Most of the consequences brought about by the covid-19 pandemic have been in the banking sector. The commercial aftermath has had ripple consequences through just about all businesses, ranging from Wall Street boardrooms to small-town cafes, as individuals tried handling their stuff amid the uncertainty.
Even though it seemed like institutions like banks were thriving because they never faced closures because of their essential business classification, they were also experiencing he turmoil of their own. They had to adhere to the social distancing protocols, which restricted the influx of walking clientele, and they also had to take on remote work tools.
With such shifts in play for the better part of last year, financial institutions have taken charge and are already speeding up their digital innovation and adaptation policies. As the smoke slowly clears in 2021, a selection of tools they picked in 2020 will most likely last. Below we take a look at some of the technology trends that will shape the banking sector in 2021.
More Mobile Strategies
It’s worth noting that even before the pandemic crisis, mobile banking was already enjoying massive popularity, and the pandemic just made it more and more popular as customers had to stay at home to be safe. Online and mobile banking applications not only gave consumers the freedom to bank remotely but also carry out paperless transactions without having to come into contact with physical cash that could increase the chances of infection.
Mobile banking will continue playing an important role in banking in 2021 and in the years to come because of how vital these devices have become in our daily lives. Moreover, outside the regulated world of banking, it is these mobile devices that will facilitate the faster adoption of cryptocurrency.
Banks Cloud Environments Getting Bigger
In the course of remote work, the running of certain processes in the cloud has progressed to become essential. The financial industry is one sector that has historically been unwilling to adopt cloud architecture due to safety and compliance reasons, and even the cloud-based companies will often keep those surroundings uncomplicated.
Now that businesses must have the ability to allow disseminated workloads as well as help clients from everywhere, banks will take inspiration from other private corporations and start implementing not only more multi-cloud environments but also hybrid cloud environments. And while doing this, they must ensure that they’re tackling vital matters to not only thrive and make a profit but also ensure a safe and secure banking environment.
Artificial Intelligence (AI)
Banks now have in store more information than ever before so that they can anticipate the needs of their clients for better services. With the extension of online services, there are more opportunities to tailor products and services to consumers who will certainly gain more from them. That can be made possible by data analytics powered AI technology.
Personalized advertising can also help businesses to promote their products and assist consumers in finding whatever they are seeking much faster. This is a trend that will help the banking sector grow faster and offer more efficient services to its consumers.
RPA Will Help Boost Efficiency
RPA, or robotic process automation in full, is a process that employs robots alongside advanced technology to get tasks done that were otherwise performed by human beings. In 2021, we’ll see more organizations within the fintech sector adopt RPA to carry out backend duties such as security checks, account closing, account maintenance, customer on-boarding, loan processing, among many others. With RPA, organizations can handle ordinary tasks effectively, making human resources available for other more significant duties such as customer support.
It is also interesting to note how the pandemic also transformed other industries. In the gambling industry, for instance, players increasingly embraced casino sites like VulkanBet casino online, given that most land-based facilities faced closures for months on end. By the same token, online gambling platforms also had to look into other channels of accepting new technologies to offer more engagement as more players continued welcoming internet gambling. For example, game developers of new slots online, such as Microgaming, even moved to purchase a MegawaysTM mechanic from their rival Big Time Gaming to meet the growing demand and cater to the needs of fans who wanted a taste of the thrilling feature.
As the year 2021 continues to unfold, the fintech trends discussed above will make industries much more efficient and user-friendly. What other technology trends do you think will define the banking industry this year?