Tech Revolution

There’s no doubt about it, we are living through a technology revolution. As we experience this digital transformation in real time, we get to see how emerging technologies are changing the way we live and reshaping industries at a rapid pace. 

Industries have found themselves having to adapt to these challenges or risk fading away. One sector that’s risen to the challenge in many ways is the banking sector. Financial services consultant Yerbol Orynbayev applauded HSBC for leading the way by introducing Zing, a multi-currency payments app that doesn’t require users to be HSBC customers.  Industry experts have praised companies in the retail banking sector for their fast action and encourage the rest to follow suit

What are banks doing to keep up with emerging tech?

Technological advancements have revolutionized the ease with which companies can offer services to their customers and solve their issues, all without them having to visit a branch.  

They days of visiting a brick and mortar branch are sitting solidly in the rearview mirror. Customers want to be able to raise an issue when and where it occurs – whether this is at home, at work, or on holiday. They also want solutions to be fast and efficient. 

Individuals have also become more active about keeping track of where their money goes and how it grows. They’re hungry for diverse products that cater to their needs, be it investing, saving, or converting. To keep up with this demand, banks are having to think outside the box and introduce innovative products and services, while also considering the new security threats that come with this emerging tech. 

Mobile and online banking

Smartphones provide a platform from which users can do virtually anything and banking is no different. Banks are investing more and more into developing and improving mobile banking apps, empowering customers to easily manage and control their finances from anywhere.  

They’re also upgrading their online banking platforms to provide a comprehensive and seamless user experience. By enhancing their platforms’ features and functionalities, they’re addressing customers’ evolving needs and maintaining a competitive presence in the financial landscape. 

Enhancing the in-branch experience

Despite the growing digitization of the sector, there are still some services that require customers to visit branches in person. In an age where brand switching has become the norm, banks have to work hard to impress. 

To make this experience as enjoyable as possible, banks are investing in things like digital signage that provides real-time updates, educational content to improve the customer’s financial literacy, and personalized experiences that cater to a customer’s individual needs and address their unique worries. 

This personalized experience is also encapsulated on digital platforms, thanks to targeted promotions and offers that are based on a customer’s spending patterns and preferences. 

Utilizing biometric data

While the benefits of improved technology are many, one cannot turn a blind eye to the increased threats. As data sharing across apps continues to be popular among users, the same tech that is used to deliver a better digital experience can be used to take advantage of unsuspecting users. 

Banks are addressing this by implementing biometric authentication that uses fingerprints, facial features, and/or voice patterns to verify a user’s identity. This move away from relying on traditional passwords and PINs provides a new layer of protection for customers. 

Strengthening cybersecurity measures

In addition to using biometric data, banks are implementing cybersecurity measures aimed at protecting customer data and transactions from growing cybersecurity attacks. This includes using multi-factor authentication (MFA) methods that require users to provide more than one form of verification in order to access and use their accounts. 

These digital advancements have forced the banking sector to adapt to the changing needs of its client base. To remain relevant means to remain agile and adaptable, constantly evolving to provide the best products and services possible. The future of the sector is customer-centric.