Latest Innovations in the Banking Sector

Technology has led to transformations in various sectors today, and banking is certainly one of them. The following are some of the major innovations in the sector that you need to know:

• Analytics and AI
  

Artificial Intelligence is used by banks and non-banking financial institutions to learn about the financial habits of their customers so that they can offer personalized products in retail banking and insurance. In the same way, software developers are offering advanced online tools to Internet users so that they can track their payments and learn about their spending habits.

• Customer Experience

New technologies are also used in enhancing the customer experience. For instance, KBC Bank in Belgium offers “My Car” program that uses blockchain technology to smoothen the process of car loans starting from signing up to releasing the car from a showroom. It lowers the odds of frauds by securing the loans with blockchain and also makes the process faster.

• Payments

The payments industry has evolved a lot in the past few years alone on the back of trends like the Internet of Things (IoT), cryptocurrencies, mobile wallets, point of sale (PoS) terminals, and online channels like UPI. As the banks are also working on contactless payment methods that use radio-frequency identification (RFID) and near field communication (NFC), sending and receiving money will become even easier.

Organized banking services whether they are provided by traditional banks or NBFCs, are becoming more and more popular. So, jobs in the industry have also increased. If you want to start a career, then you must work on skills like analytical skills, self-confidence, communication skills, etc. You can also take certification courses like the postgraduate diploma in banking and finance that’s offered by TSCFM.

Related Post:

• New Banking Trends to Watch in 2019
• Top Retail Banking Trends of 2019

Image Source