Emerging digital banking trends

There is no doubt that technology is changing the banking ecosystem. One sector in the banking industry which has actually been constantly growing larger is digital banking.

The entire banking industry is changing as the monetary innovation keeps developing. Fintech is changing the financial services industry by introducing current services. One sector which most of the new fintech business are focusing on is mobile payment. The worldwide mobile banking and payments industry is massive. Slowly more customers are utilizing mobile banking services daily. Consumers can carry out all the fundamental banking services through their cellphones. Also, by using their phones, they can pay through contactless payment also. This is a lot easier than paying with a card or money. To make every payment more safe and secure, banks like NatWest and their selected customers are evaluating the brand-new biometric payment cards to make contactless payments faster and secure. As more shops and banks worldwide are accepting contactless payment with no constraint and additional costs, contactless deal will keep growing in the future.

The application of artificial intelligence is varied. The banking industry is among the world most significant industry which is proactively using AI to improve their business. AI-powered customer care are broadly applied throughout banks and financial institutes. Customers can directly chat with representatives by online tools. Interesting that, in some cases customers believe they are speaking to a human customer care agent but, instead, they are talking with a chatbot. The automatic service representative can offer accurate and incident response to the demands which can better please consumers. It is also an innovation that can substantially minimize costs. Advanced technologies can in fact do more than simply producing a virtual agent. Since banks have access to consumer information consisting of comprehensive demographics and transaction records, this advanced technology is able to incorporate and analyse information from database. Banks which are utilizing this technology can produce more personalised items for various targeting groups. There is an unpredictable capacity of the advancement of AI. Banks including Bank of East Asia and their US activist investor are placing more resources on developing their items with the implication of AI.

Since banks and financial institutions are supplying more new services such as contactless payment service, companies that are developing wearable devices update their products to cope with the marketplace change. Wearable devices such as clever watch is so popular today. It's not just a watch informing you time but more functions including music, health tracking and contactless payment. Smart watch makers such as Fitbit partners with the credit card company to provide contactless payments service with wearables. No matter you're shopping in a mall or choosing a drink after a run, you can merely pay by your watch and forget your wallet.

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