Welcome to New Era of Banking
Core: The banking industry is undergoing a major transformation, driven by new technologies and changing customer expectations. This new era of banking is characterized by:-
Digitalization: Banks are increasingly digitizing their operations, making it easier for customers to bank online and on mobile devices.
Personalization: Banks are using data and analytics to personalize their offerings to customers, providing them with the products and services that they need.
Open banking: Banks are opening up their APIs to third-party providers, allowing customers to access their financial information and make payments through a variety of channels.
Embedded finance: Banks are embedding financial services into other products and services, such as e-commerce platforms and retail apps.
RegTech: Banks are using RegTech solutions to comply with regulations and reduce risk.
Upcoming trends
These trends are changing the way that banks interact with customers, and they are creating new opportunities for innovation. Some of the key technologies that are driving the new era of banking include:
- Artificial intelligence (AI)
- Blockchain
- Cloud computing
- Big data analytics
- Robotic process automation (RPA)
Challenges
The new era of banking is still in its early stages, but it is clear that it has the potential to transform the way that we bank. Banks that are able to embrace these changes will be well-positioned to succeed in the future.
Here are some of the challenges that banks face in the new era:
- Security
- Compliance
- Regulation
- Customer expectations
- Talent
Digitalization
Many Sector like:
- » Banking(CBDC)
- » Transportation(vehicle)
- » Healthcare(hospitals)