Technology convergence is leading to an age of branchless banking, finds Frost & Sullivan
LONDON, Oct. 14, 2015 /PRNewswire/ -- The global digital explosion is radically transforming the way the banking and finance sector operates, fuelling its transition from traditional to omni-channel operations. The trend towards smart banking will continue to gather speed as banks look to minimise operational expenses and improve customer experience.
New analysis from Frost & Sullivan, Future of Smart Banking (https://www.frost.com/d66a), has identified five key technologies central to the shift to smart banking: advanced analytics, cloud computing, mobile platforms, digital payment, and cybersecurity. In addition to technology and application innovations that are enabling the transition to smart banking, the study highlights the convergence prospects of technologies and envisions future innovation opportunities.
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"Smart banks of the future will leverage the power of data analytics to facilitate real-time financial decision-making," said TechVision Senior Research Analyst Debarun Guha Thakurta. "Banks will also capitalise on the flexibility and scalability of cloud services to deliver superior services to consumers."
Mobility is emerging as the new definition of next-generation banking. A mobile workforce for smart banks will boost efficiency and customer experience. Meanwhile, mobile applications will empower customers with anytime-anywhere banking capabilities. Smartphone-based digital payment applications are already changing the ecosystem of financial transactions.
With smart banks relying heavily on communication networks, endpoint devices and data integrity, innovations in intelligent cybersecurity will be critical. Technology developers must design proactive cybersecurity platforms that identify attacks at inception and protect against frauds and targeted threats.
"The integration of sophisticated technologies such as machine learning, context aware computing and neural networks will bolster intelligent security systems," observed Thakurta. "The evolution of fingerprint, voice, heartbeat and retina recognition will ensure accurate and effortless authentication, a crucial facet of digital banking."
Advancements in technologies and transformation in procedures will eventually lead to an era where virtual branches will replace physical bank outlets, enabling smart banking in its truest sense.
Future of Smart Banking, a part of the TechVision subscription from Frost & Sullivan. TechVision is a global technology innovation-, disruption- and convergence-focused practice of Frost & Sullivan that provides a variety of technology-based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision program, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following ifrost link: http://ifrost.frost.com/TechVision_Demo.
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SOURCE Frost & Sullivan