Banks need to balance digital convenience with personalized service, which emerging technologies can assist them with. Trends such as mobile banking, 5G technology, IoT devices, voice assistants and bank-as-a-service all play an essential part.
Due to these trends, retail banking will undergo dramatic transformation and industry leaders anticipate an entirely different competitive environment by 2025.
AI
AI is already revolutionizing how banks serve their customers. From automating repetitive tasks such as document generation and data summarization to providing customer support through chatbots, AI has the power to transform bank services. Furthermore, its use can increase operational efficiency in areas like anti-money laundering compliance by detecting suspicious transactions or patterns more effectively than ever.
By employing generative AI, banks are able to reduce human error when processing financial statements and other document-intensive processes. Furthermore, large language models enabled by AI allow banks to streamline banking products by automating delivery of information in different languages – this means more customers can access their accounts in their language of choice without costly staff relying on expensive translation services. Lastly, AI also aids bankers and financial stakeholders remain agile when responding to online threats by quickly spotting anomalies in real time.
5G
As technology evolves, customer expectations have grown increasingly complex. They expect real-time engagement with brands they use and personalized content delivered instantly; banking services should not be any exception to this trend.
Banks will benefit greatly from 5G as banks will be able to meet customer demands with fast, secure services that exceed them. Banks will quickly detect and address security flaws on apps, websites, wearable devices or payment gateways in an instantaneous fashion.
5G will enable HD video consultations between bankers and customers on mobile or in branch, creating an enhanced, customized experience and strengthening brand loyalty. Pop-up branches may even expand financial services into rural or remote locations to reach those still underbanked.
IoT
Banks need to harness technologies that make banking enjoyable, such as gamification. This could make managing finances easier for customers while increasing customer retention rates.
Banking executives understand the effects of emerging innovations on their business and 80% anticipate using generative AI to enhance customer experiences by 2030.
Traditional banks must accelerate their digital transformation efforts. By transitioning to open ecosystems with integrated owned and third-party solutions, traditional banks can meet consumer expectations more efficiently. For instance, marketing teams could leverage no-code platforms to create real-time customized engagement apps while loan departments use low-code platforms for streamlining application processing.
Cybersecurity
Digital banking has experienced rapid expansion over recent years. New technologies allow banks to deliver a better customer experience and increase efficiency; yet at the same time ensure customer security through analytic tools and APIs designed to protect against cyber attacks.
These innovations will revolutionize retail banking in Bangladesh in the future. Banks will be able to offer customers hyper-personalized experiences that meet their financial needs while taking advantage of open banking frameworks for sharing customer data securely with third-party apps and services. Furthermore, this change will lead to more efficient and cost-effective operations as well as promote economic inclusion and digital literacy throughout Bangladesh.
Customer service
The digital banking revolution is revolutionizing how banks serve their customers. Banks can now deliver customized experiences using data gleaned from consumer behaviors and preferences; costs can also be decreased through offering various API (Application Programming Interface)-enabled services that reduce customer fees.
As digital banking becomes more widespread, bank customers now have access to their accounts anytime and from any location – using apps on mobile phones to transfer funds or pay bills and even cash checks!
Other banks are experimenting with providing in-the-moment advice about finances to consumers, for instance recommending how to split payments or which payment method to use, thus helping people make better financial decisions that serve their own best interests.
