Banks have embraced cloud computing to store data and use scalable computing resources. They also use leading public cloud providers to build new innovations quickly. Since customers entrust their personal information to banks, they need to protect that data. Biometric technology helps them strike the right balance between security and user convenience. Biometrics - unique physical features of an individual - are used to verify customer identity. Biometrics are difficult to fake or forget, and they are highly resistant to hacking.
According to Paul Inouye, Mobile apps, online payment apps, and APIs are all examples of innovative ways to enhance the customer experience. Those features have made banks roll out digital mobile apps and small business and personal loan platforms. Increasingly, consumers expect banking to integrate seamlessly across devices and channels. These technologies can help them get what they need and more quickly. With these innovations, consumers have better access to banking information than ever before. They can pay bills, transfer funds, and get cash in minutes instead of days or weeks.
Chatbots, which are AI-enabled systems, are another example of advanced technologies in banking. Artificial intelligence (AI) is powering these programs, and chatbots can simulate conversations through mobile apps and different channels. These chatbots can also answer questions and act as digital assistants for customers. Advanced chatbots can provide 24/7 services and help banks collect marketing leads. They can even perform cross-selling activities.
The digital age has presented many challenges to banks, including the need to respond quickly to a changing market. High-performing banks have adopted the cloud as a cost-effective way to solve business problems. By using an enterprise-wide hybrid cloud, banks can benefit from both public and private clouds, while addressing compliance and governance concerns. As more customers move to digital channels, banks are leveraging cloud computing to stay ahead of the competition.
Paul Inouye pointed out that, banking needs to embrace digitalization to stay competitive. Technology continues to evolve rapidly. By adapting to these changes, banks can enhance their business models and develop new tools for difficult challenges. Some technologies help banks monitor money-laundering and keep track of suspicious transactions. However, a growing group of fin-tech startups are nibbling away at bank margins. So banks must embrace the latest technology to stay competitive and remain relevant. The future of banking depends on it.
Customer expectations for convenience and self-service has made traditional branch banking outdated. With digital banking, many customers now skip the line to perform everyday transactions. Big data, artificial intelligence, and analytics allow retail and corporate banks to gain a competitive edge. With connected devices, banks can gain insights about customer behavior and deliver tailored offerings. And dynamic digital signage can deliver a personalized experience. Ultimately, banking technology is transforming customer interactions with customers and empowering them.
In Paul Inouye’s opinion, blockchain solutions will enable multiple parties to access the same data at the same time. Blockchain can ensure the integrity of records within a database. Blockchain-based solutions are already being adopted by some leading banks. But it may take a while for smaller financial institutions to get access to wider blockchain solutions. As blockchain becomes more widely adopted, it will become the norm. There is no doubt that this technology will make banking services more efficient.