The banking industry is one of the few industries that is holding the flag of automation and digitization in modern times. It would not be an exaggeration to say that, in the last few years, the tremendous growth witnessed by the banking industry in the field of automation has not been achieved by other industries. The good thing is that the change is visible. The most interesting aspect of this is that people have stopped associating banks with long queues. Now, banking has become as simple as a click of your fingertip.
With the advent of banking applications, almost every bank has invested in the development of a banking interface for their customers. Today, most customers have developed the habit of using banking applications for all kinds of banking activities and transactions. According to market experts, given the trend of increasing the usability of these applications, this will become the only means to access banking facilities.
Banks are continuously working on developing and offering better banking solutions.In certain fields, they have made tremendous progress. Say, for example, multi-platform support. Banks have always been known for their telephonic support. However, there are several problems associated with this, as a crunch of resources. The banks need to set up full-fledged call centers in order to cater to their customers, which results in a huge cost.
In order to maximize profits, banks started developing new solutions with the help of artificial intelligence like chatbots. The cost of maintaining an intelligent chatbot is less than the cost of maintaining a call center. This is because a single chatbot server can support a large number of chats, which is not possible in terms of handling calls by a single executive. Moreover, with the inception of machine learning, chatbots are becoming more intelligent and they will be able to handle complex customer queries in the near future.
The banking solutions providers should put serious thought into providing security of customer data in the banking software. It is a genuine fear of the customers that their bank accounts might get hacked in case they download the application and lose their smartphone. Nowadays, most banking solutions are dealing with this issue through biometric security lock features. Although it is quite effective, they must work harder to fortify customer data.
