We are entering an era in which artificially intelligent assistants give us financial advice, mobile apps immerse us in a virtual reality, and self-driving cars park better than humans.
Such innovations create a brand new reality for digital banking that redefines the way people perceive their finances.
A forward-thinking bank should stay at the epicenter, embracing technologies that satisfy customer needs for financial health, wealth, trust, and security, with a new level of online, mobile, and omni-channel services.
However, even in the era of the most iconic inventions, a high-tech mindset is not enough on its own.
The future of each bank depends on how well it can leverage the latest innovations to focus on customer needs, wants, and behaviors.
In exchange, customers will reward banks with loyalty, trust, support, and referrals.
In this post, we will go through 10 key technologies and trends that help banks provide future-oriented digital banking services that are seamless, inspired, innovative, and loved by users.
1. Advanced Self-Service Capabilities
Today, consumers do not have the patience to wait in a long line at a physical branch and fill in tons of paperwork.
Especially when there are intuitive self-service digital banking solutions that provide a low-effort, fast, and pleasant user experience via the consumer device of choice.
The Covid-19 crisis has made consumers of all generations even more confident in using digital banking channels, and many will not be returning to the branch.
Self-service capabilities no longer refer only to common activities, such as the ability to transfer money and check account balances online.
With the help of the latest banking technologies people can perform advanced digital self-service jobs like:
Self-registration
Remote account opening
Loan origination
Buying insurance, and more.
The world-class self-service banking solutions are those available to users at any time, from anywhere – quick, simple, and transparent.
Designing such processes involves cutting-edge technologies, including:
KYC compliance
Real-time ID verification
Selfie capture and verification
Device verification
Facial and fingerprint biometrics
Omnichannel capability (in-branch, mobile app, website)
Real-time credit bureau checks
Instant approvals
Interactive forms
eSignatures and others.
Any digital process should be designed to go beyond the form fill and ensure a frictionless customer journey across channels.
2. APIs
In our hyper-connected society, the growth of a bank will rely on its ability to build and participate in digital ecosystems. A key prerequisite is the ability of the bank to integrate its products and services, both internally and externally, with various 3rd-party services and applications.
APIs make this possible.
By definition, APIs (Application Programming Interfaces) allow two software systems, apps, or other services to communicate with each other and share data.
In other words, APIs let bank products communicate with each other or with 3rd-party products in real-time and in a secure way.
