Leading upto 2020, radically transformed Bank models will emerge. A glimpse ahead shows an emphasis on innovative technologies to vastly facilitate banking - inclusive banking through new types of Bank models, non-traditional alliances to make banking affordable, Fintech capabilities to make banking customer centric. Banking in the future will be collaborative, exciting and will raise the bar in setting new standards.
Cloud computing and using Artificial Intelligence (AI) to process vast amounts of disparate data were most picked up in 2017 that brought success for the Banking, Financial Services and Insurance (BFSI) sector in India, Microsoft said on Tuesday.
"The year 2017 witnessed a revolution in the BFSI sector as far as technology integration is concerned. A digital culture shift, designing a modern workplace that harnesses digital intelligence and enabling mobility are key aspects of it," Miccrosoft said in a statement.Banks in India have witnessed a radical change from 'conventional banking to convenience banking'.
Today, they are poised for 'digital banking' at a rapid pace.Business Analytics and Artificial Intelligence (AI) has a potential to bring a major change. Robotics, enabled by AI, is expected to be the future game changer in the banks. Many private banks are planning to deploy Robots for customer service, investment advisory and credit-approval process to improve the services and be cost effective in the long run.
Digital Banking will be the most preferred form of banking in the coming years.It is widely acknowledged that the next stage of evolution in the banking sector will be ignited by the concurrent uptake of open banking, blockchain and AI. Many banking institutions are adopting blockchain technology in order to create a transparent, secure and decentralized database that confers a large degree of unanimity into the bank’s data records.
Blockchain technology facilitates several digital banking processes such as collateral management, KYC, smart assets and more. As an increasing number of banks adopt the technology, the demand for blockchain engineers is bound to rise rapidly. In the past year alone, blockchain jobs have seen a 400% increase with salaries shooting up by 50-100%.So now Banking is not only Banking its digital banking that upgrades non technical and technical both manpower.
Due to this a lot of avenues, business opportunities, and jobs are opening up.
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