Watch Out For These 5 Emerging Banking Technologies
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Watch Out For These 5 Emerging Banking Technologies

By CIOReview | Thursday, May 26, 2022

Person-to-person payments, also known as P2P payments, have recently grown in popularity. It is no longer necessary to send or receive payments through a bank. Instead, third-party payment services can be used.

FREMONT, CA: As faster, more efficient, and user-friendly methods emerge, the way banks and other types of financial institutions manage tasks continues to evolve. As a result, consumers discover new ways to address their banking needs.

1. Digital Bank Account Creation

Many banks now provide a safe application process through their websites. Applicants can provide basic information, upload documents to prove their identities, and provide the opening account balances required.

2. Application Programming Interfaces (APIs)

While other industries quickly adopted application programming interfaces (APIs), the financial sector lagged. API software enables two applications to communicate with one another. This may require additional software to help support the security and strength of those connections.

3. Cloud Computing

In the financial industry, cloud computing technology is widely accepted and used. Data is uploaded to the Cloud rather than stored solely on local servers, server farms, or a bank's headquarters. This protects information from natural disasters and other threats.

4. Video Conferencing

Banks provide various financial advices, and an in-person meeting to discuss retirement strategies or other banking needs may be required. Unfortunately, it's not always easy to schedule these meetings, and the pandemic has made it even more difficult.

As a result, many banks now offer one-on-one video sessions to their customers. In addition, customers can participate in online meetings from their homes by using any internet-connected device. The same holds for bank employees.

5. Robotic Process Automation (RPA)

Many previously manual tasks can now be automated using robotic process automation (RPA) technology. This approach can handle all of the details associated with new account setups, such as verifying customer data, conducting security checks, managing data analysis, and even responding to customer concerns.