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Finance

Posted By Jessica Weisman-Pitts

Posted on November 10, 2023

10 banking and tech innovations that could determine the financial landscape in 2024:

10 banking and tech innovations that could determine the financial landscape in 2024:

By Monica Eaton, CEO of Chargebacks911

Artificial Intelligence (AI)As perhaps the hottest topic in technology right now, this one is a no-brainer. AI tools like chatbots swiftly address queries, while biometric solutions bolster security and refine AML and KYC processes. From streamlining document analysis with computer vision to leveraging machine learning for improved lending and investment decisions, AI stands as a transformative pillar in banking.Banking Process AutomationBanking process automation (or “BPA”) streamlines a myriad of banking operations. Through robotic process automation (RPA), tasks like invoice processing and payment approvals become more efficient. This automation extends to credit card fraud detection and mortgage processing, ensuring faster responses, enhanced compliance, and data-driven insights.Blockchain & DeFiBlockchain’s inherent transparency and security can reshape financial transactions. Its ability to streamline trade, automate via smart contracts, and facilitate rapid peer-to-peer payments makes it a game-changer. Especially with the rise of decentralized finance (DeFi), blockchain promises more inclusive and efficient financial services.Advances in CybersecurityAs custodians of vast data troves, banks prioritize cybersecurity. Tailored protocols, encryption tools, and AI-driven fraud detection mechanisms guard against threats. Anti-hacking software further strengthens banks’ defenses, ensuring both data integrity and customer trust. As hackers come to embrace new technologies like AI, financial institutions must respond in kind.Hyper-Personalized Banking Banks today emphasize tailoring experiences. They can offer bespoke services by leveraging strategies like omnichannel banking and AI-driven financial recommendations. Tools from wealth management to buy now pay later (BNPL) projects heighten customer engagement and satisfaction.Immersive Technologies in Banking Augmented and virtual reality redefine customer and employee interactions. From VR-driven training modules to virtual showrooms for loan applications, immersive technologies captivate users. The emergence of Metaverse banks further signals an era of deeply engaging banking experiences.NeobankingDigital-first neobanks champion convenience and efficiency. They operate without traditional brick-and-mortar constraints and can provide integrated services, from automated reconciliation to workflow management. All this can be done at no cost, or potentially even reduced costs to customers, as they require less overhead spending.Open BankingOpen banking bridges banks with non-banking financial companies (NBFCs). Third-party developers access data securely through banking APIs, fostering innovations like embedded banking. The rise of banking-as-a-service (BaaS) further expands banks’ outreach and potential revenue streams.Quantum Computing in BankingQuantum computing offers a leap in processing prowess by tackling the limitations of classical computing. It may aid banks in tasks ranging from portfolio optimization to accurate financial forecasting, heralding a new age of computational finance. Emerging startups are at the forefront of crafting cost-effective quantum computers tailored for the banking sector. These quantum solutions will play pivotal roles, from refining derivative pricing to bolstering cybersecurity measures.Transition to the CloudThe shift to cloud computing facilitates agility and scalability in banking. By harnessing the cloud’s flexibility, banks can swiftly adapt to market changes, drive innovations, and better cater to evolving customer needs. They are also insulated from disruptions or potential security breaches resulting from the failure of a single static server.

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