How innovative can banking technology be?

The banking industry is probably one of the most dynamic modern industries in terms of its flexibility in adopting digital technology. In the last few years, the banking industry has successfully adopted several digital solutions and has improved its ability to serve customers and the community. Today, almost every commercial bank has undergone a digital transformation, at least to some extent.

Digital transformation has not only helped banks improve their operational activities but has also significantly enhanced its value in the market. As a result, banks that want to make a difference amidst the competition of the commercial banking market are preparing themselves to incorporate innovative customer-oriented banking technology.

A few of the most innovative trends adopted by leading banks are as follows:

  1. One-click UPI
    The introduction of Unified Payment Interface (UPI) technology was a revolutionary banking technology in the world of banking. Regulated by the Reserve Bank of India, UPI enables a customer to conduct transactions between any two banks using a simple and user-friendly mobile platform. The transaction process is easy, fast, and secure.

    However, the trend that leading commercial banks are trying to ride on is the use of mobile applications which facilitate transactions over the UPI with a single click. These mobile applications demand one-time registration of the bank account details of a user. Then, they allow the user to transact by clicking on a button.
  2. Service bots
    Another innovative banking transformation trend that has emerged in recent years is the use of bots to handle queries of banking customers. Since banking is a customer-centric industry entirely, duties of a bank involve listening to the concerns of the customers and providing them with the most appropriate solutions. It requires the involvement of a large number of trained personnel who can deal with customer interactions in a polite manner.

    However, most of the time, the solutions are quite simple. So, banks started replacing the involvement of human personnel with service bots that can listen to customer queries and provide solutions based on fixed parameters. Due to this, banks have been able to save a significant proportion of expenses.
  3. Biometric security
    An interesting trend commercial banks are currently banking upon is the use of biometrics in providing user-level security to banking interfaces. The security of bank account data is quite crucial for both the bank and the user. So, commercial banks are trying to fortify their security system with the help of user biometrics such as fingerprints and retinal images.

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