Today, big data is one of the biggest contributors to growth and advancements across all industries. The importance of big data for decision-makers and businesses has more to do with the data quality and its analysis rather than the raw amount of data. Good data can help businesses to troubleshoot issues or failures, generate information for customers at the point of sale to enhance their experience, forecast future system problems, and help businesses design strategies for reducing time and cost efforts. All of this is based on how well you can sort data and look for patterns and other insights. The role of big data in finance has also a lot to do with the same ability to derive meaningful insights from huge amounts of data. Big data in finance helps to create better customer experiences and also helps protect businesses. In this article, we have talked in detail about the advantages of big data in finance and how it can help companies in the finance industry.
2018 has been an eventful year for the banking sector with a booming inclination of customers towards online banking, and new technologies like bitcoin and blockchain marking their territory in retail banking. Companies in the banking sector are continuously striving to eliminate the challenges and problems that the existing system is facing by continually monitoring their operations and incorporating the necessary changes on a regular basis. Retail banking companies have realized that success in the industry no longer depends on ‘who has the most number of bricks’ but how efficiently they can deliver services to the customers in a unique manner. With the never-ending hunger for innovation by the customers and the changing regulatory policies, we can expect some breakthrough banking industry trends in 2019. In this article, we have listed some of the most significant banking industry trends that are going to dominate 2019:
Banking Industry Trends 2019
Chatbots have proved beneficial for supporting customer interactions and has been one of the important banking industry trends helping to create a different user experience in the industry. Although chatbots are being widely used by several banking sector companies already, currently they are said to possess only the intelligence of a 2-3-year-old human being. What we could expect in 2019 from the banking sector is more advanced chatbots with improved quality of interactions, accuracy in decision making, and better speed of response.
According to IBM’s report on blockchain technology,” this technology is being adopted by banks and other financial institutions dramatically-faster than expected.” Several retail banking companies have realized the potential that blockchain has in improving their operations which has made them embrace this technology. Blockchain technology is one of the most rapidly growing banking industry trends and is expected to simplify the bank’s back-end operations by making them more secure and transparent.
Security of sensitive user information has always been a significant concern and has been influencing banking industry trends since long. With the advent of technology, retail banks can scrutinize illegal practices in banking more accurately. 2019 looks like a promising year in the case of top-notch data security with the regulations for banking security becoming stricter and the rising expectations of the banking customers.
The rise of robots and machine learning
Investment in technology might burn a hole in the pockets of banking sector companies initially, but it will pay off in the long-run. With each passing year, the banking industry trends are changing rapidly and becoming technologically advanced, and 2019 is going to be no different. Robots are expected to replace human labor in several operational activities, and new regression models powered by machine learning are expected to raise the bar of service levels higher.
Want to know more about the future of the banking industry trends, opportunities, and challenges in 2019?