Article Written By: Regina Thomas
The banking sector is one of the major sectors in any economy. In modern-day and technology, this sector has been experiencing major changes. There have been apps and technology being developed every day. These apps and technologies have completely transitioned the banking and financial sector at large. In this article, we are going to look at some of the major apps and technology in this financial industry.
In the modern day, the mobile industry has revolutionized. The development of smartphones has now changed the banking sector. Mobile banking is becoming more popular in this generation. The popularity of mobile banking has made some branches close as most clients opt to use mobile banking. The transitions in mobile banking include payments technology; a good example is Apple Pay. There are other payments done through social media and many others. Virtual reality has now proved to be taking over brick and motor systems. Online banking has been used to create an integrated digital experience. According to a statistic that was conducted in 2015 by BI intelligence, more than 38% of people had not stepped into a bank. This number is still expected to increase, especially during these tough times that the pandemic has hit the world. Most financial institutions have now improved on their IT to facilitate digital banking.
As technology grows, it also comes with its risks. Cybersecurity has become one of the major concerns in the modern digital age. According to Hiscox research, cybercrime has coasted the economy more than $450 billion in a financial year. Every day there are cases of security breaches and data theft. This has created the need for innovation to cab these risks. The invention of biometric software has come to give the solution to these risks. Biometrics can now be used to scan fingerprints and facial identifications, making it simpler for the banking sector to secure information.
On the other hand, adaptive security is software that is used to counter the cyber-attack threat. The software uses tools to detect any threat such as malware or hackers and prevent them from happening. This application has saved the banking sector from making losses from hackers and other kinds of frauds.
This is another sector that has not only changed the banking sector but many others. This technology includes chatbots used for customer service; there is also the use of Robo-Advisors that are used in investment and management. These two technologies have proved to be one of the most prominent AI and banking sectors. However, computers the importance and the role of computers cannot be ignored. Artificial intelligence has made it easy to conduct vast amounts of transactions and avoid any fraudulent activities. Capital planning and Algorithmic tradings have also been made easier. This has been able to take off the burden from many financial institutions. AI has been able to reduce the cost in the long run. AI integration with customers has been one of the major boosts in the banking industry on protecting their data and reducing costs.
Online lending software has been another major boost in the banking sector. Loan apps like infinity have made it easy for users to access loans. Unlike the past, where one had to walk to the bank now through the banking apps, this can be done from home. Moreover, the bank can access your information and your credit score. This has not only made it easier for clients to access loans but also quicker. Another advantage is that you can still use the app for your loan repayment. Therefore, while talking about software that has transformed the banking sector, this software can’t be left out.
As we have seen, the banking industry has revolutionized. This has played a major role in securing people’s information, making work easier, and saving on cost. As technology continues to grow, we still expect more changes to come to improve this sector. We have just looked at just a few software that has changed this industry, but we have more than this. When the pandemic has hit the world, we expect even more software to be developed.