The banking sector has experienced a tremendous technological evolution in recent times. Tech advancements have paved the way for online deposits, mobile wallets, and e-bill payments. With increased consumer demand for digital banking services, artificial intelligence (AI) is now at the core of banking strategies. In this article at CIO.com, Anirban Ghoshal sheds light on some of the new-age technologies that have radically shifted the way banking works today.
What Does the Study Say About Tech Involvement?
A Gartner report highlights AI as one of the top technology trends in the banking and financial sector. The study also reported that generative AI, autonomic systems, and privacy-enhancing computation (PEC) are three trends that will continue to gain momentum in the future. “These systems create an agile set of technology capabilities that support new requirements and situations, optimize performance, and defend against attacks without human intervention,” says Ghoshal pointing to the Gartner report.
Tech Trends that Have Defined Banking Strategies
AI and Machine Learning: Banking strategies extensively involve AI and ML to offer personalized services to their customers. Furthermore, these advanced technologies also help combat fraud. According to Forrester’s recent Top Emerging Technologies in Banking In 2022 report, nearly 37% of respondents already using AI in financial services reported improved operational efficiency. Additionally, 33% of respondents claimed ML led to enhanced customer experience.
5G: In addition to enabling faster data accessibility, 5G will help banks and financial institutions improve back-end operations and actively drive tailored and interconnected ecosystems. Also, the technology will boost processes like asset monitoring, digital identity, and international payments.
Blockchain: Banks rely heavily on blockchain technology to strengthen their security and protect customers’ bank details. The technology is beneficial in making quicker transactions with decreased costs and improving efficiency. The industry is already experimenting with the technology by replicating current asset transactions on the blockchain.
To read the original article, click on https://www.cio.com/article/400345/ai-predictive-analytics-top-list-of-hot-technologies-for-banks.html.