Kirk Chewning on The 3 Biggest Trends In Finance Today

There are rapid technology advancements that continue to change the banking industry. The three biggest finance trends will drive the industry forward this year.

Online And Mobile Banking

According to The Financial Brand, over half of the banks in American are online, and 32 percent of the banks handle transactions on mobile devices. Many organizations have designed a suite of comprehensive mobile apps that let customers pay their bills, check their balances, and transfer money. Most apps also give consumers information about new products and services and fraudulent activity notifications. Each app provides real-time access and has easy banking interaction features. Besides simplistic banking functions, consumers also demand sophisticated services, such as remote deposit capture methods and image banking features. These tools let customers scan their checks; once scanned, the checks are transmitted to a bank immediately.

Virtual Banking

Virtual banking has gained a lot of popularity in the United States. USA Today reported that a few branches of Bank of America were overhauled with advanced technology services. Virtual ATM machines were one of the new additions; they let customers communicate with a remote teller using conferencing software.

Most customers are now using online and mobile channels, so banks are now understanding the economics of running numerous branches. This is why many banks are investing in video kiosks that have interactive touch screens and other features.

Big Data And Cloud Services

Digital banking technologies and social media generate big data for bankers. Today, banks can monitor their clients as they journey through branch channels, digital channels, and social media channels. Bankers use the data when they perform analytics so that they can improve their decision making skills.

Cost management is a serious issue for banks. However, many banks will continue to run their business systems and applications using cloud services, but they will transfer their sensitive data at a private data center.

Disrupters

This year, more banking disrupters that provide alternative banking services will be available to consumers. This technology trend will gain even more momentum throughout this year as more consumers begin to use their mobile devices to make their payments.

The Financial Brand reports that mobile wallet technology lets consumers manage their debit, gift cards, and credit from a smartphone using one application. After the screen is tapped several times, the payment is made instantly. Consumers do not need to carry around numerous plastic cards.

Banks will always invest in new technologies that give them an advantage over the competition. Though, the technologies must help them reach modern consumers.