A book chapter that discusses the use of information and communication technologies in banking sector.

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             TECHNOLOGY IN BANKING


Banking technology includes a variety of technologies that banks use to improve customer service, increase efficiency, and boost security.

BANKS USING AI 
Accuracy. AI can help banks minimize manual errors in data processing, analytics, document processing, onboarding, customer interactions, and other tasks through automation and algorithms that follow the same processes every single time.

FUTURE TECHNOLOGY IN BANKING
Hyperautomation, which combines RPA with AI,ML,and other advanced technologies, will become the norm in banking operations. End-to-end automation of customer onboarding, from document verification to account setup. A new customer could open an account entirely through a mobile app.

THE LATEST INNOVATION IN BANKING
Trends in banking include a shift towards open banking, mobile-first banking practices, personalized experience, green banking, AI-driven banking automation, embedded finance, real-time payments, strengthening customer lifetime value, ethical use of data, cloud computing, and banking gamification.
GAMIFICATION IN BANKING
Gamification, in simple terms, is taking elements from games and applying them to non-game situations. It's about making a process more interactive and fun by incorporating elements like points, badges, leaderboards, challenges, and rewards into web and mobile banking.

BENIFITS OF TECHNOLOGY IN BANKING SECTOR
Due to technological advancements in the banking sector, the need of labour and papers has reduced a lot.
  • The World at your Fingertips. 
  • Less Errors and Better Data Protection. 
  • Better Customer Experience. 
  • Business Intelligence to Drive Profitability.

THE FUTURE OF BANKING IN 2030
Sustainable financial services:

In the banking landscape of 2030, heightened social
consciousness and a focus on environmental, social and governance (ESG) principles will prompt customers to prioritise banks with ethical and sustainable practices.

5 NEW TECHNOLOGIES IN BANKING
These trends include biometric authentication, RegTech, open banking, payment processing, and the riccccse of composable applications.

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