Monday, October 24, 2016

Bank of the Future May Be Invisible

With more advancement in financial technology, the digital technologies and advanced analytics have the potential to create the Invisible Bank of the future. Powered by artificial intelligence (AI) and activated by voice, virtual banking assistants can become an integral part of our daily lives.

Banking today is becoming less and less a place you go, and more something that is hidden from view behind digital banking and commerce apps. Once an account is opened at a bank or credit union, there is less need to stop into a branch, since functions like deposits, borrowing, payments and transfers can be done without personal interaction through online and mobile devices.

According to a new report published by KPMG, “Meet Eva – Your Enlightened Virtual Assistant and the Future Face of the Invisible Bank”, technologies like Apple’s Siri, Amazon’s Alexa or Samsung’s Viv will enable an even greater shift in banks and banking by 2030. Instead of being hidden within apps, banking will become completely invisible to consumers.
Fueled by improvements in advanced data analytics, artificial intelligence (AI), voice-controlled devices, application programming interface (API) and cloud technology, the Invisible Bank will be able to be integrated seamlessly within a consumer’s everyday life. Ultimately being available ‘beyond the device,’ these technologies will allow banking, commerce, daily intelligence and decision making to be available to consumers 24/7/365 as a virtual, e-personal digital concierge.

Continue on... The Financial Brand

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