Technology is rapidly adapting to how banks work and how they serve customers and become a key contributor to competition.
Technology is changing the way banks do business. The rise of financial technology solutions – from money transfers to online payments and on-demand financial consulting – requires a new approach to information technology for banks, investment firms, and any company involved in finance.
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Cloud is an essential tool of today’s service delivery model and enables banks to penetrate new business opportunities and access new delivery channels. By leveraging cloud-based services, banks are able to decrease data storage costs through saving on capital expenditure (CAPEX) and operating expenditure (OPEX), while ensuring customer data is protected.
Big Data refers to large and complex datasets that present significant challenges for traditional data management and analytics tools in practical timeframes. With advanced analytics, banks can apply technology to effectively extract valuable statistics from data and use them to improve (strategic) decision-making processes.
The Internet of Things is a technology that connects devices and sensors on a network with the goal of providing better data-based statistics. The banking sector began to use IoT more than the energy and automotive sectors. However, recent IoT financial services, especially retail banks, have shown that large investments in IoT can be used in their internal infrastructure and customer orientation capabilities.
The banking industry is pushing for the use of intelligent automation to increase efficiency, eliminate duplication and improve customer satisfaction by providing faster and more efficient services. The technology behind this automation is called Robotic Process Automation (RPA).
Quantum computer is a new type of computer that uses the power of quantum mechanics to solve problems that were previously believed to be negligible in ordinary computers. In the field of banking, the authors predict four major usage cases.
Open banking is a movement in which banks work together in an ecosystem of partners. Banks have four broad strategic options: a full-service provider; Utility; Supplier; Marketplace interface.
