With its smart contracts and distributed ledger technology, Blockchain will help your bank record immutable transactions, encrypt information, and at multiple touchpoints verify customer information.

Fremont, CA: In helping banks survive and flourish in the new normal, technology has been crucial. Banks are looking to expand their digital strategies, even more to modernize their operations and become more successful as the new decade comes inches closer.

Here are five trends that will modernize the financial sector:

Voice-Based Tech

Customers are now using voice-activated commands for food ordering, online shopping, and entertainment browsing. Banking could become the next logical move. You will enable your customers to meet their banking requirements from the comfort of their homes by combining banking processes with voice-based technology and connected devices. As a new, remote, and safe form of biometric authentication, you can leverage voice recognition. Through voice-based services, you can allow your clients to review account information, make financial transactions, and position new requests.

Blockchain

The pandemic has led to an increased remote sharing of sensitive information between you and your customers, especially financial data. You need to make sure the data is exchanged safely. With its smart contracts and distributed ledger technology, Blockchain will help your bank record immutable transactions, encrypt information, and at multiple touchpoints verify customer information. This helps to make safe, secure, and transparent transactions.

Open API and Microservices

Open APIs have medium-to-medium interoperability, helping the core banking system integrate seamlessly with third-party vendors and other systems. In addition, to wear down monolithic banking applications into smaller, simpler applications that can interact with each other via open APIs, you can utilize a microservices-based architecture. Such independently scalable services ensure that the whole system is not interrupted even though a single process fails.

AI

Artificial intelligence (AI) will enable your bank to predict customer needs, automate critical processes, and analyze information to provide your customers with superior and intelligent experiences. It can get information from various sources, help your customers fill out long forms, initiate service requests, and respond quickly to their queries. Moreover, AI can analyze customer information to provide product suggestions, provide tailored interactions, and identify fraudulent transactions.

RPA

Robotic process automation (RPA) will help your bank deliver a touchless, reliable, and omnichannel experience to your customers by automating mundane, high-volume, and repetitive tasks. Your processes' reliability and consistency can be enhanced while ensuring that you remain on top of regulatory compliance. Besides, cloud-based RPA will help you minimize server maintenance costs and allow operations anytime, anywhere.