- Address: Saachi Plaza, Ground Floor - C2
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Keeping up with the current trends, methodologies and technologies is essential so that you can keep up with the ever-changing world of software development.
However, one can easily be overwhelmed by the information that they get when it comes to learning new trends and living a normal life at the same time. This means that we have to be selective about new things so that we can learn new things while keeping track of trends that are more important. I think that there are specific trends that we should pay attention to and practice because they have the power to transform our thinking and daily activities.
In this case, finances have always been the most important part of our lives because without money most of us would not be able to accomplish our needs and wants. Financial institutions including banks have a hand in handling, processing and storing our finances which means that the trends which they adopt have to be analyzed precisely so that we can know how we can benefit from it.
There are various trends that banks and financial institutions have adopted so that they can remain competitive in the market:
1. Frictionless Mobile Banking
Mobile banking has become widely popular and banks have found ways to simplify its use and offer additional functionality to customers.
According to Carnegie Mellon University mobile banking can surpass standard banking with regards to customer preference. This is because of its digital, user and customer experience which have provided more data. This includes consumer-to-consumer one-click payments, Consumer-to-business frictionless digital banking, locational offers and services, password-free biometrics and conversational interfaces.
2. Customer Experience Improvement through Artificial Intelligence
Banks need to consider use of artificial intelligence to automate their processes as well as enhance customer experience. PwC states that artificially intelligent robots cost less by 50 to 90 percent as compared to onshore or offshore employees. This means that banks may need to invest in AI so that they can increase their efficiency and maintain strong customer service. In future AI capabilities may be added to bank related apps.
3. Biometrics Use to Increase Security
Financial institutions are normally concerned about security and this is especially focused on in 2018. Therefore, they are finding ways to add new security procedures to their services.
Solomon points out that financial institutions may increase their spending by 20 percent in order to acquire the biometric authentication methods; banks have a need to establish digital trust with their customers.
These trends show that financial institutions need to adopt and identify current software related trends so that they can remain relevant through technological advancement. Even though they are mostly projected as future trends, they are soon becoming a requirement for all financial institutions. Software companies like NLS have the ability to keep up with these trends because they are continuously seeking new ways to develop new technologically advanced procedures that will improve an organization’s core banking system.