Future is always filled with an expectation
that is by product of the present day work and technology. We have taken the
civilization to a journey of becoming a more secure and safe place for
innovation. Banking is a sector that decides a country growth rate. So a
technologically advanced banking sector will make the country more advanced not
only in the field of bank but also the country stands globally.
A developing country like India must need
strong banking sectors that not only help the bank sector but also give our
country a special power amongst the other nation. There is a popular slag which
says that all good is where the money is meaning the power relies over the money.
Currently banking sector is working in a very basic banking tech that provides Missed call balance check number
facility over the internet or other means. The promising future of India can be
foreseen by utilizing some of the development stage banking tech which is as
follows-
Machine Learning
Machine Learning is a technology which
works by understanding your action for certain elemental interaction that you
have initiated with the product or service. In simple words this technology
will provide what you want and suggest which benefits your taste.
Artificial Intelligence
All the popular Sci-fi movies protest the
AI and the functions that AI can provide. AI can incredibly help the banking
sector by reducing the need of the banking staff and automating the process of
banking for the customer.
Robotics Process
Robotics is the use of a robot in the bank
branches counter to interact with the customer with the combination of the AI
and Robotic process the banking sector can provide the users with a advanced
banking tech that cannot be hacked and the whole world will have a safe and
easy banking system.
Fully Digitized Banks
A traditional banking system is based on
model where it is heavy and the organization has a lot of bank branches which
makes it difficult to operate and therefore there are a lot of levels in a bank
or any other organization that communicate with their hierarchy. Fully Digitize
bank will be based on a fly light business model where on very less number of
branches will be required to access to global customer and all this will be
done using the internet.
Cyber security
Cyber Security is the major concern when we
are dealing with the internet banking and mobile banking for our banking needs.
An extra measure is always recommended and appreciated as far as money is
concerned. So more advancement like biometric tech for the banking purpose will
improve and benefit the banking sector.
Source- Bank IFSC Code
