By Manish Gautam, Head of Banking, India, NOVO
The global banking industry is going through a transformation journey. With the advent of fintech firms and growing acceptance within traditional banks to take advantage of emerging technologies to meet changing customer needs, the banking industry is poised for significant changes. Online banking is no longer a luxury, rather it’s a day-to-day banking need. Innovation at banking has triggered disruption and paved the way for new technological advancements.
As we go through the journey of banking transformation, the following areas are expected to see major technology intervention by the large global banks, small banks or the most tech savvy fintech firms:
Accounting solution for small businesses or individuals including budgeting and financing, tax filing, investment platform, and document repository to be integrated within the banking solutions via leveraging more app-based solutions and partnering with other service providers to offer enhanced banking experience.
Empower Mobile Banking
Banks are expected to bolster their mobile banking offering wherein everything including complex banking products like scheduled payment (ACH), stop payment, etc could be served via a digital banking experience. Fintech firms and 3rd party app developers leverage the application programming interface of the banks to front-load these offerings via digital banking solutions.
Flexible Dispute Resolution
Robotic process automation, NLP (Natural Language Processing), and NLG (Natural Language Generation) led 24/7 Live chat in customer service and quick issue resolutions for disputes and chargebacks based on data analytics to enhance customer experience.
Enhanced Controls to Effectively Manage Risk
As the banks and fintech firms adopt more technology, there will be a growing need to manage underlying risk within these offerings. Controls like Dual ID verification, Face recognition, or finger impression to enable a secured banking experience