.
As a result, while a secure interface is crucial, the forecasts demonstrate that the desired consumer experience is critical to the sector’s profitability and success. As a result, financial technology start-ups now have greater prospects.
Financial management, bill payments, marketing, analytics, and customer relationship management are among the services offered by digital banking platforms. Gartner considers open unified digital banking platforms to be an emerging technology, even though most specialist banking solutions have been around for a long time.
Technology presents enormous challenges to the banking sector as a result of empowerment. The difficulties must be met with the appropriate response to rising technology developments. The important thing is to make it relevant to the industry.
Let’s have a look at the top 5 game-changing innovations for the banking industry that will undoubtedly alter the industry.
Can you picture using a banking app to do a voice-based bank transaction? Yes, Spain’s CaixBank delivers the first mobile banking software with voice control features that can be used while driving. The apps make use of Ford’s SYNC with the AppLink system, allowing the driver to monitor account balances and perform basic transactions.
Wearables have become the new black. Wearable technology is becoming increasingly important in a variety of industries. In the consumer technology area, smartwatches, fitness bands, wearable apparel, and much more are making waves. Banking is no exception, and it will undoubtedly be influenced by this new trend.
Google’s Smart Glasses:
When it comes to tracking your bank, nearest branch, emergency phone number, and other information, Google’s smart glasses maybe the wittiest alternative to consider. Caixa Bank, a forward-thinking Spanish bank, has already created a Google Glass app.
Authentication is used in online banking and any other type of virtual banking. To assure security and the ideal experience, the banking industry has been experimenting with numerous methods of authentication.
Facial recognition may be the safest and most practical method of ensuring authentication. Alibaba, the Chinese e-commerce behemoth, believes in’smile authentication.’ For its users, its facial recognition system has designed a a’smile to pay’ option.
Every financial transaction relies on security. Mastercard is developing a new contactless card with a fingerprint sensor built-in. This demonstrates the industry’s growing security worries, especially in light of recent attacks.
Banks are devising mechanisms to increase the need for security features such as voice and touch. For example, in 2014, Barclays increased security guards by giving finger vein scanning for large transaction authentication.