HOW TECHNOLOGY HAS CHANGED BANKING OVER THE YEARS



E-banking , online banking, net banking, etc. have completely changed the way banking is done today. 


Technology has changed and still changing many industries, but none more so than financial services. From the introduction of ATMs, to internet banking via apps, to today's seemingly new online-only digital banks, technology is transforming the business models of banks.


The new digital banks that are trying to make inroads into the market share of the incumbents by offering agile, digitalised alternatives, says Richard Firth, CEO of MIP Holdings, who adds that the trend for automation and digitisation is visible across the value chain, from customer contact and lending to the mortgages, payments and alternative financing.


“We are seeing that the transformation of banking, and those companies that can master new digital capabilities will not only be the leaders, but the only survivors.”


The use of emerging technologies

Firth says that the process of digitalisation is not always obvious, and a number of factors that influence how banks approach this – including the use of third-party platforms or whether they develop their own in-house platforms. In contrast, the new “digital-native” banks have no legacy challenges and are better capable to make use of emerging technologies such as automation and Artificial Intelligence (AI).


“The industry is now moving from the sentiment of ‘we need an app’ to ‘we need AI’, but too often the banks are implementing technology for technology’s sake, or to keep pace with what competitors are doing. To effectively compete with digital banks, traditional banks must match the digital banks technology solution to compete with a  real-world problem,” Firth says.


He points out that many regulations in force today are forcing banks to comply with requirements that are rooted in digital initiatives, effectively levelling the playing field. For example, data privacy regulations apply to financial institutions across the board, whether they have the most recent technology or are still paper-based technology. “So at which point will a ‘digital bank’ be forced to do what the incumbents do today?” Firth asks.

Comments

Post a Comment

Popular posts from this blog

BIRTHDAY GIFT IDEAS FOR FRIENDS

Image
                                                Happy Birthday Wishes , Birthday Wishes , Happy Birthday , Birthday Quotes , Birthday Quotes , Happy Birthday Wishes , Birthday Wishes , Happy Birthday , Birthday Quotes , Happy Birthday Wishes , Birthday Wishes , Happy Birthday , E Banking , Ebanking , Slime Shops , Udyog Aadhar , Lifestyle write for us agree that you need a unique gift for every type of friend.  Bloomsy Box Beautiful Flowers Every Month Do you know somebody that absolutely loves to open their door to a beautiful bouquet of flowers? Great, then check this out. BloomsyBox is the subscription service that allows you to choose how often your loved one will receive hand picked, beautiful flower arrangements to their home. Take a look to see how it works. Shattered Glass Ceiling Necklace Any woman who knows what it’s like to fight gender inequality will...
Read more

INTERIOR DESIGNING AND DECOR AS A CAREER CHOICE

Image
Dreaming of opening Interior Designing Companies all over the world is not the only thing that you need to do. Find out here if it’s the right career choice for you. Interior Designers: Salary, career path, education and more Education Required A bachelor’s degree as usually required in order to become an interior designer, as are classes in interior design, drawing, and computer-aided design (CAD). A bachelor’s degree in any field is acceptable, and interior design programs are available at the associate’s, bachelor’s, and master’s degree levels. Licenses/Certifications Licensure requirements vary by state. In many states, only licensed designers may do interior design work. In some states, both licensed and unlicensed designers may do such work; however, only licensed designers may use the title “interior designer.” In still other states, both licensed and unlicensed designers may also call themselves interior designers and do interior design work. Interior designers make interio...
Read more

HEALTH TIPS FOR YOUNGSTERS TO STAT FIT DURING CORONA

Image
You can either practise some Natural Health Tips or workout at home using some basic equipment like skipping ropes, dumbbells, etc.  Staying healthy during the COVID-19 pandemic If you are healthy, try these eight tips for safely exercising while maintaining social distance during the COVID-19 pandemic. 1. Exercise outdoors. Most public gym facilities are likely closed due to this pandemic but if yours is still open, we recommend avoiding it until public health officials say otherwise. Instead of it, take your fitness into the fresh air outside. Consider hiking a new path or trying a water-based activity like kayaking, if the weather permits you. Younger athletes can also benefit themselves from outdoor play by themselves or in small groups. Be sure to supervise kids to play in a small groups or alone, and discourage them to use of sporting equipment or jungle gyms to minimize direct contact with each other and surfaces. 2. Engage in non-contact activities that allow spacing of at...
Read more