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New Banking Trends to Watch in 2019

February 23, 2019

The banking sector has changed a lot in the past few years alone. We have entered into the age of virtual assistants, flexibility banking products, and paperless services. As the competition is heating up between the fintech industry and the traditional banking industry, we can look forward to many new trends. The following are a few that will refine the sector this year:

Blockchain
Today, Bitcoin may not be as good of an investment option as it used to be. However, it’s underlying technology i.e. blockchain has massive potential. In fact, governments and financial institutes across the world are already busy with extensive R&D to capitalize on some of the biggest features of this technology which include unparalleled security, better traceability, speedy transactions, and reduced costs. 
In India, for instance, Kotak Mahindra Bank has joined hands with blockchain firm Ripple to provide near-instant cross-border remittances. Similarly, blockchain company Elemential has partnered with the Central KYC registry to transfer KYC data to the blockchain.

Predictive Banking
One of the most important things that a business needs to drive growth is a good understanding of the customers. Banks want to do this with artificial intelligence technology and they are already working on consolidating internal and external data to create predictive profiles of their customers. As their understanding of the customers will improve, they will be able to offer personalized services that will generate higher revenue.

Revamped Payment Services
The banks want to simplify payments and reduce transaction fees. So they are taking different steps like encouraging digital onboarding for the collection of KYC data, designing contactless mobile wallets, providing the merchants with real-time transaction graphs so that they can manage cash flow, inventory, etc.

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