The future lies in bridging the gap between the ‘fin” and the ‘tech”. Banks are eager to provide an omnichannel, seamless and personality based experience to customers. Customer consent, policy innovation and the power of the big two – blockchain and AI will reshape the future of banking, reveal the top guns of fintech and banking.
Today, every customer transaction connects to the central bank infrastructure, resulting in millions in operational costs. In the future, distributed banking will allow two entities to transact directly, either by tapping their phones or connecting offline.
Based on customer's behavioral and transactional patterns, the entity will be able to proactively suggest solutions. The personal assistant will take care of things before you realize there's going to be a roadblock. AI drive domain specific assistants will be able to talk to each other and provide significant value.
The multi-channel approach of banks today will evolve into a single user ID and biometric authentication method, which will take care of all authentication – be it credit, debit, internet banking, core banking, data warehouse or others. Biometric authentication is going to be omnipresent - from phones to ATMs to all transactions.
In certain situations, an environment will be created where the customer can visualize all the functionalities of a particular product through AR/VR. The customer will be able to take the entire 3D virtual tour of the branch - sitting at home.
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