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The banking sector is among the most innovative and willing to use new technologies to meet the expectations of the modern consumer, requesting fast service and easy access to services. What are the new trends in banking to occur in the coming years?
The fast paced development of new technologies, and with them these trends in banking may provide increasing from year to year sector investment FinTech combining innovative technology with finances. Only in 2014, as calculated the consulting firm Deloitte, we invested 12.2 billion dollars in global scale, developing technologies in banking, which is three times more than the year before, and by 2018 this figure could be doubled. Along with such a dynamic development of innovative technologies in the financial sector and the change in consumer habits, there are also new trends.Here are three, in our opinion, the most interesting.
This trend, which is present in banking for several years and recently is becoming stronger. Its origins can be dated back to the mid 90s, but only with the spread of mobile technology and improving the functionality of mobile devices became really important. On the one hand, customers increasingly appreciate the convenience of access to banking services anywhere, anytime, and on the other - modern smartphones and tablets have become cheaper. Poles also appreciate more and more mobile technologies. As investigated by TNS Poland, 21% of our fellow citizens use mobile banking, usually checking account balance, arranging domestic transfers and check transaction history. It should be emphasized that are increasingly popular also mobile payments performed via a mobile.35% of Polish Internet users paid in this way at least once in their lives, and 17% use mobile payments at least once a week. No wonder that banks are constantly developing new, more functional applications for mobile. An example would be an application of IKO , which belongs to the largest Polish bank - PKO Polish Bank. It is available on all popular mobile systems, you can also install an older version of the IKO on phones with Symbian / Java and Blackberry. With this application you can manage your finances in PKO Polish Bank and Inteligo, and pay by mobile code or check BLIK. IKO fits perfectly into the trend of this kind of modern applications in the area of ââmobile banking, designed in accordance with the latest developments UI / UX, and provide an extensive resource functions.
Biometrics can be an effective support in the modernization of bank branches and converting them into fully automatic points. A customer used more and more for instant use and easy to use services via the Internet, will gain in this way an additional channel to access banking products, without having to stand in queues. It is worth noting that biometrics is seen by most consumers as a safe and effective protection of banking operations. Thanks to it, the use of the services offered by financial institutions to become faster, will be eliminated inconveniences such as the need to remember PIN codes, passwords or carrying with him documents proving identity. Royal Bank of Scotland went even further, and the first bank in the UK introduced the ability to log on to your banking application using fingerprint. But biometrics can take many forms. In the banking operations may be used for identification based on facial image analysis of the iris and the retina. It is gaining more and more supporters as voice biometrics, particularly well-proven in the remote customer service, but also perfect for the identification and authorization of banking operations. In comparison with other forms it is less costly and does not require a sensor, and its operation is based on an instant voice analyzing differences of individuals.
Biometric identification is used not only in modern banking facilities or applications, but also in the latest generation of ATMs. Such devices are increasingly used not only to pay the money and checking account balances, but become real points of service. In our country, biometric ATMs tests on a large scale in 2016 announced PKO Polish Bank.
Everything indicates that cryptocurrency Bitcoin, and especially the associated technology Blockchain somewhat ignored in the early years of its existence, the banking sector is now becoming more and more an object of interest of large financial institutions. There will be no exaggeration to say that there would be no Bitcoin Blockchain - technology public, distributed register. Thanks to it, you can greatly reduce the cost of the transfer of assets between financial institutions and speed up operations and increase their safety. Of course, banks can not use technology Blockchain in such form, as was the case with Bitcoin, because financial transactions can not be public, so more and more large institutions from the banking sector is committed to working towards the development of a new version of Blockchain. Activity in this field is, for example, the Spanish Santander - in October 2015 we invested $ 4 million in the ripple company, which is working on adapting Blockchain the needs of the bank. In the back there are other big banks. In July 2015 years, Citigroup announced that it has developed its own cryptocurrency Citicoin by which testing the use of Blockchain international transfers, and English Barclays works, how to use this technology to donations. It is worth noting that in October 2015, 22 worldâs biggest banks have formed a consortium with the start-up period R3CEV, which is to develop technology Blockchain so that it can soon use the banking services on a large scale.
With trends already so that some intensify and play an important role in the development of the industry, while others quickly disappear, replaced by new solutions and ideas. The same is true in banking. It is, in which direction will follow the actual financial services, today is a great puzzle that you can try to sort out, watching the current trends. However, completely new solution, the technology may come on suddenly, causing the current direction that follows the banking sector will be completely changed.
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