Here are the five technology trends that are redefining banking in 2016
The national payments council has introduced unified payments interface UPIs, encouraging open banking, wherein money can be transferred between two bank accounts using smartphones. It allows the customer to make payments without the hassle of typing credit card details, net banking or IFSC code. The UPI apps for a total of nineteen banks will be available on Google Play store for Android users.
Indian banks are considering adopting blockchain and shift certain workloads to it. This technology can prove to be useful for E-KYC and AML (anti- money laundering) and banks like Yes bank and Muthoot Finance are taking various measures to invest and deploy this technology.
BANKING ON CLOUD
Banking on cloud not only reduces data transfer costs but also assists in quick response to customers and market needs. In May 2016, Microsoft India claimed that banks like HDFC Bank, ICICI Lombard, IDFC and Kotak Mahindra Bank have adopted Microsoft cloud infrastructure within six months of its launch in India.
INTERNET OF EVERYTHING (IoE)
According to CISCO, India will gain $116.2 billion from IoE in the next decade. Banks like RBL Bank, ICICI Bank and many others have introduced biometric sensors in ATMs taking IoE to the next level. Apart from this mobile banking will be one of the most used applications of IoE in banking and financial services industry.
The number of robots being deployed is on an upswing in India. ICICI Bank had recently deployed over 200 software robots across branches to take care of repetitive tasks. They plan to increase this number to 500 by the end of the fiscal year. On the other hand, HDFC bank is adopting robots who will not only greet the customers but help them transfer and withdraw money.