This year has brought about even more innovations in the banking industry that have become recent trends in personal banking practices. In an ever changing financial world, the one thing that remains constant is change itself. 2017 has seen its share of shifting trends that follow the newer technologies that have been presented . Some are currently in place and others are in their developmental stages. Major players in personal banking and finance are interested in the latest technologies are exploring the benefits of pursing advances in their development. Here are the top five new technologies that are in current use, or are at least being investigated for personal banking in 2017.
IOT Voice Commerce/Voice Payments
Writing a check to pay a bill is becoming an archaic practice. Automated payments are becoming among the most popular way of paying most bills, but there are still some payments that are done in other ways. Voice payment is a relatively new technology that is showing up as an option for institutions that see it as an efficient way to conduct business. Capital One is currently testing personal banking applications with Alea and Cortana. USAA and US Bank are also investigating voice technology for providing enhanced security measures. Voice technology is one of the new trends that is on the near horizon and it’s coming soon.
Mobile banking is a current reality that is not a trend that is peaking the horizon, it is here. How far we’ve come from the use of the labor intensive paper checks to the use of EMV chipped cards. The mobile phone is widely used for shopping online and accessing personal banking information. Payments are made, balances are checked and funds are transferred from one account to another through the use of mobile banking apps. Well over 80% of millennials regularly use mobile banking apps currently.
Virtual Reality in finance
VR is one of the latest trends in technology. It’s working its way into the personal banking sector already with Citibank toying with the notion and using it in their ads as a teaser. They’ve shown us how VR can be used in the presentation of data to users, giving them a 3D view of the information. VR can be used to facilitate financial advisement meetings, reviewing portfolios and many other tasks. The industry has already been using digital advising, but there are some big changes coming in this arena. With major players investing time and research into the possible uses of VR in personal banking, it’s a new trend that will soon become as commonplace as the use of voice technology or mobile banking. VR will add an additional dimension to the practices that are already in place.
Artificial Intelligence, also known as AI, is already being used to some degree in the new processes that banks are using for automated systems. We experience this every time we place a call and speak with an automated representative. Banks are moving past the multiple choice questions and going with systems that are intuitive and offer greater capabilities through the virtual assistants and chatbots that are in place to assist customers. These systems are becoming smarter with every passing day and there are plenty of tech startups who are focusing entirely on this new and trending technology to bring about mind-blowing capabilities that move us forward into the age of technology. Bank of American is a leader in this arena with their system “Erica.” Financial institutions are turning more and more to artificial intelligence technologies to advance the programs that are currently in place, replacing humans with programs that are intuitive and getting smarter every day.
Blockchain is another new trend for 2017. It’s a technology that incorporates the bitcoin system that recently became so popular as a money transfer system related to e-commerce. It’s a strong derivative that is just beginning to catch on, but it holds great promise for becoming the next mode of financial operation that is not reliant on the use of coins and paper money. While it’s unlikely that the entire world will resort to the blockchain financial system in the near future, it is gaining momentum in the arenas of trade and payment. It has the potential to evolve into a major world financial system.