As the world becomes more and more digital, banks, credit unions and other financial institutions recognize the need to meet consumer expectations in their increasingly real-time world. This shift in technology means that the financial world must rethink the “branch-centric” model and move toward a omni-channel, customer-centric digital model. It means moving toward tech solutions with a big emphasis on on data security, access control and compliance requirements. For consumers, the next few years mean a progressively integrated and synchronized banking experience.
Banking & Finance Tech Trends
- Connecting Digital and Branch Experience: Financial institutions are expanding their mobile services and integrating their customers’ banking and mobile experiences from application processes to general transactions.
- Tablets, Self-Service Kiosks and Video ATMs: Tablets allow customer service representatives to meet with and help customers who don’t need window service. Self-service let customers do their banking inside a brand on their own; some customers may chat with a remote teller through video ATMs.
- Online Banks: These are gaining in popularity because traditionally online banks have fewer fees than brick-and-mortar banks.
- Remote Deposits: Allow customers to take a photo of their check with their smartphone and have it deposited straight into their account. Now used by national banks, this technology should be available to most regional and credit unions by year end 2016.
- Cyber Security: Preventing fraud is among the top challenges banks and financial institutions continue to face. The industry will look to adopt new data security methods and form partnerships with security platforms to detect and mitigate threats in a timely manner.
- Big Data Strategies: These are generally focused on reducing risk, meeting regulatory objectives, analyzing fraud detection and improving customer satisfaction by identifying providing institutions insights into improving operations.
- Wearable Digital Banking: This is a growing strategy for financial institutions to evolve the banking landscape to digital channels. The launch of the Apple Watch will bridge the digital banking adoption gap.
- Biometrics Replace Passwords, PINs: These traditional methods can get lost or stolen. Allowing customers access to accounts with mobile banking apps via fingerprints and other biometrics (voice, imaging, eyes) will be more commonplace.
- Cloud Services: The move to cloud services will allow banks to reduce costs and offer more agile computing solutions, including improved data security, customer relationship management and disaster recovery.
- Beacons: The use of beacons, a device that communicates with a shopper’s smartphone in a bid to improve their in-store experience, will provide more personalized experiences for banking customers, such as providing offers to cardholders if they use them at the bank’s partner stores or use the banks’ products while they wait in line.
How Astound Business Solutions Powered by Digital West Can Help
Depending on the size of your organization and whether you have multiple locations, we have IT services, consultation and infrastructure resources to take you where you want to go. Our data center is SOC 2 Type 2 certified and our rigid security standards protect your most sensitive financial records. Our ultra-high-speed fiber optic Internet is extremely reliable and designed to quickly and securely deliver even the most sensitive data, and you can count on our live, local Customer Service Team to be there when you need them. Here are two of our most popular programs for financial institutions:
According to Depository Trust & Clearing Corporation, 46% of respondents cited cyber security as their top concern and 80% cited it as a Top 5 risk overall. In order to meet strict security standards and policies, multiple community banks have turned to us to create a secure private network. We’ll also scan your systems for vulnerabilities, upgrade your hardware, and proactively monitor your network for malicious activity.
We have the most sophisticated software available to manage backups of your desktops, laptops, file servers, as well as Exchange, SQL and other complex databases. You can take advantage of our colocation facilities and virtual resource pool to scale your resources up and down quickly. We enable clients to meet compliance standards, maintain strong network security, and sleep soundly at night knowing their data is stored and backed up nightly.