Technology Trends Influencing the Banking Industry

As we prepare for a new year, let’s look at the biggest technology trends currently influencing the banking industry:

  • Artificial intelligence (AI) is playing a big part in personalized banking. AI is making banking more personalized. In fact, it is estimated that AI has the potential to generate an additional USD 1 trillion in value every year for the banking sector. Look for AI-based banking solutions to continue to develop.
  • Blockchain technology is having an impact. Blockchain technology has transformed a slow banking ecosystem filled with fraudulent financial transactions, extortion and tax shelters into the opposite.
  • Cloud computing is fueling technological progress. Cloud computing has allowed banks to keep in direct communications with their clients no matter the location or time of day. This has allowed banks to give more focus to user experiences and better serving their clients.

In addition to the 3 major points outlined above, technology is also helping the banking industry limit financial risks, increase their overall productivity and lower their operational costs. All of this helps them better reach and serve clients.