Since 1969, the banking industry has undergone tremendous changes. Banks have shattered their traditional functions and have been coming out with the new services to serve to the increasing needs of their customers. Enormous branch enlargement in the rural areas, utilization of savings and expansion of credit facilities to small-scale industrial and agricultural areas, other preferred sectors like export sector etc. have caused in widening the financial infrastructure and have transferred the major character of ‘class-banking’ into the ‘mass-banking’.
The recent trends are growing competition, reinforcing risk management systems, product branding, and emphasis on technology. Many safety features, such as advanced cryptography and biometrics, will effectively provide protection against the bank scams, and remote applications to perform banking operations without visiting a branch and this experience will prove to be more customer-friendly.
Blockchain Technology
Blockchain technology is all ready to renovate the banking and financial services. It disperses the financial management from a central authority to a vast network of computers. In this technology, the financial transactions are fragmented into ‘blocks’ which are converted into the computer code which is then encrypted to achieve enhanced Cybersecurity. With its high potential to improve numerous facets of banking, there is no doubt that Blockchain will change the face of the banking industry.
Chatbots
Various banks are now embracing AI (Artificial Intelligence) and deploying it across multiple business process functions whether it is front-end or back-end functions; which reduces the response time to the customers considerably. Chatbots and intelligent digital assistants with M2M (Machine-to-Machine) learning capabilities and self-learning concept are providing seamless customer interactions for many banks and players in the industry.
Upgraded ATMs
The concept of ATM was incepted in the bank-tech system in 1967. Since then, it has been undergoing various up-gradations serving the banking customers with the efficient and unique services. Furthermore, the next astounding revolt of ATMs is going to involve contactless payments with which one can easily perform contactless ATM transactions with a smartphone.
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