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Technological innovations in banking

3 technological innovations that are shaping the future of the banking industry

The banking industry is facing its most unpredictable period in years. Particularly in the United Kingdom, as the uncertainty surrounding Brexit and the European Union continues to loom over even the largest corporations, it can be difficult for industry leaders to construct a practical and relevant business banking training programme.

One thing that can be guaranteed, however, is that the progression of technological innovations in the sector is improving. It was announced this week that Natwest would become the first UK high street bank to trial voice banking using artificial intelligence technology, further highlighting the significant shift in how consumers can access their finances.

With innovation dominating the industry, It can be beneficial for leaders in banking to gain a deeper understanding of the emerging technologies that are set to shape the future of operations. This, in turn, will allow them to optimise their business banking training and remain competitive in a saturated market. We’ve listed three groundbreaking innovations that are making an impact below.

Voice banking

As previously mentioned, Natwest is set to be the first bank in the UK to trial voice banking. For now, consumers will be able to login to their bank account and access basic information by communicating with a Google Home speaker. The trial will be conducted with 500 customers over three months, and if all goes well, more features will become widely accessible.

While voice banking is a new concept, the use of voice assistants is not uncommon for most. According to Juniper Research, there will be 8 billion digital voice assistants in use by 2023 in the UK alone, more than triple the 2.5 billion reportedly in operation at the end of 2018.

If voice banking does indeed work, it will form the basis of one of the largest developments that modern banking has ever seen, as consumers will no longer need to come into physical contact with a device in order to access their finances.

FinTech and Apple Pay

Another innovation that has streamlined banking services for the average consumer is the emergence of Apple Pay, along with the broader FinTech industry. It is now easier than ever to access a virtual ‘wallet’ on a compatible device and make multiple purchases without needing a physical bank card or cash.

Earlier this year, it was revealed that FinTech is London’s fastest-growing economy, further highlighting how business leaders in banking cannot afford to ignore it. With mobile banking becoming more popular year on year, training staff members to be able to keep up-to-date with these innovations can save a business time and money long term.

AI and chatbots

The evolution of artificial intelligence continues to have an impact on a broad range of professional industries, and banking is no different. Gartner predicts that by 2020, consumers will manage 85% of their total business interactions with banks through chatbots, meaning that business leaders need to ensure their employees are aware of how to work with them effectively.

While employees in the banking sector may become fearful of their positions as artificial intelligence continues to play an integral part in operations, these fears can be alleviated through effective business banking training programmes that educate staff members to work alongside AI and utilise new forms of technology to empower the workforce.

There’s no doubt that technology will continue to have a direct influence on how the biggest corporations in banking deliver their services to clients and consumers across the world. For business leaders, investing in the right business banking training solution can be the difference in ensuring that employees across an entire hierarchy are prepared for what’s ahead.

FOR MORE INFORMATION ON THE BUSINESS BANKING TRAINING PROGRAMMES WE PROVIDE, CONTACT MDA TRAINING TODAY.

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