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Top Three Upcoming Banking Trends

Banking has changed substantially over the last few decades. There have been so many technological advances that it has changed the way we do banking almost entirely. It’s become a lot more convenient for us to save, send, and spend our money. Gone are the days where we had to worry about carrying cash on us, and it’s become an inconvenience to have it on you. With the advance in technology and security, it has made it possible for so many industries to go the online route when it comes to doing business. Even the online casino leaders, such as the Lucky Nugget casino are an example of brands that adopt innovative and safe banking options in addition to more traditional ones. Let’s take a look at some of the upcoming banking trends that these advancements have allowed.

Blockchain

By now, you’ve probably heard of Bitcoin, and you may have even invested your money in it. You probably heard about the massive boom that happened in 2019 and the dive it took after COVID. Either way, blockchain is the underlying technology behind it. It’s quite a complicated concept to explain in a single article, and the bottom line is that it’s a decentralized network of computers that process financial transactions on a global scale. The biggest key to this technology is the encryption that takes place, making it one of the safest ways to process a monetary transaction, and that’s why the banks are interested in using it.

AI & Big Data

Artificial intelligence may sound daunting to some people, but in reality, it’s not. They might seem smart when you consider how we can write programs that play chess incredibly well or trade for us on the stock market. In most cases, you’ll find that most AI capabilities are often limited to a single task.  Fortunately, we are getting better at it. Big data refers to massive amounts of data collected and collated and then used to make informed decisions. The banks have been collecting customer data for decades, and they are now looking to combine that with AI to help improve customer experience, direct marketing campaigns, and even help manage risk for the bank when it comes to lending money.

Going Digital and Mobile

Many of the pre-Millenials will remember having to spend an hour in the bank waiting to see a teller, so you could deposit or withdraw money. These days you can do your banking on a phone or the internet. Even fiat currency is slowly disappearing, and people are starting to use cash, less and less. Thinking about your spending habits these days, you’ll probably realize that you hardly ever need to carry money on you unless it’s necessary. The digital age is here, and with it comes a whole lot of cyber-based security systems. Cybersecurity enables us to transact securely in an environment where hard currency is an option and not a necessity.

More of these technology-based aspects are being slowly added to the financial sector, all in the name of safety and security when it comes to money. As we start to see more of these applications coming into the banking sector, so too will other industries follow suit. After all, if it’s safe enough for the banks to use, then it’s safe enough for anyone.

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