New Technology of bank

1. Using Data and AI for Personalization at Scale

When it comes to personalization, consumers are pretty clear what they want. They want recommendations that they wouldn’t have thought of themselves, and a clear direction about what they should buy when they are shopping for a product or service. In other words, financial institutions should show consumers that they have been listening and learning from their activities.

2. Voice-First Banking

A major part of the voice-first paradigm is a modern “intelligent agent” (also known as “intelligent assistant”). Over time, all of us will have many, perhaps dozens, of these agents interacting with each other and acting on our behalf. These agents will be the “ghost in the machine” in voice-first devices. They will be dispatched independently of the fundamental software and form a secondary layer that can fluidly connect between a spectrum of services and systems.

3. Open Banking

While the largest tech firms — Google, Apple, Facebook, Amazon (GAFA) — are leading the charge towards implementing open API platforms, the model they use may not be the one most banking organizations should follow. Not only do most financial institutions lack the technical expertise or the financial wherewithal to implement these models and support a vast developer community, the ability to acquire new customers to replicate their success is unlikely.

4. Digital-Only Banks

Creating a digital-only banking proposition involves aligning new technologies and solutions with the legacy bank’s existing design, brand value and business model. There must be the involvement of leaders who are tech-savvy, building technology with customer-centric approach. Financial institutions can also leverage the technical capabilities of fintech startups to assist in the development of digital-only banks.

5. Cybersecurity

There is no doubt that the increased use of technology and digital channels have made the banking industry more susceptible to cyber-attacks and have forced banks and credit unions to be in the unenviable position of playing ‘catch up’. New open banking regulations that require banks to share customer information with third-party providers makes the industry even more vulnerable.

6. Cloud-Based Solutions

According to the American Bankers Association, banks are generally receptive to cloud-based core banking, with 29% saying they would consider it, 50% saying they were unsure and 21% saying they would not consider it. Many experts think cloud-based core banking will soon become more mainstream, with many believing that the majority of new core banking projects launched by 2020 will be in the cloud.