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Innovative Technologies For NextGen Financial Services

Technology has transformed the entire thinking and service architecture of financial services

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It is no secret that technology which is currently prevalent may become redundant in a matter of say few months/years, as a new disruptor comes forth redesigning the entire landscape. However, there are a few underlying technologies and methodologies which could very well be constituted as the building blocks for creating the next generation of financial services, more specifically for the banking services.

a)    Cloud: Cloud has transformed the entire thinking and service architecture of financial services. While there is security angle to the cloud architecture, it is no longer surprising to find analytics and back-office being run out of cloud architecture. This has ensured that customer service can be delivered round the clock since all the details are available 24x7.

b)    IOT and BOT: 
Like Internet of Things where all devices are connected and provide data like never before, soon we will have Banking of Things (BOT) wherein all finance related services will soon interact with multiple technologies to provide a 360-degree lookup of one’s financial activities.  We have already started seeing the use of Digital Intelligent Personal Assistant (DIPA), an Autobot which connects digitally to a service provider providing all the financial details of a customer at the click of a button. Going forward, this technology is only likely to be sharper.

c)    Robotics: Given the rapid advancement of Robotics technology, we are likely to see more of robotics playing an important part in the delivery of financial services. Robotics have already been introduced across a spectrum of services ranging from route jobs to high-end safe deposit services, and in the days ahead the scope of coverage is only likely to increase.

d)    Block Chain: With security being an area of prime concern in all financial transactions, advanced offerings made on Block chain Architecture is in the offing.

e)    Bio-Metrics: Another silent revolution that took place in India is based on Aadhar, which has emerged as a game changer. It is likely to play a major role, especially in its biometric capability.

Machine Language, Artificial Intelligence, Augmented Reality and Voice Recognition are other areas which are rapidly being developed. Many financial institutions have already introduced them in a small way and thus far the results have been surprisingly good and encouraging.

All of the above technologies are complementary to each other and therefore together the value addition to the financial services space has been tremendous. As we move forward we are likely to see more of such integrated solutions of various technologies (as explained above), in a bid to improve loyalty and customer experience, leading to changes even in the current business models.

Keeping in light all the above developments, it can be easily derived that we are at the cusp of a gigantic leap in terms of technology. As a result, one has to be ahead of the curve in order to be relevant at the time of congruence of new technologies, which is likely in the near future.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.

Lalit Popli

The author is Head - IT, ICICI Prudential

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