For the last five years technological advancements have influenced the banking industry significantly. As a matter of fact, new regulatory policies have been introduced and the customers’ demands have changed significantly within the banking industry landscape.
As a result, the banking industry has been placed under pressure to comply with the needs and demands of the millennial customer so that they can stay profitable and relevant at the same time. Fintech companies have also been on the rise as a result of the demand for technological innovations. Consequently, partnerships have been formed between banks and fintech companies in order to address the challenges of the digitalized world and market.
One of the innovations that have been realized are the Next-gen chatbots which were introduced in 2017. Several major banks adopted them so that they could support all customer interactions. In fact, these chatbots are equated to a 2 or 3 year Old’s intelligence even though as machines they cannot experience learning or physical fatigue.
Smart workflows is another fintech technology that works with Artificial Intelligence to aid backend operations in banks. They have the ability to identify any challenges quickly specifically in a bank’s operation workflows and offers effective solutions or improvements to make the process more efficient.
Digital and physical merger has enabled banks to reach customers that are data rich but have poor credit. In Africa, for instance, many people still cannot access banking facilities and the physical and digital merger could be influential if it is offered to such individuals. It will promote effective self-service which will make sure that the customers have knowledge on how to use basic automated services.
Security still remains a major concern for all banks especially since so much data is generated in the operations. Unfortunately, hackers are constantly devising new ways of accessing such data even though cyber security measures have been formulated to prevent them from illegally attaining financial information from the customers. Nonetheless, banks have opted to adopt other measures that will ensure data is secure in all financial interactions through combining OTPs, encryption, biometric authentication and so on.
Fintech companies like NLS Banking Solutions have managed to ensure that they guarantee the safety of the bank’s customers while keeping up with the technological innovations. The company products are not just innovative but they also concur with the needs of banks effectively.