New Technology in the Banking Sector at 2019 – 2020

The future of banking industry technology is dynamic and rapidly developing. Banking technology trends include AI, online-only banks, Blockchain technology, extended reality, wide spread FinTech third party provider partnerships and much more.

Here are three of the top new banking technology trends:

1.Cloud Banking

In the future Cloud computing will play an important role in banking technology. We will see financial institutes moving progressively towards Cloud-based core banking. The level of security now available in Cloud computing has given banks the confidence to use Cloud technology. The future of banking industry technology will more than likely be Cloud-based reducing costs and increasing efficiency. Cloud-banking is in line with the latest trend of open banking and the PSD2. Using the Cloud banks can access banking solutions provided by third parties thus reducing in-house IT hardware and allowing banks to easily scale up or down to meet demand. Cloud banking also allows financial institutions to embrace new services, to share data in a secure and cost-effective environment, be more flexible and focus on customer needs by outsourcing to technology partners via the Cloud.

2. Wearable Smart Tech

As more and more smartwear is developed it will also become part of future banking technology trends (click to watch full video). Smartwatches, smart wristbands and other wearables are the future of retail banking and specifically purchase payments. Once your wearable is linked to your bank account you can simple tap and pay. Wearable payment technology means you can leave your wallet at home. Bluetooth connected to smartwear will become widely used to recognize customers and even greet them as they enter the bank. Within the banks tellers will be making use of glasses which process customer banking information while the teller multitasks. Smartwear is another way that technology and banking will work together in the future to enhance the customer experience and convenience.

3. Advanced ATMs

Until we become a completely cash-free society people will still need to access money using ATMs. To that end the latest banking technology includes innovative ways of making the ATM experience easier, more convenient, faster, error-free and more streamline. Connecting your mobile device to ATMs will soon become common in the same way that Google Wallet can already be linked to ATMs. Customers will receive a one-time code to their smartphone which must be entered at the ATM together with their PIN number. After the initial connection is made customers will be able to make card-less withdrawals from ATMs using only their smartphones. Iris recognition and biometric authentication will be used to identify the customer at ATMs rather than the traditional PIN which can be easily hacked or stolen. Another banking technology trend is bitcoin-enabled ATM machines. With the evolution of ATM technology the machines will be used for a wider number of banking tasks. The future of banking technology will see ATMs being used increasingly to gather data to derive insights into the market.

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