Banking & Financial
Tech Innovation in the Banking and Financial Industry
Digital account opening, online banking, Person-to-Person payments, Client to Business, and business to business payments, chatbots, big data and analytics, Fraud detection Application Programming Interfaces (APIs) – every financial and banking process needs top-level IT implementations.
How technology is driving growth and profit in Banking and Finance
Most of the technologies used in the banking and finance industry are all geared towards the primary goal of driving profits and growth. For example, digital account creation has greatly reduced the entry barrier for people in creating accounts. Application Programming Interfaces (APIs) also contributed to the integration of banking and financial services, streamlining payment processes and resulted in an increase in digital transactions. Businesses that adopted multiple payment options experienced better growth in revenue, and increasingly established a larger client-base because of the simplicity of performing transactions offered to customers.
few technology-based enhancements in banking and finance
Banking and finance sector uses cutting-edge technologies specifically developed to serve financial institutions, banks, lending companies and mortgage, credit cards and so on. Let’s have a look at a few technology-driven processes.
AI in Fraud Detection
Artificial Intelligence (AI in short) has opened new avenues for financial institutions to detect fraudulent activities. For example, MasterCard implemented an AI algorithm to help identify fraudulent credit card transactions. As digital payments have become the default mode of transaction, more and more organizations are adopting the AI route to identify anomalies and misdeeds in banking.
With the introduction of mobile money, payment gateways like Skrill, and PayPal, wired transfers, QR code-based payment instruments like Google Pay, WhatsApp pay transactions are taking place at a much faster rate. Some of the countries in the world have become 100% plastic resulting in far greater dependability on technologies that drive these processes.
Big Data and Analytics
Banking and Finance industry generates an enormous volume of data. Through the use of machine learning algorithms, data can generate useful insights that enable companies to provide a better quality of service to their customers. Bigdata is usually managed and analyzed on the Cloud and requires larger storage and better computing power. The scope of the use of derived analytics is vivid and can shape the future business of the company.
Banking has been revolutionized with the introduction of transactional processes performed over the internet. Several secured servers and interfaces come in the process to facilitate online banking. The seemingly smooth and simple process of online banking is actually the outcome of a series of programmatic operations performed in the background.
Major technologies used in the Banking and Financial Industry
Java and several Java-based technologies are there in the banking and finance segment since the beginning. The processes which were performed using mainframe computers are now moving towards managed Cloud. Rise and dominion of mobile technologies ushered in complex API-based integrations, supporting server and client-side technologies, security and authentication tools and applications.
How can we help?
Our consultants can assess the tech-requirements of your business and help you to take the most profit-worthy decision. We will assess your requirements, and determine the technologies which provide you with the greatest value and pair you up with a specialist banking and finance technology service provider.