How Technology Has Changed the Face of Modern Banking
April 01, 2019
The biggest improvement we have been able to achieve in modern banking is through mobile banking. This is because the customers can now complete a slew of tasks conveniently without paying a visit to their banks. These include sending and receiving payments, loan and credit card applications, opening new fixed deposit accounts, etc.
The banking sector uses tons of data which is why it’s benefiting the most with big data and analytics. Lenders can now use new-age tools to minimize risks for loan disbursals and offer personalized offers to their customers by studying their spending patterns and earnings, etc.
Quality customer service has always been a big challenge for the banks, especially the Indian banks as they have millions of customers to handle. However, technology has been able to alleviate some of the burdens in this area. For instance, some of the largest banking including SBI and Kotak Mahindra Bank are using artificial intelligence-powered bots on their websites to process customer queries and help them in the sales process. These bots are programmed to answer hundreds of thousands of standard questions that the customers ask. Moreover, these programs can also handle a large number of queries at the same time.