If you haven’t heard of FinTech companies or considered the role which Artificial Intelligence is playing in the banking world, you should dive in and brush up on the predicted trends which look to dominate the financial sector for many years to come. From invisible banks which give clients more autonomy to robotic liaisons, here are the top trends of 2021.
1. Robot Liaisons
While the following robots have been around since 2016, Nao, Pepper, Lakshmi along with newer design models around the world are set to gain more popularity through the year as banks look to embrace technology wholeheartedly. This shift towards robotics is set to bring about the most efficient form of customer service available since robots will be able to check information on the fly, as well as be fully up to date on how to handle difficult queries with regard to banking policies.
2. Additional AI Integration
In hand with this is the shift towards robotic technology coming to the fore in customer services, Artificial Intelligence integration is on the rise in areas such as chatbots, anti-fraud checks, and ensuring regulatory compliance.
All of these can all be done at a far faster pace via AI interfaces and this looks as if it will heavily remove the need for an elaborate labor-heavy manual workflow replacing it instead with robotic AI operations. While this may at first seems as though jobs will be lost due to redundancy, it also will lead to an increase in skilled techno-savvy operators in other capacities.
3. Self-Service Digital Banking
If trends set over the last few years continue, physical bank branches will start to receive less funding as money is diverted away and into digital channels and services, which are now being given top priority.
In this way, banks will focus more on ensuring customers receive targeted assistance as they access their finances via digital channels such as apps, wearable devices, and logging into online banking. This flexibility for clients leads to greater control over accessing the specific services that they require – from loans to switching accounts – and can be done from anywhere in the world, and it makes budgeting easier.
4. FinTech Company Partnerships Will Grow
One of the top trends of the year shows that financial institutions are looking at ways in which to partner directly with FinTech companies as well as leverage digital opportunities in-house to handle administration functions, banking products, marketing, and even loan services. Partnerships such as this will reset the current landscape for banks, due to the increase of asset sharing, customer retention, and offer alternative technology-enabled banking products.
5. Cash May Become Obsolete
The idea of an invisible bank that keeps users anonymous and able to transact instantly at any time of the day or night has an undeniable appeal. With the rise in popularity of blockchain technology, many people are starting to wonder about the accepted economic value offered by the banking industry when peer-to-peer lending and digital payments cut out much of the traditional value of banks. Banks, however, are keen to get behind this trend as they look to add the uses of blockchain technology to their current market offerings.
Likewise, with cryptocurrencies and the numerous iterations thereof like Bitcoin and Ripple that can be used to play online at sites like Bet Big Dollar, the desire of many to hold onto physical cash is dissipating, leading to societal questions around the need for physical monetary assets.