7 Ways Technology Has Made Its Presence Felt In Banking Industry

For years, banks had their doors closed to technological innovations, mainly due to security and compliance concerns. But technology has pervaded our everyday lives to such an extent that even banking could not remain immune to it. The world of banking has seen amazing technological advances. Here we share some of the important ones – right from those that we now take for granted to those which are yet to invade our lives in a big way.

1. ATMs: ATMs today are not just the cash dispensing machines of yesteryear. Today’s ATMs are touch screen (for the smartphone generation) and incorporate cutting edge features like biometric identification, interactive banking experience and even cash your checks.
2. Internet Banking: Today’s internet banking is a mini-bank that meets almost all your daily banking needs. From cash transfers and bill payments to deposit accounts and more, there is a whole lot you can now do through your banking portal. Banks have even partnered with third parties to deliver you offers and discounts through your internet banking.
3. Mobile Banking: Mobile banking has made banking possible from anywhere and with 4G, speed is no longer a big problem. No wonder it is set to overtake internet in terms of transactions and number of users. 8 out of 10 customers want more banking interactions via mobile. New concepts like digital wallets have mobile banking even more attractive.
4. Banking Apps for Wearables: Google Glass has come with a bang and revealed a hereto unimagined world of possibilities. Banco Sabadell’s app for Google Glass allows users to connect to the internet and carry out banking operations through voice commands. Other major banks introducing apps for google glass are Wells-Fargo and BofA. WestPac New Zealand has released the first integrated mobile app for a smartwatch. Called the Cash Tank, you can use it to check your current account balance any time.
5. Big Data Analysis: Big Data is the foundation for predictive banking. Banks are using big data to offer not only the product or loan a customer may need this year but also to meet their banking needs in the future. Banks can use the data to offer timely financial advice and guidance resulting in higher customer satisfaction and loyalty.
6. Cloud Computing: Cloud computing provides core banking as Software as a Service (SaaS). It has enabled banks to keep up with the times and save on data management and infrastructure costs. Using the private cloud allays fears of data security. Cloud has cut down operation costs while facilitating sudden growth, as can happen during an acquisition.
7. Security: With incidents of fraud on the rise, banks are using technology to safeguard customer data and accounts. ATM cards come embedded with EMV chips that provide an extra layer of security. Some of the other protective mechanisms in place are anti-skimming ATM machines, voice recognition software in smart phones, two-factor authentications and biometric identification for customers and employees.

Cigniti has a rich history of providing testing services to banking and financial institutions. Listen to the replay of this thought provoking webinar to learn how Cigniti & Experitest can help you assure software quality and succeed in the digital age to provide world class experience to Mobile Banking customers and contact us at Cigniti if you have any questions.