Top Banking Innovations

Justin Smith, CIOReview APAC | Monday, April 19, 2021

Justin Smith, CIOReview APAC

Banks are increasingly deploying sophisticated analytic, real-time monitoring, and AI to identify threats and prevent them from affecting processes.

FREMONT, CA : As a whole, the financial services industry and banking are experiencing a technological revolution right now. Customer needs are changing, and technical capabilities are improving. The rise of Fin-tech start-ups that use technology to build unique consumer experiences around banking and other financial services has forced the big banks to innovate. Furthermore, the threat of cyber-security breaches has forced banks to become more agile than they have ever been. Look at top cutting-edge banking innovations that are reshaping the industry.

Augmented Reality

Augmented, and mixed reality innovations are improving consumer experiences around the board. Why are they not able to do the same for banking customers? While Augmented Reality (AR) technology is still in its early stages of growth, the possibilities for its implementation in the banking sector are only limited by one’s imagination. The goal is to give consumers full control over activities and purchases that they can carry out at home. Technology experts imagine hybrid branches, believing that bank branches are a thing of the past as one knows them today.

One multinational bank in Australia has made one of the first live implementations of AR technology in the banking sector. The customers who were looking to buy or sell a house developed a rich date augmented reality application. It gives them information such as current listings, recent sales, and market trends to help them make better decisions.

Quantum Computing

Quantum computing is a method of performing complex data operations using quantum mechanics. Computers use bits that can have one of two values: 1 or 0. Quantum computation makes use of ‘quantum bits,’ which may have one of three states: 1 or 0, or both. When the right algorithm is used, this unlocks exponential computing power over conventional computing.  While this reflects a significant increase in computing capacity, commercial implementation is still decades away.

Prescriptive Security

The essence of cyber risk is rapidly changing. As a result, conventional risk management methods are made redundant. It is now clear that companies will never be able to obliterate all potential sources of cyber-attacks, but limiting the attack footprint as soon as possible is the best way to deal with them. The banks will have to be agile when it comes to cybersecurity. Banks are increasingly deploying sophisticated analytic, real-time monitoring, and AI to identify threats and prevent them from affecting processes. Prescriptive security is described as the use of big data analysis techniques to detect threats earlier and act to prevent them from occurring.

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