With the advancement of technology, the customers in the banking sector have less time to wait and expect an immediate response. This has been possible in the baking sector through the chatbots. Meeting the ever-changing expectations of the customer has been possible with the chatbots supported by the AI technology. The chatbots have reduced the dependency on email and telephonic conversation. Chatbots are even capable of detecting fraudulent activities. They can also assist the customers in addressing simple queries and also assist them in the registration process. The cost involved in using the chatbots to answer millions of customers is fractional compared to the costing necessary to maintain the manpower. This technology has enabled centralized financial management.

Big data has put together all the transactional details together, the credit and debit card transactions, money transfer, and also ATM withdrawals. Big data makes it possible to analyze customer behavior based on the purchase habits of customers. Customer feedback analysis from the big data helps the banks to plan better for cross-marketing. Big data also aids the analysis of market trends and risk management by streamlining the internal process.

Cryptocurrency makes it possible to track transactions and I the most secure way. Blockchains are easy to operate and highly secure, this promotes transparency in transactions and currency exchange. Blockchain is a decentralized database that stores real-time payment and profile details. For a loan to be approved or any credit card to be issued, there is no need for a third person for cross verification with data stored in the blockchain. AI enables mobile banking to make online transactions feasible for customers. In the next 2-years, AI is estimated to save around $450 billion.

Cybersecurity helps to avoid all the fraudulent transactions that might be possible because of some cookies accepted by the customers on the system that has all the login credentials for an account. Banks also educate the customers to maintain the safety of their database. Robotic Process Automation has shown improved productivity with the reduction of operational costs. RPA enables quick decision making and automation of repetitive tasks without any human interference. Cloud computing has made any time service possible. This scales up the services in the financial setup. The customer here has to pay only to those services that he opts for. Cloud computing promotes safe money transfer.

“Banking has to work when and where you need it. The best advice and the best service in financial services happens in real-time and is based on customer behavior, using principles of Big Data, mobility, and gamification.”– Brett King.