What are the disruptive technologies? Disruptive technologies indicate those revolutionary technological innovations that completely make the existing technologies redundant. Now, the progress and development of technology are so dynamic that disruptive innovations are only bound to happen. Further, every sector and business has entered the phase of tech controlled strategic and functional operations.
The banking industry is one such business that almost completely surrendered to tech operations. Therefore, when speaking of e-banking, the primary device in question is the mobile devices, which makes on-the-go-banking a vivid possibility. Monetary transfers, e-pass books, purchase, bill payments, investment plans, almost every banking service has a mobile device regulated solution. Now, with the new disruptive technologies, even the existing e-banking facilities could be potentially made extinct. Mobile apps are currently, the prime instrument of all such companies. Hence, it has become critical for banks to seek a unique partnership with app development companies in India and abroad.
Disruptive technologies that could influence banking
Artificial Intelligence: According to most of the Android app developers, AI is probably at the very art of every present-day disruptive technology. Probably, AI could eventually make the science fiction of today, a reality of tomorrow. The whole point of the machine is the automation of various manual tasks. However, machines have always lacked the human perception and empathy. AI along with Artificial Neural Networks, strive to solve the particular drawback of machines. AI is mimicking the human thought process and ANN the architecture of the human brain, the machine can think like humans. This integral development has rapidly started to revolutionize every aspect of technology and Information Sciences.
Personalization:
Previously the manufacturer always determined the options of variety in Products and services. However, currently, businesses have increasingly shifted their focus on product and service customization. Consumers are in love with this feature of being able to have their own personalized product/service, without extra costing. Now, what has made that possible? Technology, of course! With the feature of personalization, banks will need to rethink their investment policies and business models.
Personal data:
Personal data is yet to penetrate the majority of masses, but the ones who are aware -are quite sincere about it. As the majority embraces the concept, the finance sector can be expected to be impacted dramatically. Personal data is the new fuel of the 21stt century. It is a data-driven society, and in such an era, to an individual personal data is of utmost value. The more people recognize it; the more banks will need to value it as well. Especially make new encrypted efforts, to guard the personal data of its customers. The physical presence of customers will be of less importance as their personal data will stand proxy.
Environment-friendly technologies:
Environment-friendly technologies are yet another breakthrough in the industrial sector. Putting a stop to use of papers is a pivotal objective to every environment-friendly plan. Hence, the financial sector, where papers were a bedrock of the institution, is forced to make ground up changes. Further, the increasing attraction towards recycling and reusing products, add to this fuel of environmental revolution.
Digital currency:
Banking at the very basic has to do everything with currency. Now when the very fundamental ideas of currency are reformed, the banking industry will have to adapt. The logistical benefits of digital currency are simply too desirable. Getting over such benefits is unlikely happening in the near future. Instead, the entire currency system faces a huge chance of turning digital. Once that happens, every bank and banking system around the globe, won't be the same. New strategies and business models will be set to motion. New rules will be passed, and a new fundamental will be laid. With a completely digital currency system, the entire financial sector will enter a new era.
Voice-based assistance:
Users are rapidly getting the hang of voice-based assistance. Soon enough, the implementation of such services could take over all digital platforms. Once that happens, e-banking will have to adapt accordingly. The already existing mobile banking services will have to integrate voice facilities to retain their customers.
The factory of the future:
AI along with robotics is sure to reform the employee structure in industries and offices. Smart machines and robots will perform many manual tasks of today. As the users get accustomed to the efficiency of such a system -patience on manual services is likely to fall. As a result, banks will need to reconsider their infrastructure, including the employees.
The popular blockchains:
Blockchains have delivered an open book of information to every customer around the globe. It not only enlightens with a global exposure but also provides complete transparency across sectors. In order to retain credibility with customers, banking sectors will have to wise up and be more transparent. As an android app developer, you must consider these facts.
Prescriptive analytics:
This is the result of digital analytics. Prescriptive analytics suggests the best actionable measure to a business to a particular concern. The efficiency of such analytics is absolutely priceless, and way beyond manual capacity. The need for such analytics emerged from the accumulation of bulk complex data. Speaking of the banking sector, few other businesses receive such humongous quantity and variety of data. Hence, it is safe to say; prescriptive analytics will play a significant role in mobile banking.
CRISPR:
Clustered regularly interspaced short palindromic repeats, is the primary concern of biotechnology and medicinal sciences. However, most fail to scale its impact on the banking sector. CRISPR if continues is a path, is expected to make groundbreaking advancements in the field of medicinal sciences. And every time a new invention emerges, it is the banking gets to benefit from it. A new group of customers, new investment plans and a new society, is what CRISPR will bring to banking. The impact on banking might not be immediate, but, once establishes -the impact will be mammoth.
Digital twins:
Digital twins in the simplest terms are the digital simulation of a physical entity. These digital twins, can process complex relevant data and simulate behavior that its physical counterpart is expected to deliver. Digital twins prove largely effective in pre-determining the success of their physical counterpart. Every time a bank plans for a new branch, a new business model or a new investment plan -it won't be a gamble. With the right digital twin in place, banks will be able to determine the success of every new venture.
Augmented reality:
Augmented reality is one of the most interesting disruptive technology. Few other advancements are as engaging as AR -delivering a near-surreal experience to users, which is why it holds all the more potential to turn addictive. Besides that, There may be a time, when customers get so accustomed to it, that they reject anything without AR. In its core functionality, Augmented Reality overlays the physical world with digitally simulated information. Providing information to its customer is a pivotal aspect of banking. Moreover, Doing so with the aid of Augmented Reality does seem like a generous option.
Cross-business convergence:
Be it history, society, culture or business. Convergence is an inevitable reality of the 21s century. The prime sponsor of this convergence is technology. With cross platform app development on mobiles and various devices, customers no more consume a single product at a time. iOS and Android app developers have long fought this struggle of developing this convergence. This convergence has called upon banks to tie-up with different related businesses. Banks have started converging with e-commerce businesses and significant other private ventures. However, as the reach of disruptive technologies to app development companies in India increase, the convergence will spread like fire. Therefore, without a doubt, to stay in the game, banks will need to hop on the wagon.
Conclusion
Mobile banking is taking the world like a storm. You must get know and use it to the best for the next future transactions. This article is for all the questions you want to know about mobile banking application is disruptive technologies.