Technology-driven development in the banking industry has become a “core competency” for realizing the potential of technology. Banking technology is not only about saving revenue and costs, but also about the user and customer experience. Banking technologies include robotic process automation, artificial intelligence, mandatory security, instant payments, and the 25th largest institution has implemented robotic automation processes and some AI-based financial products since last year. These AI-based technologies include machine learning and chatbots. However, the percentage of deployed chatbots will triple in two years, from about 6% in 2020 to 18% in 2020.
Banks Jump into Cryptocurrencies Yes, a survey by Cornerstone consumers found that Americans jumped into a digital currency called cryptocurrencies. Cryptocurrencies have been developed in recent months to enable users and developers to communicate securely, make money online and get information. The first cryptocurrency developed in 2009 was “Bitcoin”, which is currently priced at $ 34,251.00 in the world today.
Bitcoin was first accepted as fiat currency by El Salvador. The state of cryptocurrencies is maintained through decentralized consensus. Due to pandemics around the world in recent years, users and innovators seeking to digitize banking services are eliminating the culture of physical banking. The trend of digitalization in the banking industry intersects with technology and advanced analysis algorithms.
Recently, the Association of Southeast Asian Nations came across an electronic wallet battle between traditional banks and fintech companies. In addition, fintech companies have been popular since last year because they promise to make their clients more accessible to finance and banks. In countries such as Indonesia, Malaysia and Thailand, the impact of money is significant despite the economic impact of Covid 19. Loyalty acts like a bridge between customers and bankers. Therefore, money is formulated to be like toothpaste, easy to remove and difficult to put back. Customer loyalty is constantly at risk due to rising costs and lower revenues. In this permanent transformation, it turns out that banks have endeavored to provide easy service to their customers. In addition, the customer journey has been improved at the scale level. To increase customer responsiveness, bankers need to raise awareness of digital services in urban areas. Global banks need to prioritize customer decisions. In addition, structured models are provided to identify the customer’s perspective and approach to the improvement process.
“By 2030, I think there will probably be 2 billion people using everyday banks without banks,” Brett King said. This is the sole purpose of the tools and technologies used by banks to provide security, independence and trust to maintain healthy relationships with their customers.
