LONDON--(BUSINESS WIRE)--Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest article on the technology trends that are influencing the future of banking.
The future of banking will be significantly different from what we see now. At present, fintech firms are capturing more of the retail banking’s value chain, offering services such as payments, checking, and even savings accounts that could erode the traditional bank’s revenues to a large degree in the foreseeable future. This is encouraging many retail banking organizations to think over the options to improve their services and move to platforms that give a “more digital” experience to the customers. Customer expectations and behaviors are quickly moving to more personalized and immediate services that are provided first on their mobile devices. Modern retail banking customers wish to remove processes such as having to go to branches to get bank-related work done. Rather, they want financial data and the ability to transact at their fingertips.
To know more about the scope of our research engagement, request a proposal
“The future of banking is expected to witness the advent of innovative technologies such as contactless payments in ATMs,” says an industry expert from Infiniti.
Future of banking:
- Upgraded ATMs: One of the largest technology trends in the retail banking industry that has transformed the whole banking system since their beginning in 1967 is advanced ATMs. The future of banking is anticipated to witness contactless payments in ATMs. Customers will be able to perform contactless ATM transactions using a mobile phone. Numerous innovations in this space have previously been applied; for example, the iris recognition used at Qatar National Bank ATMs and biometric authentication have already been executed in many ATMs in India. These technologies improve retail banking security and stop hacking and such illegal practices. To know more about our portfolio of market intelligence solutions, get in touch
- Wearables in banking: Wearable technology is all set to go mainstream in the future of banking. Retail banking can use smart watches to push personal greetings to customers through Bluetooth beacons when they enter a bank’s location. Smart-glasses for bank tellers is also an innovation that is being considered for implementation. This can be used to process customer banking information for the employee as the employee is instantaneously doing other customer service tasks. To know more about our portfolio of solutions, request a proposal
- Use of extended reality: Extended reality refers to all real-and-virtual united environments and interactions of human-machines that are produced by computer technology or wearables. This comprises virtual reality (VR), augmented reality (AR), and mixed reality (MR). Using these technologies could help form more meaningful customer engagements and also improved workforce performance. For example, South Korea’s Hana Bank is bringing mobile mortgages to customers through augmented-reality applications on their phone. Such practices create immersive and engaging experiences for customers, also making banking less of a chore in the minds of customers.
- Get in touch, to know more about the technology trends in the future of the banking industry
Infiniti Research is a global market intelligence company offering strategic insights to help look beyond market disruptions, study competitive activity, and develop intelligent business strategies. Listed below are the technology trends in the future of the banking industry.
View the complete list of the technology trends in the future of the banking industry:
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 15+ years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.
