With the rise of Digital Technology, one of the biggest sectors that has been affected by this shift is banking sector. That is because banking sector falls in the category of sectors which have a necessity to adopt recent and updated tools in order to stay relevant. Also, with increasing customer database, the need for technology in this area has always been imminent. In the last few couple of years, the financial industry as a whole has integrated its components with mobile application development and other forms of technologies, and as a result we see services such as bancassurance, term policies, kiosk in remote areas and much more. The horizons of banking, with mobile apps development companies by its side, seem endless, and the changing trends have played a major role in it. So what are the current, changing and upcoming trends in the banking industry? Let’s find out:

Blockchain

For better or worse, Blockchain technology is constantly pushing the banking industry into the lane of change, and from what it looks from a distance, banking industry is well on its way to a change. The inception of Blockchain has created new possibilities in the banking sector such as decentralized information, indestructible records, reduction in transfer fee, instant transfer, and much more. And what makes Blockchain a highly feasible option for banking industry is that it changes the infrastructure and framework underneath the banking solution to bring a complete turnaround in the banking systems, but doesn’t change much on the outer side that faces the customers. This means customers can still enjoy the same low-latency and great interface through DApps (Decentralized Apps), which are just like any other mobile app.

Robotic Automation

Gone are the days when people used to stand in queues for common banking operations such as withdrawal, deposit, and keeping up with balances etc. However, the need for machine learning startups protocol to achieve autonomy in basic banking operations has still not been addressed at the required scale. But then, these are the times when we are already seeing that happening. Retails banks like City Union Bank, have already adopted robot technology for enquiry and basic operations. One can simply ask certain questions to ‘Lakshmi’ robot launched by the bank to get necessary information instantly. Other side of robotic automation in banking is robotic process automation, which is basically a robot without physical body, capable of solving complex problems and issues to ease up the banking operations, and reduce the workload on human employees.

Biometric

After some of the unfortunate incidents across the world in banking industry, banks have realised that they need to introduce personalized security options to customers in order to avoid cyber-crimes, thefts, and hack attempts etc. And the best way of doing that is biometric verification of a customer that ensures security at every level of banking operations. Devices as simple as smartphones now come with biometric verification facility made possible by the pre-installed fingerprint sensors. Other than that, retina scan and voice recognition are also under development, which are some of the most secure ways for a customer to access banking services.

Public Cloud Services

Public Cloud Services have proved to be a ground-breaking turn in the digital storage technology. People have routed for solutions such as Google Drive, One Drive, which speaks for the faith and acceptance they have shown for these storage options, which was quite notable for the banking industry as well. Today, we have many banks that use public cloud storages and, because of that, are able to deliver faster, efficient, on-demand services. Another benefit of cloud services in the banking industry is cloud computing which has unlocked a plethora of new services, which weren’t possible without a lightning-fast computing infrastructure.

The changing trends in technology and banking industry’s response to it has assured that the banking space is open to taking up new technologies to improve customer support, banking services, etc. However, this may increase the charges and rate of interest in order to recover the input, which may defeat the entire purpose of progression because it is at the cost of money. Or maybe the new trends turn out to be cost effective if we take a look at the complete equation. Which of the perceptions is true, only time can tell.

Reach FuGenX to know more about its Tech trends in Banking. FuGenX is a leading iPhone apps development company, Artificial intelligence and android apps development company in India and USA.

Visit FuGenX at www.fugenx.com .