Marcom

The world of banking is always evolving and with the new upgrade in technology, we can expect potential inventions that might disrupt the whole ecosystem of banking like the introduction of crypto coins and many more.  Based on the ongoing discussion with our internal team, here are some general trends and potential technology upgrades that the banking industry might witness based on the ongoing trajectory of technological advancements in the banking industry in 2024. It's essential to note that these are speculative and may evolve over the time: Blockchain Integration: Increased adoption of blockchain technology for enhancing security, transparency, and efficiency in transactions. Blockchain can streamline processes like cross-border payments, reducing costs and settlement times. Advanced Data Analytics: Enhanced use of artificial intelligence (AI) and machine learning (ML) algorithms for more sophisticated data analytics. Banks may leverage predictive analytics to better understand customer behavior, detect fraud, and personalize financial services. Biometric Authentication: Expansion of biometric authentication methods for secure and convenient access to banking services. Biometrics such as fingerprints, facial recognition, and voice recognition may become more prevalent to improve the customer authentication experience. Digital Identity Verification: Continued focus on digital identity solutions to streamline customer onboarding and enhance security. Self-sovereign identity and decentralized identity verification methods could gain traction. Open Banking Ecosystems: Further development of open banking platforms and APIs to facilitate collaboration between traditional banks and fintech companies. This can lead to a broader range of financial services and improved customer experiences. Quantum Computing Exploration: Initial exploration and experimentation with quantum computing for solving complex financial calculations and improving cryptographic methods. While full-scale adoption may be in the future, research and development in this area could progress. Enhanced Cybersecurity Measures: Continued investment in cybersecurity measures to protect against evolving cyber threats. Banks are likely to deploy advanced threat detection systems, encryption technologies, and conduct regular cybersecurity audits. Central Bank Digital Currencies (CBDCs): Further exploration and potential pilot projects involving central bank digital currencies. Several central banks worldwide are considering or actively researching the implementation of CBDCs. Robotic Process Automation (RPA): Increased use of robotic process automation to automate routine and time-consuming tasks, reducing operational costs and improving efficiency in various banking processes. Augmented Customer Support: Implementation of AI-powered chatbots and virtual assistants for improved customer support. These tools can provide instant responses, assistance with routine queries, and contribute to a more seamless customer experience. It's important to stay updated on industry news and technological advancements to understand how the banking sector evolves every year. The specific technologies adopted will depend on regulatory changes, market demands, and the strategic goals of individual financial institutions.

Banking In world on Metaverse – New Frontier for Financial Services Banks have always been the key sector in any economy and have always been the torch bearer of change. This new technology, and hence, has been the key factor for the banks with a focus on adapting as per the new trends. Considering today almost everyone owns a smartphone and wants customized services with easy access to transactions to transfers. Banks have long known that if they can capture the attention of customers and try to engage them across life stages. For this reason, they have always been quick to jump on emerging trends, and today’s buzz tech is the metaverse. No matter what industry it is, positioning themselves on Metaverse has become their key marketing strategy. Everyone wants to have a first mover advantage in this field and own a share of the virtual world. It is the artificial virtual world that has taken the world by its charm. Banks have always been the key sector in any economy and have always been the torch bearer of change. This new technology, and hence, has been the key factor for the banks with a focus on adapting as per the new trends. Considering today almost everyone owns a smartphone and wants customized services with easy access to transactions to transfers. Banks have long known that if they can capture the attention of customers and try to engage them across life stages. For this reason, they have always been quick to jump on emerging trends, and today’s buzz tech is the metaverse. No matter what industry it is, positioning themselves on Metaverse has become their key marketing strategy. Everyone wants to have a first mover advantage in this field and own a share of the virtual world. It is the artificial virtual world that has taken the world by its charm. Why considering Metaverse? Next generation consumers are fully digital-native – online is the default option for them when they go looking for the products and services they need. The Metaverse – is an immersive digital environment that potentially offer everything we need to live our lives digitally, under one roof – provides new ways for businesses to connect with customers As per recent research done by Bank of America, where they have developed VR Training program for its employees, 47% of bankers rooted for AR/VR for alternative transaction by the year 2030. Enhanced customer experiences with elevated services to establish a long-lasting relationship with the clients has been of primary importance. Simple services of regular banking transactions and by learning the activities in machine learning, developing a simulated customer experience will build a strong community. This will help not only with Metaverse but in traditional banking as well by onboarding remote customers and thus obtaining a huge [...]