The banking industry has always been one of reinvention. It’s an old industry, but not one slow to evolve. As banking meets a new chapter post-COVID where digital channels are outperforming traditional ones, the industry will meet new challenges and pain points. Dr. Seong Boon “SB” Ngoo, Global Banking General Manager for Intel’s Internet of Things, provided an update on the future.
“The banking industry is familiar with disruption. However, it is one of the first to innovate in technology transitions,” Ngoo said. Financial institutions, hit hard by the 2008 economic crisis, had to reinvent their playbook. The pandemic is different. It’s a global health crisis with a significant financial impact.
Ngoo spoke about the areas where banking is making strides with technology. “There are more digital channels for onboarding customers, mortgage approvals, and other activities. These are meeting the new expectations of customers. Banks are adjusting sales models and leveraging data, AI, and IoT to improve processes and delivery.”
How exactly is banking using these innovative technologies? Ngoo shared, “AI is in use in banking from digital signage that can personalize messaging to smart ATMs. In branch usage of cameras can analyze flow and queues and provide recommendations for staffing.”
The branch banking experience is evolving as more customers have shifted to digital channels. “We want to make branch technology easy to deploy and useful. It’s not enough for banks to replace a few things. They need to rethink their business architecture, how they meet customer demand, and comply with regulations in every medium,” Ngoo commented.
Connect with Dr. Seong Boon “SB” Ngoo on LinkedIn, or visit http://www.intel.com/banking.
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