Here are several emerging banking trends for you to know more about the current situation of the banking industry. See what you can anticipate from them.
Considering that banks and financial institutions are providing more new services such as contactless payment service, companies that are developing wearable devices update their products to cope with the marketplace change. Wearable gadgets such as clever watch is so common today. It is not simply a watch telling you time but more functions consisting of music, health tracking and contactless payment. Smart watch makers such as Fitbit partners with the credit card company to offer contactless payments service with wearables. No matter you're going shopping in a mall or opting for a beverage after a run, you can simply pay by your watch and forget your wallet.
The application of artificial intelligence is differed. The banking industry is among the world greatest industry which is proactively using AI to improve their service. AI-powered customer services are broadly applied across banks and financial institutes. Consumers can directly chat with agents by online tools. Interesting that, in some cases consumers think they're talking with a human client service representative but, instead, they are chatting with a chatbot. The automated service agent can offer accurate and occurrence action to the demands which can much better please consumers. It's also an innovation that can considerably lower expenses. Advanced technologies can really do more than just developing a virtual representative. Given that banks have access to consumer data consisting of detailed demographics and transaction records, this sophisticated technology is able to integrate and analyse details from database. Banks which are utilizing this innovation can develop more customised products for different targeting groups. There is an unpredictable potential of the development of AI. Banks including Bank of East Asia and their US activist investor are putting more resources on establishing their products with the implication of AI.
The whole banking industry is changing as the financial innovation keeps progressing. Fintech is transforming the financial services industry by introducing current services. One sector which the majority of the new fintech business are concentrating on is mobile payment. The global mobile banking and payments industry is huge. Gradually more clients are using mobile banking services daily. Customers can carry out all the fundamental banking services through their smart phones. Also, by using their phones, they can pay via contactless payment as well. This is a lot more convenient than paying with a card or cash. To make every payment more safe and secure, banks like NatWest and their chosen users are checking the brand-new biometric payment cards to make contactless payments quicker and secure. As more shops and banks worldwide are accepting contactless payment without any constraint and extra costs, contactless deal will keep growing in the future.