5 Tech Trends For Banking Enemies In 2020 Detail ExploredAugust 4, 2022
Semutku.com 5 Tech Trends for Banking Enemies in 2020 – Banks are often seen as a quiet and conservative area. However, technology does not allow anyone to escape the threat of competition supported by creative ideas.
This is evidenced by the emergence of financial technology (fintech), including artificial intelligence (AI), Search, and a number of other directions of change.
Just as the financial markets have taken from the technological revolution such as online trading platforms innovation will change the banking industry significantly in the years to come.
This innovation can provide a way to compete more effectively and can reduce costs, and of course in the end will increase the company’s profitability.
Forbes staff recently expressed their opinion on the seven biggest technology trends that are proving to be damaging and disruptive to the banking and financial services industry in 2020. Here is a brief summary of what Forbes found.
Artificial intelligence (AI)
AI is artificial intelligence, or the ability of computers to think like humans, even better people. According to Forbes found, banks are always in implementing new ideas.
Therefore, the more competitive non-banking institutions usually have to remove the less profitable parts of their business model.
Debit and credit cards have been a savior for banks over the last fifty years. AI will significantly improve customer service, help detect fraud, provide credit, and improve security.
Search is one technology that does not use Tuesday in the process of exchanging data. One of them, occurs during the transaction.
The Harvard Business Review has stated that the lodge will have an influence on the banking industry. Look for promises to provide lower costs, better customer service and increased security.
This will change the money exchange system. One of the main uses that is currently being discussed and is starting to be widely used as a cryptocurrency.
Banks create data sets related to credit card transactions, loans, ATM withdrawals, and credit score calculations. The industry is also one of the biggest users of “Big Data Analytics”.
Banks have realized that there is a competitive advantage in data analysis. This trend will continue. Cross selling opportunities, Risk Management, Customer Analysis and detection of new trends will emerge.
Robotic process automation (boat)
Robotic process automation (BOAT) is the concept of using robots to replace human work. The robot referred to in this context is not a physical robot sitting in front of a computer and working as a human, namely software programmed to work like a human.
Boating is your favorite business. They can help organizations operate more efficiently with repetitive work. The monotonous nature of work can cause employees to lose.
When repeatedly doing the same habit, employees will generally feel full so they have the ability to make mistakes in their work. Therefore, the automation of this process promises a low rate of human error.
This technology has actually been around for almost fifty years. But it’s getting a lot of talk about now. Initially, banks were hesitant to adopt the technology for security reasons.
Cloud, however, is there a new version that is better and more secure. The cloud can also enable secure online payments, digital wallets, and online transfers to name a few.