New technology will make it easier than ever to do your banking without ever visiting a branch.
1. Blockchain Technology: Financial transactions are broken down into “blocks,“ which are then added to the “chain” of computer code and encrypted. It’s no longer a question of if blockchain will change the banking industry but when.
2. Wearables: Consumer behavior and smart device trends are steering banking technology advances in the direction of convenience. The future holds smartwatches and Bluetooth beacons that push personal greetings to customers when they enter a banking location.
3. Upgraded ATMs: New identification technologies can help overall bank security by protecting against ATM hacks. Biometric authentication is already used in India, and iris recognition is in place at Qatar National Bank ATMs.
4. Mobile and Digital Banking: Banks are investing heavily in digital banking technology, in which customers use mobile, web or digital platforms to use banking services. In a Forbes survey from late 2016, 86% of banks indicated that these types of services represent their top technology investments.
