Key Innovations That Are Driving the Future of Banking

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Provided by: jmrinfotechnology

Category: Medicine, Science & Technology

Tags: flexcube | oracle_flexcube_14x | oracle_flexcube_universal_banking

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Title: Key Innovations That Are Driving the Future of Banking

1
Key Innovations that are Driving the Future of
Banking

A forward-thinking bank needs to remain at the
core of innovation, adopting new technologies
that meet customers' expectations for financial
health and prosperity, as well as trust and
security.

Here, we'll look at some of the most important
technologies and trends that banks may leverage
to create smooth, creative, and user-friendly
digital banking services.

One of the most data-intensive enterprises
globally is banking and financial service
providers, which have millions of consumers.
Digital banking's next big winners will be
institutions that can consistently provide
personalized offerings and personalized client
experiences. The massive amounts of data
collected across various banking channels hold
the key to understanding what clients want and
need.

For banks to properly listen to their consumers,
they must analyze data and provide individualized
financial services that will benefit them using
Oracle Flexcube.
To better serve their customers, banks may use a
wide range of data sources, including payments
made online and through mobile devices,
withdrawals made at ATMs, and digital banking
channels (such as a mobile banking app, internet
banking, or an e-wallet).

Soon, the Internet of Things (IoT) has the
potential to transform our daily lives and the
financial industry as a whole. An IoT network is
a collection of devices (such as smartphones,
household appliances, wearables, and automobiles)
that communicate over the internet.
There are several ways in which banks might
take advantage of the Internet of Things. Here
are a few examples

Using wearables (such as smartwatches) near the
store's point-of-sale terminal, customers may pay
for items like coffee and food using IoT
technology. Additionally, wearables may be used
to execute various transactions at any time.

Wearables may get notifications and alerts, such
as the availability of a monthly statement or a
new bank offer, from their bank accounts.

Customers may pay for things using their mobile
phones, smartwatches, or even their vehicle
dashboards, thanks to digital wallets kept in
their devices.

Monolithic design, a rigid, one-size-fits-all
approach, has traditionally been used to build
many financial systems.
Apps that are easy to design (and update and
grow), rather than ones that need coding skills,
have become more popular in the wake of the
proliferation of smartphones and shifting user
expectations.

Micro service architecture makes it possible to
accomplish the aforementioned goals.
Individual services are separated out into
microservices. They may be used individually yet
can smoothly integrate with one another.

Unlike in monolithic design, where a failure in
the code may have a significant impact on the
whole organization, a failure in a single
microservice does not have this impact.
Microservices help banks to move rapidly, boost
business agility, continually innovate, and
deliver a consistent user experience across
channels such as the web, mobile, and IoT, thanks
to their scalability, high performance, and
reliability advantages.

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