PPT for Recent trends in Banking is available at end of this topic.
Content
1. 16 Recent trends in banking
2. Benefits of Recent Banking Trends
3. Download PPT
4. Video Available
Recent Trends in Banking 2022
- Overview points
- Artificial Intelligence Robots
- Virtual Banks
- Smart Wearable
- Phone Banking
- Satellite Banking
- Biometric Verification system
- Blockchain Technology
- Quantum Computers
- UPI (Unified Payments Interface)
- Demat account
- Universal Banking
- Point of sale (POS)
- Hybrid Cloud Technology
- Data & Personalisation
- E-Payment & Settlement System
- Letters of credit
- Globalization of Banking
The following are the Recent trends in banking
1. Artificial Intelligence Robots
Most banks use chatbots or Artificial intelligence robots for assistance in customer support services.
These technologies are made up of machine learning, chatbots, robotic process automation, and intelligent analytics.
This technology removes the chances of human error and creates accurate solutions for customers. Also, it can recognize fraudulent behaviour, and assists in financial decisions.
2. Virtual Banks
Virtual Bank is the latest & Unique banking trend. These banks exist online and provide all the services online such as credit & debit cards, money transfers, etc.
These Virtual Banks don’t exist everywhere like traditional banks. They are also known as fintech companies. Examples of these banks are Paytm Payment Bank, Current Company, etc.
3. Smart Wearable :
With smartwatch technology, banking and financial services technology is aiming to create a wearable for banking customers to provide more control and easy access to the bank.
Thus, this technology is for future retail banking trends by providing major banking services with a single click on their wearable devices.
4. PHONE BANKING:-
The next trend in banking is now banks pick up the phone to access a host of Bank services, day or night.
Phone and mobile banking are a fairly recent up-gradation for the banking industry. Its channels function through an Interactive Voice Response System (IVRS) or Telebanking executives of the banks.
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5. SATELLITE BANKING:-
Satellite banking is a future technological innovation in the global banking industry. It is expected to help in solving the problems of weak terrestrial places by connecting the communication links in many parts of the country.
Trends in the banking sector PPT is available at the end
6. Biometric verification system
This is also the greatest trend in the banking sector. First of all, a biometric verification system improves security & also helps in the KYC process.
Secondly, in future, with the help of biometrics, people can directly withdraw their money without adding their cards and pins to the ATM.
7. Blockchain Technology
Blockchain is known for cryptocurrency or online currency like Bitcoin which helps in keeping track of transactions in a secure and verifiable way.
As blockchain is highly secure and easy to operate, it can be used for promoting transparency during payments & currency exchange in banking. It can also help banks to save money and improve customer experience.
8. Quantum Computers
Quantum computers are machines that use the properties of quantum physics to store data and perform calculations.
This can be extremely advantageous for making accurate decisions like making an optimal investment portfolio, Current Balance, etc.
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9. UPI (Unified Payments Interface)
UPI has changed the way payments are made. It is a real-time payment system that enables instant inter-bank transactions with the use of a mobile platform developed by the NPCI.
UPI makes funds transfer available 24 hours, 365 days unlike other internet banking systems. UPI is quicker, safe, and easy to use. Examples- Google pay, Paytm, Bhim UPI, etc
10. Demat Account
Demat Account is an electronic account to store shares and securities. This eliminates the problems regarding payment and holding physical securities certificates.
Demat account is opened by several banks and brokers. This trend in banking helps bank customers to buy shares online.
Every investor i.e. smaller or bigger investors can have registration through stockbrokers like HDFC Securities, Kotak Securities, Upstox, etc.
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11. UNIVERSAL BANKING
All the operations now can be performed in a single step. Electronic conveniences are provided for a busy life. Below are various services provided by E-Bank:
1. Check account balance
2. Keep track of account transactions
3. Make third-party payments
4. Transfer funds
5. Download transactions
6. Order chequebooks
7. Request stop payments
8. Apply for a Loan
12. Point of sale (POS)
POS is making a payment transaction in exchange for goods at that time. The transaction can be done by using a debit or credit card. Every time PIN needs to be entered to make a transaction.
Now, the bank will send that payment from the buyer’s account to the seller’s account. These transactions are mostly used in malls where people do shopping with their cards.
13. Hybrid Cloud Technology
The biggest question that the digital or modern age has brought to banking is the need to communicate quickly.
Banks need to be able to provide resources across the enterprise on time to solve business problems faster. The hybrid cloud also allows banks to offer new innovative offerings to their customers.
For example– ICICI Bank has partnered with Zoho Books which is online accounting software.
This allows Retail businesses or Shop owners to automate the basic reconciliation process through Zoho Books. The partnership aids customers to do online data entry and offers multiple payment options.
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14. Data & Personalisation system
Technology advances have given banks the ability to analyze and categorize more data about their customers.
In 2022, most banks have started to use this data effectively to provide customers with the personalized experiences that customers have come to expect.
Data and personalization will become the new battleground for traditional banks and challengers, with customers choosing their bank based on the level of customization and support received through a bank’s digital channels.
15. E– Payment and settlement system:-
The payment & settlement system in India is mainly for financial transactions. In India, multiple payment systems are used for gross and net settlement.
(i) RTGS
The full form of RTGS is the “Real Time Gross Settlement” system. It is a transfer system in which the transfer of money takes place from one bank to any other bank on a “real-time” and a “gross basis”.
‘Real Time’ means the processing of payments at that time when the instructions are received and ‘Gross Settlement’ means that the settlement of funds transfer occurs on a one-to-one basis or line-wise.
(ii) Electronic Clearing System
ECS is an electronic mode of funds transfer from one bank account to another. This aids institutions or governments to make large transactions such as the distribution of dividends, interest, salary, pension, etc.
(iii) Electronic data interchange (EDI)
It facilitates computer-to-computer exchange of electronic documents (such as purchase orders, and advance shipment notices without human intervention or human-readable (paper or electronic documents).
16. Letters of credit
A letter of credit is a legal document from a bank that says the bank will pay the exporter when the conditions in the letter are met. In effect, the bank is liable to pay the amount to the seller.
The issuing bank ( buyer’s Bank ) pays the seller through the advising bank (seller’s bank). The buyer of goods pays the issuing bank a fee for its services.
17. GLOBALIZATION OF BANKING
Globalization has come out as a prime mover in the Indian banking system. The banking sector rises after the policy of liberalization in 1991 by opening up banking and other sectors.
Foreign banks that wanted to set up their offices/branches in India have been granted licenses by RBI. It helps India to improve its technology.
Read More- Types of fraud in bank
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2. Benefits of Recent Banking Trends
- Easy to access banking services
- Can do transactions or transfer anytime
- Reduces the banking cost
- Reduces corruption & money laundering
- More services to the customers
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very nice post i have get knowledge
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