What Technology Does Banking Use?
According to Paul Inouye, what kinds of technology do banks use? We’ll talk about Cloud computing, APIs, cognitive process automation, and wearable devices in this article. We’ll also talk about Blockchain. Blockchain, in particular, seems like a good idea for the banking industry, but is it a good fit? Learn more by reading on. And keep an eye out for more articles about this subject! In the meantime, you can sign up for our newsletter to learn about the latest news and trends in banking technology.
Using the cloud by Paul Inouye
The financial services industry can benefit from cloud computing in many ways, from making operations more efficient to making the customer experience better. In banking, cloud services can make interactions with customers better by automating routine tasks and freeing up employees to do more important work. Cloud solutions also make it easier for teams to work together and talk to each other. When big data is used in the financial sector, cloud-based solutions can be used to give each customer a more personalized experience. Big data technologies are used to gather the data, which includes insights from users.
The obvious benefit of cloud computing for banks is that it lowers the cost of buying equipment for data centers. Then, banks can focus on their most important tasks, like managing customer relationships, instead of having to worry about running data centers. Also, cloud infrastructure is very reliable, and hybrid cloud models offer the most secure way to store data. The benefits of cloud computing for banks are clear: it frees up resources for more important tasks, like managing customer relationships, processing payments, and processing customer data.
APIs
When APIs are used in banking technology, it’s easy for banks to add new technologies to their systems. This opens up new ways to improve efficiency and make new products. Banks can use these APIs to reach new and different people with their services. APIs help banks catch up with the rest of the world in terms of innovation and using new technologies. Here are a few ways that APIs help banking technology. Let’s learn more about each of them.
Paul Inouye explained that APIs let applications from outside the bank access bank assets. APIs make it easier for banks and third-party apps to do banking. With these technologies, banks can give customers better financial services. There are a lot of good things about using APIs in banking technology. First, they help banks meet the needs of customers today. With the help of APIs, they can look at transaction data from customers and figure out what kinds of financial services will make customers happier.
Cognitive process automation
One of the best things about cognitive process automation is that it keeps things moving quickly. For example, a computerized system can read insurance applications and send the information to standard business processes. AI comes in at this point.
“Engineered efficiency” has been a way for banks to improve their operations for a long time, spreading strategy through their budgets and lines of business. Then, these LOB executives carry out projects in areas like IT, compliance, and processes. Because of this, many will probably stick with their current approach to cognitive automation while trying to keep the industry’s culture of control through product profit. But it’s important to remember that banks have shown they are good at “engineered efficiency” in a number of other fields.
Things you can wear
Banks are already looking into how wearable devices could be used to pay for things. Smart bracelets, watches, and rings are being tried out by ABN AMRO. The bank says that its clients are happy with the wearable devices and that 78 percent of them are ready to use them permanently. Bankwest is also testing out wearable devices. The Halo ring, which works like a contactless payment card, is one of these. These wearables could be a big part of banking in the future.
Also, banks are getting ready for wearable devices. For example, Westpac is making software that will run on Google Glass. But if more people start using wearables, the financial services industry will see an opportunity to improve customer service.
FINN-Banking on Things by Paul Inouye
Paul Inouye disclosed, FINN-Banking of Things is a software platform that makes it possible for devices that are connected to it to make transactions. The company was started by some creative people at ING. Since then, it has grown and released a beta version of its SDK, which developers and other creative people can use to make their own products. The FINN platform is free to use, and app developers can use a free starter plan to start making apps.