The world is changing to digital and it is the innovation in technology that is the key to driving the change. It is not easy to innovate and it is actually a complex process. Whatever the business model is, the emerging technologies are proving to be the key driver of processes.
It is the same with Banking industry as well. It has come a long way and now to grow further, the sector is cashing on technology-intensive solutions for improving and optimizing its products and solutions for better Customer Experience.
Let us focus on some of the top technological trends that will be reshaping the industry in 2018.
Emails and texts are fast becoming obsolete and technologies like machine-mediated conversational marketing are taking the center stage. Banks are making use of customer data to identify what customer wants to enhance customer experience and improve engagement. A transformative impact is seen by machine learning-enabled facial analysis, pattern recognition, biometrics, predictive and pre-emptive analytics, etc.
Many top banking organizations have already started deploying Speech Analytics for enhanced customer service, sales personalization, management of regulatory compliance and more. Without Speech Analytics, voice channels and online banking lack the untapped potential for improvement of customer service. This revolutionary tool is the fuel that will drive the next gen customer service solutions. It’s high time that banks leverage Speech Analytics now if they want to enjoy a competitive advantage through business insights over their rivals in the near future.
Application Program Interface
External API (Application Program Interface) helps in providing the banks with innovative, contextual solutions. Till date, banks were deploying them in a closed environment, but the year 2018 will see them getting implemented in open banking systems. When we say open system, it means a connected ecosystem between the various financial and non-financial entities, including the multiple underlying service providers.
More and more of AI solutions would be used to automate repetitive processes and hence improve customer experience. The biggest challenge that the banking industry faces today is with engaging the customers. The automation of processes helps in exposing enterprise data and creating services and experiences that are custom made to engage the customers by providing the best solutions and user experience. The automation of processes also helps in enhancing the efficiency of services at more economical costs.
When it comes to financial transactions, security is always a major concern. The banking industry is adding new layers of security to the services by adopting next-generation security-based authentication methods. These include various biometric channels like voice prints, facial recognition, iris scan, thumb impressions, etc. The enhanced security features always go well in building and maintaining the trust of customers.
Until now, the implementation of cloud computing in financial institutions was limited to the fringes of the banks. The banks were moving only peripheral systems like procurement, HR, etc. to the cloud. But, 2018 will witness banks moving their core operations to the cloud.
There are many technological advancements happening and how a particular technology will progress depends upon how it is perceived. So far, 2018 promises to be a year when the innovative technologies are perceived as opportunities.
Recommended: To know more about how Speech Analytics can uncover specific business insights for companies operating in the Banking and Financial Services sector, click Speech Analytics Augmenting Customer Experience for Banking and Financial Institutions.