Banks Will Have To Combine Trust With Technology As They Forge Into The Future Of Smarter Banking
Bank branches closures make the news on a regular basis across the globe. In most cases, the reason for this is cost-cutting. Digitization can assist the banks in offer better benefits, increase profits, and improve customer loyalty by offering them new services and products.
A study was held that looked at the likely development of banks in the next 3-5 and 5-10 years. The study looks into attitudes towards voice technology, AI, VR, robotic advisors, wearables, and biometric identification. The way these technologies are used could potentially change the way of banking services.
Banks will have to combine trust with technology as over 80% has responded that they would prefer talking to a human regarding fraud or other such complaints.
Like several other banks across the world, at CYBG we have innovated with both digitization and physical branches. In 2016, we created a new app-based digital banking service called B.
At CYBG’s B workspace, clients would be more likely to see iPads than ledgers. They are devoted to creating the bank branch of the future – one that combines seamlessly customer demand and technology.
While these opportunities can enhance the experience, they can also create fear of fraud. Banks need to work better in cybersecurity and ensure the consumers feel safe. The future of banks will look, feel, and operate differently, but there is no doubt that the customer will enjoy the experience and trust it.
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