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What will be the Future of Banking Industry Like?

December 25, 2018

The future of banking will be customer-centric and much more convenient than today. It will be driven by technology and help to make financial inclusion a reality.

The following are some of the ways banking will change in the near future:

Cashless Society
Carrying cash is a hassle even today. In most cases, when you need to buy something expensive, then it’s plain impractical to carry too much cash for the purchase. This is the reason why we are increasingly becoming a cashless society as we mostly use digital products like credit/debit cards and mobile-based payment systems. There are some countries that are close to being a 100% cashless economy already. These are Belgium, Australia, and South Korea where 93%, 86%, and 70% of the payments made are cashless. 

AI Support
Robots powered by artificial intelligence will take 100% of the roles that are associated with customer support executives today. They will be programmed to address a variety of concerns of the customers and even go as far as to guide retail investors in making the best investments. 

In India, AI-powered bots are already becoming popular. For instance, SBI has its SBI Intelligent Assistant (SIA) chatbot that can answer your queries. Similarly, Canara Bank has set up two customer care robots called Candi and Mitra at two of its branches.

Biometric Authentication
Since it’s nearly impossible to eliminate all kinds of frauds in the banking sector, users have to protect their ATM cards, online banking accounts, etc. with PIN and passwords. However, these passwords have to be complex for high security which can be a problem when you have to remember them all. Thus, banking will gradually start replacing old account protection mechanisms with biometric authentication systems. This way, you won’t have to remember any passwords and authenticate transactions with retina-scan, fingerprint scan, etc. 

So, these are some of the ways how banking will change soon. Which one do you look forward to the most?  

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