The Future of Banking
Posted on: May 2, 2019
Category: Corporate & Merchant accounts , GBO Blog
The Future of Banking
As banking continues to rapidly evolve the logical question is what comes next? What can we expect from the banking industry when e-banking on smart phones, personal computers and other devises is replaced? It was not so long ago that all banking was done in person at your local bank branch. Next it was possible to conduct your banking needs over the phone, by post or via an ATM. Now that online banking has become a common way to conveniently conduct almost all our banking needs what can we expect from the future of banking?
Today most bank account holders conduct financial transactions on their mobile devices. Not only that but mobile devices play a considerable role in our shopping, entertainment, scheduling, communications and more. Digital integration has allowed smart phones to replace cameras, music players, game consoles, note pads, clocks, newspapers and even traditional phones. In fact with smart phones almost all we need is at our fingertips. However even smart phones will one day be replaces by even more advanced technology – something more intuitive, more mobile, with more functionality and even more integrated in our daily activities including banking.
The Next Big Think in Banking
We can’t say for sure exactly what the next big thing in banking will be but we can presume that it will use technologies that are now in their infancy. For example augmented reality, artificial intelligence, enhanced biometrics, digital technologies, voice devices, mixed reality, Internet of Things integration and more. Whether the next big thing in technology is a device or cloud-based it will most certainly connect all areas of our lives including banking.
The Banking Experience of the Future
Banking in the future will include a shift towards autonomous banking. Banking automation will gradually increase until it becomes the norm. It all starts with customer data enrichment. Banks and other financial institutions amass a plethora of data on their customers allowing them to provide intuitive and personalized services.
In the future banks will be able to use their customer’s transactional and financial data to carry out intuitive actions leading to the fulfillment of their customer’s financial goals with minimal customer intervention. As the ultimate Personal Financial Management tool autonomous banking will provide customers with precise, personalized banking services in a visually enhanced form.
There will ultimately be higher customer satisfaction as customers will be able to rely on their bank to automatically act in their interest whether it is handling multiple customer accounts; prioritizing debt repayment; budgeting; shifting funds between accounts to protect against overdraft fees and more. Smartglasses are one of the devises that may replace smart phones in presenting customers with a visually enhanced version of their banking and finances.
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