June 29, 2021
FinTech is growing day by day and this is only the beginning. Adding new technologies to your bank is great for business as it helps your daily work. Moreover, it saves cost. Let’s see what these are, shall we? Here listed are some of these new technologies.
Applications like Application Programming Interface (API) forms a connection between different computers by using the internet. API allows different applications to talk to each other. Thus, banks use API to run their day-to-day activities in a better way. Furthermore, this technology is safe for everyone. In the future, almost all banks will be using API.
Banks have a lot of information from their customers. Thus, they use Big Data technology to store their data. Storing large data takes a lot of time and is difficult. This is where Big Data helps. Additionally, banks use big data to save money and satisfy their customers. Therefore, it is a very useful technology these days.
Banks use AI for their daily work and customer service. Using AI helps in tracking fraud. Moreover, it helps banks protect their information from hackers. It makes the banking experience secure for customers and makes them trust the bank. Adding AI is costly, however, it is great in the long run.
Banks use biometrics to secure their information from thieves. Biometrics are used by banks to identify a person. Why? Firstly, they are different for everyone. Your fingerprint will be different from other people’s. Secondly, it prevents hackers from hacking you. Lastly, it makes your customer trust your bank. They can safely give your their money and not worry.
Banks use Distributed Ledger Technology (DLT) to secure their data and keep information. It is safe and helps with faster money exchanges. It is very useful for banks. Moreover, cryptocurrencies like Bitcoin are made by using DLT.
Before adding new technologies to your bank it is important to research, consult, and analyze your options.
Banks are now more safe and secure. Therefore, we hope that in the future more such technologies will make our banking experiences easy.
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