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techsuch May 9, 2021 0 Comments

How Emerging Technologies Are Enabling The Banking IndustryEmbracing futuristic technologies has gained significant momentum across thebanking and financial sectorThe banking industry in India is geared up for a transformational space withthe implementation of advanced technologies such as applications of ArtificialIntelligence (AI), Machine Learning (ML), BlockChain and RoboticsRobotic Process Automation is improving the user experience by allowing botsto handle repetitive tasks without human interventionDistinctive technological solutions and an ability to rapidly adapt givescompanies a competitive advantage. They are now developing and employing newtechnologies to move aggressively and strategically to disrupt rather than bedisrupted. Greater emphasis is being laid on leveraging sophisticatedtechnology to improve productivity and reach.Embracing futuristic technologies has gained significant momentum across thebanking and financial sector as well. Streamlining services for the customersalong with system upgrades in terms of tech deployments are rapidly gainingacceptance. The banking industry in India is geared up for a transformationalspace with the implementation of advanced technologies such as applications ofArtificial Intelligence (AI), Machine Learning (ML), BlockChain and Robotics.So, let us have a look at how the BFSI sector is transforming with emergingtechnologies: * Robotic Process Automation: The volume of unstructured data that the banks have to process is growing exponentially with the rise of the digital economy. These are not just banking transaction data, but also other behavioral data that could allow banks to improve and innovate the customer experience. With a combination of various technologies that enable cognitive and robotic process automation bankers can now understand customer action and make a judgment at a higher speed, scale, and quality. Additionally, smart virtual assistants today are handling transactions, providing important information, and helping customers. Robotic Process Automation is improving the user experience by allowing bots to handle repetitive tasks without human intervention. It also reduces errors and enables bank staff members to handle more intricate queries and provide better customer service. * Data Analytics: Today, success is achieved by driving intelligent customer engagement based on a data-driven understanding of the business. Technology and digitization have transformed the BFSI sector by enabling them with real-time actionable insights to make informed decisions, creating competitive advantages and elevating consumer experience. This also allows banks to share potential products, upsells, cross-sells, and strategic planning with customers. With AI-backed models, the ability to transform the banking experiences of customers is truly exponential. * API Platforms: Today, through API platforms, banks are working with Fintechs to build banking stacks that allow them to be a platform on which customers and third-party service providers can connect to deliver flexible and personalized experiences to the end-user. API Banking Platform is designed to work through APIs that sit between the banks’ backend execution and front-end experiences provided by either the bank itself or third-party partners. This allows the banks to adopt completely new business models and use cases such as enabling salary advances and experiment with new technologies like blockchain at low cost. APIs also help banks to future-proof their systems. * Cyber Security: Banking industry deals with sensitive & personal information, which has made it an attractive target for cybercriminals. With the deployment of technology in the BFSI sector, cyber risk is also evolving. The banks are becoming agile in the way they approach cybersecurity. They are gradually implementing advanced analytic, real-time monitoring and biometrics and behavioral analysis software to detect threats and stop them from disrupting the systems. They are also utilizing anti-hacking tools which provide network-level security which looks for unusual behaviors and potential cyberattacks. * Cloud Computing: Another technological advancement that is revolutionizing the banking industry is cloud computing. Cloud is a crucial tool of the service delivery model and enables banks to penetrate new business opportunities and access new delivery channels. By leveraging cloud-based services, banks can decrease data storage costs by saving on capital and operating expenditure, while ensuring customer data is protected. Cloud computing also promotes safe online payments, digital money transfers, wallets payments, etc.With the introduction of new technologies, the banking industry has changedtremendously over the years. Now, the banking processes are much faster andreliable which has led to improved customer relationship with banks. Forinstance, Mastercard Advisors, the data analytics and insights arm ofMastercard, distill experience and knowledge from thousands of real-worldengagements with financial institutions to generate valuable strategies acrossConsumer, Commercial, Debit, Credit, Marketing, Acquiring, Risk and Fraud.Mastercard’s anonymized and aggregated transaction insights and world-classanalytical capabilities supplement our industry-proven problem-solving skillsto offer highly actionable recommendations that drive financial results. Thecustomer base has also increased due to the benefits like online banking,m-banking and contactless payments. The industry will have a better grasp ofits needs, by aligning with the latest technologies like Big Data bothinternally into their operations and with customers.Leverage cloud technology to grow your business at scale, build strategies toenhance your operations, and get inspired by success stories of businesses andindividuals alike. Register for AWS Summit Online 2021!

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