Tech trends in banking 2019
Technology Trends the Banking Industry Must Act On In 2019. Using Data and AI for Personalization at Scale. When it comes to personalization, consumers are pretty clear what they want. Voice-First Banking.
- 5 Digital Ideas for Banks to Reinforce Security and Customer Trust
Banks engage in constant vigilance to grow and scale that also involves offering better products and services while lowering risk and eliminating security threats.
Digital disruption has made its presence marked in retail banking. Amid these changing banking behaviors, widespread hacks, and new competition, here is how banks can rebuild trust in the digital era.
• Paying Attention to Security
With cyber threats growing around the globe, financial institutions may be tempted to immediately adopt the latest and greatest technology without ensuring the necessary precautions that are foundational to any successful security strategy. The newest security advancements are indeed vital tools for addressing cyber risks, but they will not help if organizations fail to address fundamental security practices, including password protection.
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• Conducting Professional Cybersecurity Assessment
It is necessary to identify where risks and vulnerabilities lie before strengthening security. Proactive risk assessments allow banks to determine the likelihood of attacks against the existing infrastructure and data assets. This insight can be used to prioritize security investments based on potential business impact and protecting what is most valuable to the organization
• Approaching Security with the Customer in Mind
To build trust among customers, banks must communicate with their customers about the measures they are taking to protect personal information, and educate customers to bolster security. Reinforcing security messages at physical branches, and websites is one service banks can provide for their customers in this light.
• Adopting a Zero-Trust Security Model
Experts recommend embracing a zero-trust approach based on network segmentation, data obfuscation, security analytics, and automation.
2. Top Tech Trends Driving the Progress of Retail Banking
Banks are stepping up their game technology-wise, to deliver a better customer experience.
Digitization, emerging technologies and customer demands represent important priorities for retail banks, and coming years will witness even more significant momentum in these areas and corresponding technology investments. They are
• Using Data and AI for Personalization
Consumers are pretty clear what they want when it comes to personalization. They need suggestions and a clear direction about what they should buy when they are looking for a product or service. Artificial intelligence (AI) serves the potential to transform customer experiences and establish new business models in banking. To achieve positive outcomes, there needs to be a collaboration between humans and machines that will provide humanized expertise that is specific for each customer.
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• Voice-First Banking
Most financial firms are moving from traditional dialogue and account inquiries to doing transactions using voice commands, which even includes being able to execute payments and establishing account alerts using voice commands. Surveys say in the next five years, 50% of all banking interactions will be via voice-first devices. Retail Banking…
