How Technology is changing Banking Sector in 2019

The first bank was made in the 18th century since then we have come a long way, the bank has advanced, the system, the people everything has advanced since then. But why are we talking about the BANKS only well, the bank has all your information it knows more about you then you do. Thus we can’t simply trust something so easily. So in this blog, I am going to tell you about, how the bank has advanced and how technology is changing banking sector.

1. The Starting advancement.

As we can imagine when there were no computer banks actually have to write everything on paper and taking money out of the bank was also a challenging task plus at that time not many people where literate. So the very first and basic thing that technology has done in the banking sector is that it has saved a lot of papers and manpower.

By providing a Data Base to control all those files and sheets to store plus we have excel sheets and then SMS system, ATMs and many more. This is the thing, there will always be updates plus technology is made to ease the human effort to lower the manpower.

2. Some latest updates

You may have heard or used net banking, online payment, credit card system all these things are in trending now, almost every person has done online payment once also, the apps like paytm and Google pay is widely used, if you look at a developer you will notice the web technology and app development used for making online payments via website and application is totally new like for web technology some use python modules like Django and flask and for application their is Go and Kotlin.

Read More : Paytm Success Story

3. Cybersecurity

Bank has the vital information of thousands of people with their money thus security is the main concern, you might have developed a website or an app but the protection and promising customers about protecting their data and money are also important.

Read : 6 Most Common Social Engineering Cyber Attacks

Though there are many attacks that happen every day and some are very common like phishing attack in simple word fraud and many more but still, you are safe somehow. Bank robbers aren’t committing physical acts the way they used to. This new generation of cybercriminals has an intimate knowledge of banking systems’ inner workings and are using vulnerabilities to their advantage.

Check out 10 Simple Tips you can use to keep your Data Safe.

4. AI-driven predictive banking

One of the most exciting innovation trends in 2019 will be the continued movement to predictive banking. For the first time, the banking industry can consolidate all internal and external data, building predictive profiles of customers and members in real time.

With consumer data that is rich, accessible and financially viable to deploy, financial institutions of all sizes can not only know their customers but also provide advice for the future. This enhanced use of data will enhance the consumer experience while increasing security and efficiency.

By moving from a rear-view-mirror perspective of customer communication to services deployed by robot-advisors and AI-driven chatbots, financial institutions will provide consumers with value through ‘next-best actions’ as opposed to blind selling of products.

5. Payments Everywhere

When it comes about paying you have given with very easy method like card swapping, check and more As the infrastructure of payments continues to evolve, innovation will move the payments industry from a series of specific products to part of everything consumers do. Differentiation will be driven by data, technology, and delivery, changing the dynamics of how and where we pay and receive payments. Payment innovation trends will occur in conjunction with the Internet of Things (IoT), point of sale (POS), mobile wallets, cryptocurrencies, and the blockchain.

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