Market Overview

Infiniti Research Highlights the Technology Trends Influencing the Future of Banking


Infiniti Research, a world-renowned market intelligence solutions
provider, has announced the completion of their latest article on the technology
trends that are influencing the future of banking

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Technology Trends That Will Transform the Future of Banking. (Graphic: Business Wire)

Technology Trends That Will Transform the Future of Banking. (Graphic: Business Wire)

The future of banking will be significantly different from what we see
now. At present, fintech firms are capturing more of the retail
banking's value chain, offering services such as payments, checking, and
even savings accounts that could erode the traditional bank's revenues
to a large degree in the foreseeable future. This is encouraging many
retail banking organizations to think over the options to improve their
services and move to platforms that give a "more digital" experience to
the customers. Customer expectations and behaviors are quickly moving to
more personalized and immediate services that are provided first on
their mobile devices. Modern retail banking customers wish to remove
processes such as having to go to branches to get bank-related work
done. Rather, they want financial data and the ability to transact at
their fingertips.

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"The future of banking is expected to witness the advent of
innovative technologies such as contactless payments in ATMs,"
an industry expert from Infiniti.

Future of banking:

  • Upgraded ATMs: One of the largest technology trends in the
    retail banking industry that has transformed the whole banking system
    since their beginning in 1967 is advanced ATMs. The future of banking
    is anticipated to witness contactless payments in ATMs. Customers will
    be able to perform contactless ATM transactions using a mobile phone.
    Numerous innovations in this space have previously been applied; for
    example, the iris recognition used at Qatar National Bank ATMs and
    biometric authentication have already been executed in many ATMs in
    India. These technologies improve retail banking security and stop
    hacking and such illegal practices. To know more about our
    portfolio of market intelligence solutions
    , get
    in touch
  • Wearables in banking: Wearable technology is all set to go
    mainstream in the future of banking. Retail banking can use smart
    watches to push personal greetings to customers through Bluetooth
    beacons when they enter a bank's location. Smart-glasses for bank
    tellers is also an innovation that is being considered for
    implementation. This can be used to process customer banking
    information for the employee as the employee is instantaneously doing
    other customer service tasks. To know more about our portfolio of
    , request
    a proposal
  • Use of extended reality: Extended reality refers to all
    real-and-virtual united environments and interactions of
    human-machines that are produced by computer technology or wearables.
    This comprises virtual reality (VR), augmented reality (AR), and mixed
    reality (MR). Using these technologies could help form more meaningful
    customer engagements and also improved workforce performance. For
    example, South Korea's Hana Bank is bringing mobile mortgages to
    customers through augmented-reality applications on their phone. Such
    practices create immersive and engaging experiences for customers,
    also making banking less of a chore in the minds of customers.
  • Get
    in touch
    , to know more about the technology trends in the
    future of the banking industry

Infiniti Research is a global market intelligence company offering
strategic insights to help look beyond market disruptions, study
competitive activity, and develop intelligent business strategies.
Listed below are the technology trends in the future of the banking

View the complete list of the technology trends in the future of the
banking industry:

About Infiniti Research

Established in 2003, Infiniti
is a leading market intelligence company providing
smart solutions to address your business challenges. Infiniti Research
studies markets in more than 100 countries to help analyze competitive
activity, see beyond market disruptions, and develop intelligent
business strategies.

With 15+ years of experience and offices across three continents,
Infiniti Research has been instrumental in providing a complete range of
competitive intelligence, strategy, and research services for over 550
companies across the globe.

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