Does the current bank system look the same as it was ten years ago? The traditional banking scenario is all set to undergo a dynamic change in the coming years. Banks like the columbia bank edison are going through constant technology upgrades.
Already features such as biometrics and cryptography are changing the current scenario. Have a look at the trends that are going to be a part of the future banking system.
5 years from now, you’re going to come across cashless ATMs. The banking sector’s next aim is to implement cashless payments. In the future, you’ll be able to make ATM transactions through your smartphone. Many overseas banks have already equipped iris recognition and biometric authentication to reduce ATM hacks.
Automation of financial services
You all are aware of how the world is being taken over by artificial intelligence and robotics. Many professionals in the financial industry are predicting a sharp loss in jobs due to AI implementation.
Even today, a lot of jobs are performed by AI built robots. Even the employees of Wall Street’s biggest firms seek alternate positions due to the advent of automation.
Talk about fundamental transformation, and here comes blockchain technology. Blockchain is decentralizing the finance management from the top tier to the widespread connectivity of computers. The blockchain breaks down the transactions into encrypted blocks, which are further added to the chain of computer coding.
Later the data is encrypted to improve cybersecurity. This technology can improve many facets of the banking system. Blockchain is also the basis for other technological trends such as Bitcoin.
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Summing it up
These were just the elements of the future of the banking sector. There are many more changes that are yet to come.
While these changes are in the process, some of you would’ve already seen it coming. These technologies will change the banking sector and provide a much safe banking environment for users.