Trends that Help Banks Streamline their Operations

By CIOReview | Friday, April 23, 2021

FREMONT, CA : Technology has been vital in assisting banks in surviving and thriving in the new normal. As the new decade inches closer, financial institutions are looking to boost their digital initiatives even further to revamp their operations and become even more competitive. Take a look at the key tech trends that will help financial institutions streamlining their operations in 2021 and beyond.

Bringing Context into Engagement

Artificial intelligence can allow the bank to forecast customer requirements, automate key operations, and analyze data to offer superior and intelligent experiences. It can fetch data from several sources, assist customers in filling out lengthy forms, initiate service requests, and rapidly respond to their queries. AI can analyze customer data to provide product recommendations, offer personalized interactions, and detect fraudulent transactions.

Secure Transactions With Blockchain

There is an accelerated exchange of sensitive information remotely in the new normal, specifically financial data, between brands and their customers. Brands need to ensure that the information is shared in a secure method. With its smart contracts and distributed ledger technology, Blockchain can assist bank record immutable transactions, encrypt data, and verify customer data at multiple touchpoints. These assists make transactions secure and transparent.

Digital Workplace With RPA

Robotic process automation (RPA) can help banks offer a touchless, consistent, and omnichannel experience. It can increase the operations' efficiency and accuracy while ensuring that firms stay on top of regulatory compliances. Furthermore, cloud-powered RPA can help firms mitigate server maintenance costs and allow any time, anywhere operations.

Remote Transactions With Voice-Based Tech

Customers are leveraging voice-activated commands to order food, shop online, and browse entertainment. Banking can become the next step. By combining banking operations with voice-powered technology and connected devices, banks can empower the customers to meet their banking demands from their homes' comfort. Banks can use voice recognition as a new, remote, and safe form of biometric authentication. Furthermore, firms can enable the customers to check account details, make transactions, and place new requests through voice-powered services.