New banking technology is already changing the financial sector, and in the next five years the traditional banking environment will shift quickly. Security features, such as sophisticated cryptography and biometrics, will protect you from banking frauds, and remote apps will make it easier than ever to complete your banking without a branch.
At the time of its first introduction in 1967, ATMs revolutionized the bank tech system. The next revolution in ATMs probably involves payments without touch. You can soon perform contactless ATM transactions using a smartphone, much like Apple Pay or Google Wallet.
There are already several ATM developments elsewhere. Biometric authentication, for instance, is already in use, and the ATMs of Qatar National Bank include an iris recognition. These solutions can help safeguard banks from ATM attacks in general.
Increase in Non-Banking Institutions
Banks hope that technology will enable customers to experience faster and more transparently. However, a significant proportion of the resource is required for safety, compliance and other industry standards which, according to a 2016 research by the Greenwich Associates, allowed non-banks and/or financial service providers not governed by the banking sector to grow.
Because these firms can invest more in cutting-edge financial technology than traditional banks, they may develop more quickly, and this will attract highly technologically-informed consumers.
Mobile and Digital Banking
The financial sector has just recently begun mobile and digital transformation, and growth already is rapid. Banks are significantly investing in digital banking technologies where clients utilize financial services through mobile, online or digital platforms.
Customers typically help with simple activities like payments using Artificial intelligence technologies like as chatbots. 86% of the banks reported that these sorts of services constitute the best investment in technology in a Forbes study of the banking sector in late 2016.
Digital banking in UAE is getting popular due to increase of expats. People come and start their setups in order to avail free zone perks.
According to Samsung Insights, wearables such as smartwatches are about to become the future of retail banking. For example, upon entering a banking facility financial companies might utilize Bluetooth beacons, to smart clients' welcomes.
A study by Deloitte, which may process client banking information for employees as the person does other customer service activities concurrently, could also be smart glasses for banking accountants.
Overall, customer behaviour and the developments in smart devices guide banking technology to comfort. A growing variety of remote technologies enable you to communicate from the palm of your hand with your bank. And you may anticipate to enjoy a completely new customer experience from your e-mail box through a branch visit, possibly even earlier than you imagine.
While banks can spend more money on technology, strategic alliances are likely to be the quickest method to achieve financial innovation in the future.
Excellent partners for traditional banks, who want to increase the customer's experience, may be fast developing firms already with a new wave fintech and social media platform. In partnership with a number of financial institutions such as the Bank of America Cardlytics, a card-linking marketing firm engaged in data analysis, leverages secure purchase data to customize card-based marketing.
Mashreq bank is the best bank in UAE for its services. Mashreq bank always keeps an eye on changing trends in banking world. By combining advanced technology and traditional banking, Mashreq offers its customers the ultimate banking solution.