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techsuch May 9, 2021 0 Comments

6 Technology Trends for Banking Industry in 2020# 6 Technology Trends for Banking Industry in 2020As we know, banks and other customary financial service providers have torespond to the customer queries from time to time. Sometimes it becomesdifficult to update and resolve issues related to their data. But the latesttechnology trends people get an instant response. The digitization initiativesguarantee a customer-centric perception rather than the long-established focuson profits.The Banking sector uses cutting-edge technologies for real-time dataincorporation rather than usual slow analysis procedures. With all thesethings, the banking sector is undergoing a massive technological change rightnow due to the increasing concern of people towards digitization.This tech trend also has helped banking experts to deal with cyber-securityattacks in a better manner. With so much competition in the financial serviceproviders, keeping track of all the latest market trends and efficientlyimplementing them is crucial. This way, you can stay ahead of your competitorsand attract more people towards your banking services.Today in this blog, we are going to talk about six emerging technologies thathave completely changed the banking services. Let us have a look at them:## Advanced ATMsThe upgraded technology has transformed the way we deal with ATMs. The world’sfirst ATM was introduced in June 1967and after which there are several changesin the machine. The next transformation in ATMs is likely to entailcontactless payments. These changes help users to perform contactlesstransactions even by their mobile devices. These types of ATM changes arealready accessible in several countries. For illustration, The eye irisrecognition feature is used by Qatar National Bank ATMs to make the paymentssecure and hassle-free. These latest techniques also help in improving thesecurity factor by protecting against ATM hacks. The change in the ATMstechnology will take some time but make the financial system regulationsstricter and secure than before.## Mobile wallets BankingMobile phone devices and applications have changed the mode of the bankingsystem in a better way. The mobile wallet apps have added digitaltransformation in the banking system. The growth of mobile wallet servicesgrowing at a fast pace. With time, banks are investing a lot in digitalbanking through which people can use their services via the web, mobile, ordigital platforms. Even several banking services have incorporated Artificialintelligence, and Chatbots to assist their customers in making betterfinancial decisions anytime anywhere in a better manner.## WearablesNo doubt, Wearables technology has positively changed our lifestyle. Fromhealthcare to the banking sector, these devices are making their place inevery sector. In future smartwatches become part of the financial-bankingsector, and boost the experience of users delightfully.With this trend, people can use their wearable devices to perform various bankrelated chores. It is expected, that the financial system will make use ofBluetooth beacons to greet its customers with personalized messages. Moreover,the smart glasses will enhance customer banking information procedures asbanks can check whether their employees are simultaneously doing their servicejobs in the right manner.## Hybrid CloudIt is one of the major changes that technology has brought to banking.Everyone is looking for instant solutions to their problems, and a hybridcloud is the need of the hour when it comes to responding quickly. Thecontinuously budding marketplace that banks operate in requires them to be asresponsive as possible. It is crucial to provide resources and services acrossthe venture in an appropriate way to tackle business-related issues faster.To deal with all these performance-related issues, banks are using hybridcloud technology. It is the most commercial means of achieving enterprisetargets. This technology helps banks to address both public and private datasecurity issues along with the capability to organize large funds instantly atthe time of need.The world is moving towards a cashless economy. People are using more advancedways to perform transactions while doing shopping and other money-relatedtasks. With the change in the economy, customer expectations have also changedconsiderably. Delays in payments annoy the customers and business as they lookforward to payments that happen instantly. The fast payment system is a muststep for banking sectors if they want to replace cash transactions with onlinepayments. As a result, banks are continuously looking for mobile appdevelopment solutions that help them to develop apps for instant payment.## Advanced SecurityCyber attacks are increasing day by day, and the banking sector is one suchindustry that has all the critical information of millions of people. The leakin the sensitive information may create huge issues. Dealing with personalinformation is a sensitive matter, and banks have to deal with it to preventall the cyber-attacks.Banks systems have become an eye-catching target for cybercriminals. Thus bankinstitutions are adopting the latest techniques that help to minimize the harmif any misfortune occurs. The technology helps them to implement bestpractices that shirk the chances of online-attacks. Moreover, they shouldspend on technical measures like Advanced Authentication Techniques toprioritize Cybersecurity that help them in keeping the customer’s data safe.# Conclusion:In the end, we can say that banks are paying more attention to the technologyimplementation to boost customer experience. They are looking for techniquesthat help them in preserving their connection with their customers and not onrevenues. In broad-spectrum, the banking sector is adopting technology toenhance consumer behavior.The latest trends and smart devices are navigating the industry in thedirection of ease. An escalating number of advanced technologies help users tointeract with their banks right from the comfort of their home. And with time,there is no need to visit a branch for any services as the tasks can beaccomplished from your mobile app. These trends are going to encounter a wholenew customer experience, possibly even faster than you think.

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