There are several emerging technologies can help banks improve their operations, drive innovation, protect customers from fincrime and create new personalised services. Here are we look at 5 technologies and the role they can play in transforming banking.
1. Artificial Intelligence (AI): When it comes to managing several operational processes across the bank value chain, AI can help to automate tasks such as customer service query resolution, fraud detection, and risk management. It can also be used to analyse large amounts of data and provide insights into customer behaviour and preferences. All of these considerations help drive more personalisation for customers and ensure that queries are handled quickly, as well as drive significant operational cost savings
2. Robotic Process Automation (RPA): RPA has become slightly “tainted” over the last few years. Many organisations are adopting the technology to save costs without considering the broader process/customer journey landscape. Despite this, RPA can still be vital in automating many homogeneous banking tasks such as financial data entry, account reconciliation, and regulatory/compliance checking. This level of automation can free up operational capacity to focus on more complex tasks whilst improving efficiency.
3. Internet of Things (IoT): IoT can help banks collect data from devices and sensors in real-time, providing insights into customer behaviour and preferences. This can help banks to create personalised services and improve customer experience. Additionally, the ability to use data in this way can also drive improved security for banking customers as security, and anti-fraud measures can be applied consistently across using geolocation, Device Intelligence and SSL communication protocols.
4. Cloud Computing: Cloud computing can help banks to store and manage data more efficiently, reduce costs, and improve scalability. It can also enable banks to offer new services and products to customers more quickly. Additionally, cloud computing makes implementing machine learning and big data much more efficient, and these are critical advancements in protecting consumers from fraud as well as driving product personalisation.
5. Quantum Computing: Quantum can completely reinvent the financial industry, particularly banks, by providing faster and more secure methods for processing financial data and transactions. The use cases for Quantum are embryonic at this stage, as the technology is emerging, but the applications are limitless; faster market data analysis, more robust security, fraud detection and risk analytics, to name a few.
Overall, these emerging technologies must feature on any transformation roadmap as these can help banks improve their efficiency, reduce costs, and provide better services to their customers. These elements are vital to creating sustainable long-term growth.