No matter what type of business you ask, you can almost guarantee they’re relying on technology to take the business forward. Advances in technology will benefit every kind of business, but it could change banking for better within the next five years. If you’re wondering how banking could progress with the help of technology, take a look below.
We’ve already seen it in the movies, but we never expect it to be mainstream so soon. Iris recognition is becoming the norm in places like Qatar and it won’t be long before it makes its way throughout the rest of the world. Before we know it, we’ll no longer have to worry about remembering pins to gain access to our bank accounts. You’ll also be able to use your smartphone to make transactions at ATMs. The point of these advances is to tighten security and make sure ATM hackers are no longer in business.
The Rise of Non-Banks
It’s no longer necessary to go to a traditional bank for financial services and these non-banks don’t have to be regulated by the banking industry. That means that these non-banks usually have larger assets whereby they can invest in new technologies and advance quicker than traditional banks. It could be that the find data solutions quickly or begin using SD-WAN before anyone else. Whatever technology they choose to implement, it’s likely to bring them closer to the average customer. Therefore, the non-banks could rise above and become the go-to places for financial services in the future.
Visiting bank branches could become a whole new experience for customers. They may be greeted by a person on a screen who already knows their name and details thanks to the iris scanner at the doors. They may be able to use devices to make their transactions, instead of queueing up for cashier windows. It will limit the amount of time people need to spend in the bank in more efficient way. It will also allow bank employees to reserve face-to-face time for people who have questions or want to further applications.
Unfortunately, the progression in technology could mean that many people lose their jobs. There won’t be much need for person-to-person interaction in the future because automated employees should be able to solve customer queries. Of course, there will always be times where human intervention is needed, but it will be significantly depleted. Thanks to the Cloud and new technologies, such as, holographics and automated responses, banking could be as simple as a few clicks.
We’re already finding that banking has become far easier with digital and mobile banking. Using an app on your phone can allow you to do most basic financial transactions. But, that’s just the start. Banks are ploughing money into developing digital banking to make life even more convenient for customers. AI solutions will soon be able to assist customers with making payments and more.
When it comes to the advance of banking technology, blink and you’ll miss it!