Banking in the Background is the Future

By Bahwan CyberTek, July 6, 2017

Very few people physically visit banks these days. While governments across the world aggressively push for cashless economies and digital banking, and e-commerce apps becoming the front face of banking, obviously, there are people, particularly from the millennial group, who have not visited banks, but still enjoy consumer banking services.

It has already been noticed and proven that banking functions like deposits, borrowing, payments and transfers can be done without personal interaction, and much more easily through online and mobile devices.

Recent technological advancements in the fields like Artificial Intelligence [AI], voice-controlled devices, Application Programming Interface (API) and cloud technology, on the other hand, are helping the banking industry to offer their services to consumers 24/7/365 days.

In this regard, I would like to introduce one of the more popular technologies that the banks have started using these days, and one that has the potential to become the ‘future face of the invisible bank’- virtual assistant technology.

In the near future, the ‘virtual personal assistant’ technology will become capable of learning so many things about the customer (the moment it is engaged by the customer), at such rapid a pace that it can, not only understand the customer’s daily life patterns, but also interact with millions of ‘related’ financial and non-financial options at any given moment, to facilitate the customer’s every whim and fancy, i.e. related to financial activities.

What do you think could be the future of this segment?

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Bahwan CyberTek

Bahwan CyberTek (BCT) is an innovative solutions partner for global Fortune 500 organizations and has delivered transformational solutions across Logistics, Predictive Analytics, Payments & Citizen services & Education through IP-led products and cognitive solutions, growth accelerators and innovative outcome-based business models. BCT has over 1000+ Enterprise Customers, 3500+ SME Customers and 475+ Universities across the world.

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