TECHNOLOGY CHANGING THE FUTURE OF DIGITAL BANKING

Ever wondered about the simpler times when trades comprised of only give and take rule? Today, with the rise of technology and software, convenience has become the utmost motivator for any services, and digital banking brings that to our fingertips. Every individual is a consumer of that convenience that the internet makes possible for us, and almost every sector is switching up their digital game to be in the race.

Technology has taken over the world and conventions are quickly becoming obsolete in today's time. The advancement in technology has improved the user experience that the digital banks provide, therefore giving the customers that one motivator that seems to be working the most right now, convenience. User experience is elevating in digital banking with the help of Artificial Intelligence and Machine Language. It helps in providing customized, tailor-made services for each consumer, which is the essence of digital banking. The software monitors patterns in tastes and likes of the account holder and how he or she chooses to deal with their funds, thereby conducting a meaningful communication with the user based on the insights. This is a great improvement to experience on behalf of the users on the traditional methods, where flexibility was never quite the option. Since much of modern digital banking is based on AI and Machine Learning, customers get to enjoy a service that is suitable for their own banking activities and does not have to fit their requirements as per the bank's regulated services. Technology has enabled fool-proof banking security to mitigate fraud and loss. Not just banking, but online grocery stores as well. Since security is one of the most important aspects of banking, therefore dealing with other people's funds is not something to be taken lightly. That is why the banking, finance, and insurance sectors are so heavily regulated. Digital banks set up several ways to safeguard personal accounts. One of the ways is obviously password protection. However, with the introduction of 2 steps method of authentication and biometric, users do not have to worry about remembering digits or words for different accounts. The 2 step method successfully adds a layer of security, but it is also a tedious process to repeat every time the consumer logs into their account. However, technology is still striving for creating something with the effectiveness of passwords and verifications, but with none of the headache that comes along with them. First, there was fingerprint match authentication, which proved to be a user-friendly security option. Now, we have iris, face, and even voice recognition. Biometrics is perhaps the most convenient option at present that chooses a middle ground between providing iron-clad security but also user convenience.

Digital banking is all about optimizing customer convenience. With the facilitation of technology, users can do their transactions without standing in long queues or being physically present in the bank for paperwork. E-commerce has facilitated its users with fund transfers anytime and anywhere. Furthermore, with the rise of digitalization, human factors are constantly being replaced and hence the chances of errors and biases have become considerably less, therefore increasing the levels of productivity. With the rise in business intelligence, there comes a rise in business efficiency. The integration of Business Intelligence in digital banking is inevitable, and the number of benefits it brings to the bank is endless. It provides accurate, unbiased and function-specific insights based on historical, current, and future banking trends, which helps the bank in increasing efficiency, takes their services a few notches higher, and generates more revenue.

With traditional methods slowly fading, innovation has brought the world closer to digitalization. Artificial Intelligence technology is steady to bring innovations in every step of the banking environment. With people trusting technology, better banking performances are observed with safety and convenience for users.