6 Tech Trends to Watch in Banking

Oz Digital Consulting 6 Tech Trends to Watch in Banking

Ready to take a tour of the exciting ways traditional banking is being transformed right now by cutting-edge technology?

Well, good, because we’ve got one teed up for you below…

  • Embracing Technology to Meet the Customer Where They Are. Picture this: a traditional bank, dressed in a snazzy superhero costume, soars through the skies with a mobile app in hand. That is the digital transformation in banking! Which is to say, banks have realized the importance of embracing technology to meet the evolving needs of their customers. They’re leaving behind the days of long queues and piles of paperwork. Instead, they’re leveraging digital solutions to provide seamless and convenient services. (OZ Intelligent Automation services.)
  • The Rise of Challenger Banks. Who says banking needs to be boring? Meet the new cool kids on the block—challenger banks! These are innovative and digitally native financial institutions that have shaken up the traditional banking industry. Companies like Revolut, Chime, and N26 are challenging the status quo by offering user-friendly mobile apps, real-time notifications, and personalized financial insights, injecting a dose of excitement into banking. (OZ application development services.)
  • AI-Powered Banking Assistants. Imagine having a banking buddy who is available 24/7, doesn’t take coffee breaks, and speaks the language of finance like a pro. Enter the AI-powered banking assistants! These smart chatbots, like Cleo and Erica, are here to guide you through your banking journey. They can answer your questions, help you budget, and even provide personalized financial advice. It’s like having your very own financial guru at your fingertips.
  • Blockchain and Cryptocurrencies. Let’s talk about blockchain, shall we? It’s the technology behind cryptocurrencies like Bitcoin and Ethereum. While these digital currencies may seem like something out of a sci-fi movie, they’re transforming the way we think about money. Blockchain’s decentralized nature ensures secure and transparent transactions, making it an exciting prospect for the future of banking. Who knows, you might soon be managing your wealth using “cryptocurrency superhero” coins!
  • Biometrics: Your Financial Superpower. Move over, passwords, and PINs! Biometric authentication is the new sheriff in town. Fingerprint scanners, facial recognition, and even iris scans are being used to enhance security in banking. These superpowers ensure that only you have access to your financial information. So, forget about writing down those complicated passwords—your fingerprint will be your key to the financial kingdom!
  • Open Banking: The Superhero Team-Up. Just like the Avengers, banks are teaming up to create a powerful force called “open banking.” It allows different financial institutions to securely share customer data and collaborate on services. Open banking gives you the freedom to connect your accounts from multiple banks in one place, making managing your finances a breeze. It’s like having a dream team of financial services working together for your benefit! (OZ enterprise application integration services.)

Of course, not all these trends will remain in banking—advances in any one industry tend to migrate to others.

Are you ready to take the first—or next best—step on your digital transformation journey?

No matter what industry you operate in, OZ experts will work side by side with you to fully leverage our relationships with the world’s leading technology companies so you can reap the benefits of best-in-class implementation, integration, and automation—making the most of your technology investments and powering next-gen innovation. Contact us today.