When it comes to managing your money, one thing is certain -- the way you bank now won't be the way you bank a few years from now. This industry is moving forward rapidly, both for the betterment of financial institutions and the customers that use them. No matter which side you're on, it is important that you learn where the banking industry is headed. Consider these points so that you understand how banking will be different in the near future.
Expect an increase in video banking
If you have an account at a bank, you should get used to video banking. This is a trend that has taken off in China and other countries. Rather than having to stand in long lines at a local branch, you are able to speak face to face with a teller or bank representative thanks to the beauty of video chat technology. This lets banks take in more customers at a lower cost, and makes banking more convenient for you. While this technology is still new in its implementation, some 90 percent of users say that they enjoy the experience.
Artificial intelligence will be huge in the banking industry
With the banking industry, you can expect artificial intelligence (AI) to revolutionize the way everyone does business. You will be able to have chat AI field your questions and concerns around the clock, and since they continuously learn, you can expect the systems to get smarter and more in-depth. This will reduce overhead costs for banks since they won't need to hire and train as many people to do some of the same tasks. The more sophisticated AI gets, the more applications you will see changing the banking industry.
Mobile banking will become bigger than ever
Right now, more than 100 million people use mobile banking, and the reasons are clear. People love the convenience of being able to handle all their transactions without having to leave the home or even get ahold of a computer. Depending on where you bank, you're able to access the ATM, move money around digitally and even making purchases by using your cell phone. Expect to see mobile phones integrate AI and video chat so that you're able to handle customer service and a variety of transactions by using nothing but your cell phone or tablet. Banks moving forward will need to use mobile as a huge part of their strategy.
Consider these tips to know where the banking industry is heading.Share