{"id":431,"date":"2013-06-20T11:29:44","date_gmt":"2013-06-20T11:29:44","guid":{"rendered":"https:\/\/www.happiestminds.com\/blogs\/?p=431"},"modified":"2026-04-14T06:32:34","modified_gmt":"2026-04-14T06:32:34","slug":"top-6-technology-trends-in-banking","status":"publish","type":"post","link":"https:\/\/www.happiestminds.com\/blogs\/top-6-technology-trends-in-banking\/","title":{"rendered":"Top 6 Technology Trends in Banking"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>The trends listed below are identified from a short to medium term perspective. We also try to identify the key drivers for some of these trends i.e. whether they are demand driven (consumer needs) or regulatory compulsions or just proactive investments in technology for future growth.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>1. Convergence of Mobile and Online platforms<\/strong><\/p>\n<p>As of today, the various platforms of a bank often compete with each other resulting in a competitor<\/p>\n<p>taking away the consumer. A single, unified platform should be the identity of a bank. This also alleviates<\/p>\n<p>fears of theft from the minds of the consumer as it helps identify the authentic platform of the bank<\/p>\n<p>easy (unlike today, where a regular online user may find the mobile platform strikingly different).<\/p>\n<p>&nbsp;<\/p>\n<p><strong>2. Use of Web 2.0 and Social Media for customer interaction<\/strong><\/p>\n<p>It is imperative for banks to have a social presence. Social media is a great platform to interact with the<\/p>\n<p>consumers directly. It not only helps banks avert the danger of an incident going viral by interacting and<\/p>\n<p>solving the clients issues, but also provides a very good opportunity to then highlight publicly the client<\/p>\n<p>focus of the bank. Social networks also provide an opportunity to connect with potential customers,<\/p>\n<p>with an aggressive campaign banks can attract these to be customers to their page and offer deals on<\/p>\n<p>their products and services.<\/p>\n<p>This is also a very good place for community initiatives and to highlight the corporate social<\/p>\n<p>responsibility related activities that a bank does. It helps in building the brand in a big way. And as the<\/p>\n<p>action here is instant, consumers are likely to share their good experiences with online friends, starting<\/p>\n<p>free viral marketing campaigns for the bank.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>3. Use of Big Data for understanding the consumer<\/strong><\/p>\n<p>The key to a banks success often depends on the relationships it is able to develop with its clients,<\/p>\n<p>which comes down to its ability to provide each client a customized solution. With transactions<\/p>\n<p>becoming intelligent (capturing data through cards), banks now have enormous amount of data about<\/p>\n<p>their clients. The challenge is to capture information out of this data.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>4. Branch less Banking<\/strong><\/p>\n<p>Branch less <a href=\"https:\/\/www.happiestminds.com\/industries\/banking\/\"><em><strong>banking<\/strong><\/em><\/a> is about to give banks the next level of scale. Banks can not only reach out to a large<\/p>\n<p>portion of population which currently has no access to formal banking services, but can also increase the<\/p>\n<p>frequency of usage of current customers who maintain a savings account but prefer to use it sparingly<\/p>\n<p>because of the difficulties associated with branch based transactions like time and travel expenses.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>5. Branch as a Service Station<\/strong><\/p>\n<p>A branch can function as a one stop full financial services shop, providing banking, insurance, mutual<\/p>\n<p>funds all under the same roof. Banks and other financial service providers can actually collaborate and<\/p>\n<p>coexist under the same roof. This can help a lot of financial service providers cut costs and increase their<\/p>\n<p>reach.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>6. Security<\/strong><\/p>\n<p>Consumers demand for banking services to be available anytime, anywhere and on any device isnt just<\/p>\n<p>an opportunity for banks, it also comes with a big threat, the threat of a breach in security, and a whole<\/p>\n<p>new breed of bank robbers can emerge. Multiple devices and multiple apps on those devices means any<\/p>\n<p>single loophole anywhere in the entire information chain can be disastrous for the bank and its<\/p>\n<p>consumers.<\/p>\n<p>For a more detailed view on the above, please read my whitepaper at<\/p>\n<p>https:\/\/www.happiestminds.com\/sites\/default\/files\/Top-6-Technology-Trends-in-Banking.pdf?sid=6432<\/p>\n<div class=\"pld-like-dislike-wrap pld-template-2\">\r\n    <div class=\"pld-like-wrap  pld-common-wrap\">\r\n    <a href=\"javascript:void(0)\" class=\"pld-like-trigger pld-like-dislike-trigger  \" title=\"Like\" data-post-id=\"431\" data-trigger-type=\"like\" data-restriction=\"cookie\" data-already-liked=\"0\">\r\n                        <i class=\"fas fa-heart\"><\/i>\r\n                <\/a>\r\n    <span class=\"pld-like-count-wrap pld-count-wrap\">0    <\/span>\r\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The trends listed below are identified from a short to medium term perspective. We also try to identify the key drivers for some of these trends i.e. whether they are demand driven (consumer needs) or regulatory compulsions or just proactive investments in technology for future growth. &nbsp; 1. Convergence of Mobile and Online platforms As [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[229,218],"tags":[230,231],"class_list":["post-431","post","type-post","status-publish","format-standard","hentry","category-banking","category-digital-transformation","tag-banking","tag-technology-in-banking"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/posts\/431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/comments?post=431"}],"version-history":[{"count":2,"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/posts\/431\/revisions"}],"predecessor-version":[{"id":15531,"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/posts\/431\/revisions\/15531"}],"wp:attachment":[{"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/media?parent=431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/categories?post=431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.happiestminds.com\/blogs\/wp-json\/wp\/v2\/tags?post=431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}