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Areas of technological innovation that banks should consider in 2021

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Financial institutions are upgrading their technology to survive the pandemic. But new technologies require new ways to manage risk. Robotic process automation, blockchain, and quantum computing are three innovations that help banks stay competitive in post-pandemic situations.

The banking industry, one of the oldest businesses in the world, has evolved over the centuries. And, like any other historical discipline, innovation has changed the way banks operate for many years. Gradually, the need for physical branch offices diminished, and diversification of services opened up previously stable sectors to new opportunities.

The majority of banks quickly responded to the need to provide a basic digital solution due to the physical banking outage. However, experts believe that this year, financial institutions need to make a commitment to improve the digital banking experience and prioritize technological change.

McKinsey said in a September 2020 report that the current Covid-19 crisis has significantly increased the need for financial institutions to adopt innovative technologies. In fact, customers had no choice during the blockade and had no choice but to move to a digital-only world. Nearly 81% of banking CEOs are more concerned about the speed of technology change than any other industry, according to another PwC survey.

Internally, the challenge of maximizing efficiency and keeping costs as low as possible while maintaining maximum security levels is increasing. Of course, there are also technological innovations that will help banks remain competitive in post-pandemic situations.

Robotic process automation

Banks can reduce human error by automating tasks that are rewarding for humans. Data entry, coin counting, and fraud screening can all be done through Robotic Process Automation (RPA). RPA is not a solution for all tasks, according to FinTech reports, but as banks continue to move to the digital model in 2021, there is an opportunity to automate more Rohto tasks than ever before. This is good news for the people in the organization. People who are more interested in relationship building than data entry.

RPA has been heavily adopted in this sector to make time-consuming banking operations more organized and automated. Reportedly, the largest revenue share in 2019 was dominated by the BFSI segment with respect to the application of RPA.

Quantum computing

Quantum computing can be accepted by more banks, as it is known for its rapid advances and fundamental leap in computing that can solve exponential problems in ways that traditional computers could not. Expected.

In theory, quantum computing technology can predict what will happen in the market when the next crisis or pandemic occurs. Therefore, banks can leverage this technology now and in the future to improve portfolio management through rebalancing and allocation, cash management, arbitrage, and capital allocation. According to FinTech reports, quantum computers have the decisive advantage in analyzing scenarios involving non-convex discontinuous values ​​such as interest rate yield curves, transaction costs, transaction sizes, and quantity limits.

Blockchain

Blockchain technology seems to have brought a level of transparency to financial transactions that was once unattainable. This makes transactions much more secure and allows customers to trust the fintech companies that are implementing this technology. Experts believe that blockchain technology will play a key role in the transformation of the banking sector in 2021. In particular, you can reduce overhead costs. The new standard is to clear quick processing almost instantly and settle.

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