How Technolgy has shaped the banking industry?

The banking sector evolved not until the 14th century, as we know it today. The oldest trading bank (Monte Dei Paschi di Siena) was founded in 1472. The pace of growth of new technology has resulted in historically slow-moving financial institutions.

Several businesses will continue to feel the impacts of artificial intelligence and automation. Fintechs will have to ready themselves for a backlash in consumer protection in response to mistakes made.

1. Adding Hidden Features

Competition has revealed hidden features that only banks were able to offer in the past. More and more features are being accessible to the public thanks to technology. For example, transfers and transfers provide cheaper and more convenient services than banks. Previously the electronic transfer of money from one location to another was done only through banks.

2. Improve Customers Relations

Bank customers can be frustrated nowadays, and part of it is because of the short care time of the people. Standard bank discounts do not appeal to most consumers either. Today’s customers want the best deal available as banks compete for the business.

3. Banking Anywhere

The proliferation of smartphones and mobile apps has made banking simpler and more available. Today anybody can easily build and make a mobile application accessible to the public.

4. Digitalization in Banking

The proliferation of smartphones and mobile apps has made banking simpler and more available.Core banking modules have improved a lot and providing much better service now. Today anybody can easily build and make a mobile application accessible to the public.

5. Secure Data Protection

Banking used to rely on manual and wrong methods for securing bank data a few decades ago. This confidential information is now being secured and controlled by advanced technologies.https://diceus.com/industry/banking/core-banking/

6. Faster Payments Standards

In 2019, the quicker payment system in the United States is simpler. The Clearing House, the payment company which is co-owned by some of the largest banks in the world, already has a system known as real-time payments or RTP. The Federal Reserve is under pressure to establish its own quicker system of payments.

7. Bank Lending for Customers

Industry analysts expect banks to develop more alliances with fintech to provide their customers with the best digital lending experience possible over the next year. Banks, online lenders, and find tech companies will also need to develop safe platforms to protect sensitive customer data. Observers expect blockchain, multifactor authentication and biometric activity to play a part in the defense.

Conclusion

The days when bank customers relied solely on ATM machines are gone. Today, banking is not about building a framework that safeguards cash deposits. It’s a system now right at your fingertips.