Entering into autonomous era from collaboration era with latest technology trends

In this age of collaboration, if we need to move into the next orbit, we need to adopt the race of technology adoption. Technology-adoption acceleration should be in the right direction for every organization. While technological aptitude is essential, the right attitude to drive and adopt digital technology and change is a must.

Following are the latest technology trends and their use-cases in the banking industry:3D printing – Future branches could be created within one day with 3D printing.

• 5G. It will change the customer behavior and help wearables to become another form factor of banking.Artificial intelligence – It is a proven technology in banking for automation, security, and many other areas.
• Robotic process automation. Automation of reparative processes in banking back-office.
• Automated guided Vehicles. It may not be in the near future but with 5G, we will not be surprised to transport ATM and POP-UP branches to remote areas.
• Blockchain. It is foundational technology and it will bring lot of trust and automation in the current dis­connected banking experience, and it will remove inter­mediaries. Examples like cross-border payment, trade finance, central bank digital currency will change the way to do banking.
• Cloud computing. This is the need of future banking with changing and increased volumes of transactions and the ease of management of applications.
• Robots. We won’t be surprised to see automated man-less branches, supported by humanoids or robots.
• Drones. In the future, drones will be an assistance like phone today and we will see certainly a lot of use-cases for drones in healthcare.
• Edge computing. Some of the use-cases like image processing at branches can be done with edge computing.
• Internet of Things. Great use-cases like wearable banking, voice assistants, smart car, smart home banking are the upcoming use-cases.
• Machine vision. Through machine vision, it will be great to see and measure employee efficiency or under customer facial expression and emotions to offer wow service experience.
• Virtual reality/Augmented reality. This is going to be a new edge form factor for communication and interaction. Talking to your contact center agent, viewing statement through debit card or searching nearby ATM by pointing phone in air are some of such use-cases. Oh yes, we can create a complete virtual bank branch without physical infrastructure with VAR/VR.

It is important to understand that technologies, such as IoT, AI, 5G, and blockchain do not work independently. They have to work together for enhanced customer usage. Cybersecurity will derive tremendous benefits from AI, biometrics, and blockchain in the future, while 5G will bring in much-needed benefits for IoT. The new-age customer will be a combination of a human being and his/her smart device. Devices will talk to back-end systems and will need to be programmed with blockchain so that they work independently and serve customers. Imagine your refrigerator ordering ingredients based on inventory, and your electric appliances paying bills on the due date.

In 2021, we understand we need to focus on grooming the ability of employees to adapt and adopt existing and emerging technologies. It requires taking initiatives and encourage employees to break barriers by having a futuristic mindset. Not just adapting to technology, but not compromising on security and compliance has become essential in these times. Managers are often looked at as problem solvers.

At DCB Bank with Innovation Carnival program, we have opened our 40+ use-cases to external ecosystem, viz., start-ups, academia to participate and experiment with us to create future-ready prototypes as part of open Innovation. It is guiding us to be ready for everchanging customer and business models. Well, technology is growing day-by-day and so the customer is caging its expectations toward banking. Technologies like AI, robotic process automation (RPA), Big Data, blockchain, and cloud computing are being adopted in our bank already. We understand it is important to research and adopt emerging technologies like blockchain, 5G, edge computing, or IoT.

We have seen how consumer behavior has changed during this pandemic, and the implications for continuity of that behavior. Customers will henceforth want to be serviced anywhere and at any time. Does your organization have the change capabilities to embrace and accept the ever-changing technology landscape?