An industry like banking faces continuous and dynamic changes. And to keep up with the ever increasing demand of improving customer experience, new initiatives are being taken regularly by the government to boost financial inclusion and efficiency.
Banks are increasingly investing in digital transformation to simplify processes and support more and more digital products and services. Keeping in sync, let us have a look at the top trends that are going to dominate the banking industry in the very near future.
- Digitalization of banking products and services: this is a huge step in bringing banking closer and making it more accessible to the masses. Digital banking solutions are taking leaps and bounds towards creating an interconnected banking network.
- Collaborations with fintech to include tools like Core Banking, Mobile Banking, Financial Transaction switching, Anti-Money Laundering, Loan Origination System and more
- Digital identity creation and authentication which helps in enhancing cyber-security and generate new revenue streams.
- Open banking with initiatives such as Unified Payments Interface (UPI) and AADHAR Enabled Payment System (AEPS) which makes transactions much quickened and simplified and Bharat BillPay solutions help create better customer experiences with the bank.
FINACUS Solutions have developed a variety of comprehensive financial solutions for banks and other financial institutions. We offer modern innovative, integrated software solutions and services to cater to Banking and Financial Institutions across the globe, and provide security, easy access to information, easy connect to customers and service providers as well.