The Green Sheet Online Edition
November 26, 2023 • Issue 23:11:02
Readers Speak: Tech innovations shaping the future
Monica Eaton, CEO of Chargebacks911, sent in a list of 10 banking and tech innovations that she believes could determine the financial landscape in 2024:
- Artificial Intelligence: AI tools like chatbots swiftly address queries, while biometric solutions bolster security and refine AML and KYC. From streamlining document analysis to leveraging machine learning, AI is transformative in banking.
- Banking process automation: Through robotic process automation, tasks like invoice processing and payment approvals become more efficient, improving credit card fraud detection and ensuring faster responses, enhanced compliance and data-driven insights.
- Blockchain & DeFi: Blockchain's inherent transparency and security and ability to streamline numerous transaction types makes it a game-changer. With decentralized finance, blockchain promises more inclusivity.
- Advances in cybersecurity: Tailored protocols, encryption tools and AI-driven fraud detection mechanisms help financial institutions guard against threats. Anti-hacking software further strengthens banks' defenses.
- Hyper-personalized banking: Banks can offer bespoke services by leveraging strategies like omnichannel banking and AI-driven financial recommendations. Wealth management BNPL and other tools heighten customer engagement and satisfaction.
- Immersive technologies: From virtual reality-driven training modules to virtual showrooms, immersive technologies captivate users. The emergence of Metaverse banks further enhances engagement in banking.
- Neobanking: Digital-first neobanks operate without traditional brick-and-mortar constraints and can provide integrated services, from automated reconciliation to workflow management—all at no cost, or potentially reduced costs to customers.
- Open banking: Open banking bridges banks with non-banking financial companies. Third-party developers access data securely through banking APIs, fostering innovations like embedded banking. Banking-as-a-service further expands banks’ outreach.
- Quantum computing in banking: Quantum computing offers a leap in processing prowess to bolster such tasks as portfolio optimization, financial forecasting, derivative pricing and cybersecurity.
- Transition to the cloud: By harnessing the cloud's flexibility, banks can swiftly adapt to market changes, drive innovations, and better cater to evolving customer needs, while being insulated from disruptions and security breaches caused by static service failures.
What are the main trends and developments you see taking shape for 2024? Send your insights and predictions to email@example.com.
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