The Future of Banking: How Technology is Transforming the Industry

The banking industry has undergone significant changes in recent years, and technology has played a critical role in driving this transformation. The rise of digital banking has changed the way people interact with their money, and as a result, banks are investing heavily in technology to meet the changing needs of their customers. In this article, we'll explore the future of banking and how technology is transforming the industry.

1. The Rise of Mobile Banking

Mobile banking has become increasingly popular in recent years, and for a good reason. With the rise of smartphones and mobile apps, people can now access their bank accounts from anywhere at any time. Mobile banking has made it easier for people to check their account balances, transfer money, and pay bills on the go. Banks are investing in mobile banking technology to meet the growing demand for mobile banking services.

2. Artificial Intelligence and Machine Learning

Artificial intelligence and machine learning are transforming the banking industry in a significant way. These technologies can analyze vast amounts of data in real-time and provide valuable insights to banks. Banks are using artificial intelligence and machine learning to identify fraudulent transactions, detect patterns in customer behaviour, and personalize banking experiences for customers.

3. Blockchain Technology

Blockchain technology has the potential to revolutionize the banking industry. This technology can enable secure and transparent transactions without the need for intermediaries. Banks are exploring the use of blockchain technology for various use cases, including cross-border payments, trade finance, and digital identity verification.

4. Personalized Banking Experiences

Technology is enabling banks to provide more personalized banking experiences for their customers. Banks can now use data analytics to gain insights into their customers' behavior, preferences, and needs. With this information, banks can tailor their services to meet the individual needs of each customer.

5. The Emergence of Fintech Startups

Fintech Startups are disrupting the banking industry by offering innovative solutions that meet the changing needs of customers. These startups are leveraging technology to offer faster, cheaper, and more convenient banking services. Traditional banks are responding by partnering with fintech startups or developing their own fintech solutions.

The pay-off when you use 316 Group

Technology is transforming the banking industry in significant ways. From mobile banking to artificial intelligence and machine learning, blockchain technology, personalized banking experiences, and fintech startups, the future of banking looks bright.

Successful banks and financial institutions today realize that they are essentially technology companies operating under the rules of a banking license. The diverse portfolio of technology assets they manage should allow them to create a better customer experience, compete with digital native challengers, and cope with the myriad new regulatory requirements that add cost and complexity.

At 316 Group, we take a technology-first approach to providing banking solutions. With a wealth of experience within the industry; our commitment goes beyond leveraging the latest technologies to help our clients meet the changing needs of their customers to building battle tested security protocols to keep their systems safe.

Easily served and consumed

Micro services architecture typically makes for a smaller size and scope of services. That allows independent and more frequent deployment, as well as easier scaling. By contrast, legacy integration patterns, such as service-oriented architecture, tend to have larger scoping, sharing of data and multiple process steps that must be orchestrated. That makes legacy architectures more complex to change and consume.

Capital-light, scalable and elastic

Our technologies leverage hyperscale infrastructure from cloud providers, data storage and security, and in business functions such as deep analytics. We deploy new technologies which helps your systems to consume this infrastructure only when needed, without delay.

That’s different from legacy platforms, which require tying up capital in infrastructure in order to scale up for every new requirement, often taking months to activate.

Ecosystem ready

Advances in security and technology standardization, in particular APIs, allow a bank’s internal technologies to be part of a wider external ecosystem. Many banks, for instance, use open banking APIs to connect their payments systems across countries.

Agile, automated and insightful

New technology now embeds automation that enables services to be built and operated by the same team (often referred to as DevOps)—and data to be recorded for analytics (known as telemetry).