Key Innovations That Are Driving the Future of Banking

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Key Innovations that are Driving the Future of
Banking

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• We are approaching an age when artificially
  intelligent assistants offer us financial advice,
  smartphone applications immerse us in a virtual
  environment, and self-driving vehicles park
  better than human beings. As a result of such
  advancements, digital banking takes on a whole
  new reality with Oracle Flexcube universal
  banking, changing how individuals think about
  their money.

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• A forward-thinking bank needs to remain at the
  core of innovation, adopting new technologies
  that meet customers' expectations for financial
  health and prosperity, as well as trust and
  security.

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• High-tech thinking is not adequate on its own,
  especially in this age of the most memorable
  creations. To ensure the long-term success of any
  bank, it must use the most cutting-edge
  technologies such as Flexcube to better
  understand the requirements and desires of
  customers. Banks will reap the benefits of this
  strategy in the form of increased client loyalty,
  support, and even referrals.

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• Here, we'll look at some of the most important
  technologies and trends that banks may leverage
  to create smooth, creative, and user-friendly
  digital banking services.

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1. Big Data and Advanced Analytics

• One of the most data-intensive enterprises
  globally is banking and financial service
  providers, which have millions of consumers.
• Digital banking's next big winners will be
  institutions that can consistently provide
  personalized offerings and personalized client
  experiences. The massive amounts of data
  collected across various banking channels hold
  the key to understanding what clients want and
  need.

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• For banks to properly listen to their consumers,
  they must analyze data and provide individualized
  financial services that will benefit them using
  Oracle Flexcube.
• To better serve their customers, banks may use a
  wide range of data sources, including payments
  made online and through mobile devices,
  withdrawals made at ATMs, and digital banking
  channels (such as a mobile banking app, internet
  banking, or an e-wallet).

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2. Internet of Things (IoT)

• Soon, the Internet of Things (IoT) has the
  potential to transform our daily lives and the
  financial industry as a whole. An IoT network is
  a collection of devices (such as smartphones,
  household appliances, wearables, and automobiles)
  that communicate over the internet.
• There are several ways in which banks might
  take advantage of the Internet of Things. Here
  are a few examples

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(i) Payments

• Using wearables (such as smartwatches) near the
  store's point-of-sale terminal, customers may pay
  for items like coffee and food using IoT
  technology. Additionally, wearables may be used
  to execute various transactions at any time.

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(ii) Notifications

• Wearables may get notifications and alerts, such
  as the availability of a monthly statement or a
  new bank offer, from their bank accounts.

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(iii) Wallet of Things

• Customers may pay for things using their mobile
  phones, smartwatches, or even their vehicle
  dashboards, thanks to digital wallets kept in
  their devices.

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3. Micro-services

• Monolithic design, a rigid, one-size-fits-all
  approach, has traditionally been used to build
  many financial systems.
• Apps that are easy to design (and update and
  grow), rather than ones that need coding skills,
  have become more popular in the wake of the
  proliferation of smartphones and shifting user
  expectations.

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• Micro service architecture makes it possible to
  accomplish the aforementioned goals.
• Individual services are separated out into
  microservices. They may be used individually yet
  can smoothly integrate with one another.

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• Unlike in monolithic design, where a failure in
  the code may have a significant impact on the
  whole organization, a failure in a single
  microservice does not have this impact.
• Microservices help banks to move rapidly, boost
  business agility, continually innovate, and
  deliver a consistent user experience across
  channels such as the web, mobile, and IoT, thanks
  to their scalability, high performance, and
  reliability advantages.

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Conclusion

• To enhance financial well-being and elevate the
  client experience via digital banking, JMR
  Infotech is leading the charge in the digital
  transformation of financial service providers
  globally. Banks and financial institutions may
  rely on our expertise in cutting-edge technology,
  including self-service banking, Oracle Flexcube
  14.x, and remote account opening, as well as
  chatbots and biometric identification.

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