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Top 3 Retail Banking Technology Trends 2019

September 09, 2019

Top 3 Retail Banking Technology Trends 2019

Retail banking has come a long way today. New technologies have completely revamped the domain and led to the rise of new trends. Some of the most recent trends in retail banking include the following:

1. Blockchain Implementation

Blockchain is used all around the world in financial solutions and many other core services in industries like healthcare, real estate, etc. because of features like high security and transparency. In retail banking, it is used to lower the cost and time of processing payments and also to offer more transparency to the end-users.

2. Voice Banking

Voiceprint technology is becoming highly popular in the banking sector as we now have safe and secure technology to authenticate callers. Additionally, many forward-thinking banks are offering AI-powered bots to address all kinds of basic queries of their customers.

3. Cloud Technology

Banks were projected to spend a whopping 20 million USD in 2019 and according to the Worldwide Semiannual Public Cloud Services Spending Guide by IDC, banking is one of the top 3 industries that will spend the most on cloud services.

As top companies like IBM and Oracle are offering highly-secure and affordable cloud solutions, banks are becoming more comfortable in working with them rather than the traditional systems.

Conclusion

As you can see, the banking sector is transforming on the back of new-age technologies and the future of retail banking looks quite interesting already. This is because efforts are being made on a consistent basis to make banking services more affordable and easily accessible. In fact, the time is ripe to begin a career in the banking sector. That said, if you want to increase your odds of getting a high-paying job, then you can also consider taking a comprehensive course on the subject such as the one offered by TSCFM here which is also one of the best job-oriented banking courses after graduation.

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