Technology and Banking – The Duo

Gathering information, analyzing the market, and providing the information is possible in a fraction of a second. Banks must now invest in Internet Strategy since age-old days banks have been the intermediates between the lenders and the borrowers. With the advancement of technology, banks are heading towards disintermediation. Technology is also a threat to the banks because disintermediation gives the provision to other companies to reach the clients at lower rates. Electronic networks and electronic banking with the computer system enables activities at a lower cost and speed. Electronic banking also follows risk management policies which monitor the management oversight and reputational risk management. 

Digital Account Opening technology is the current day need and is driven by the AI the necessary requisites are collected digitally with the series of questionnaires that verifies every data for authenticity. Offering Debit and Credit cards to consumers is also driven through information technology. The Analysis of the data available through the blockchain. AI cross verifies and then calculates the eligibility of the customers to avail the Debit and Credit cards and directs the emails and the calls to the database available to reduce the manual interference, cost, and the time consumed. The process reduces the burden on the banks to frequently check and follow up on the status. Also, the verification of the data produced is done well in advance as a pre-requisite by the AI.

Marketing also has a new dimension with the introduction of digital technology. Video collaboration has made it easier to reach customers through social media platforms or youtube channels or TV channels. AI technology has accelerated the decision-making ability of customers. Also, these videos help to reach many customers at a stretch. Indirectly this also contributes to the increased productivity of banks, rather than banks reaching the customers, the customers who are keen about the plans reach their relationship managers. This kind of marketing also improves the customer experience. 

Based on the response to the videos posted across, one can also boost product innovation. Response from the public help the banking sector understand the feel of the market and also design the accounts, insurance plans and, the deposit interest which would attract the customers, the same product which was rejected by the customer is innovatively presented to the customer. 

Banking technology has made it simple, efficient to invest in good causes – Mark Skousen.