What are the recent technologies used in bank?

Question

Accepted Answer

Banks are using various technologies such as AI, blockchain, biometrics, and mobile banking apps.

Artificial Intelligence (AI) for fraud detection and customer service
Blockchain for secure and transparent transactions
Biometrics for authentication and security
Mobile banking apps for convenient and easy access to banking services

Accepted Answer

Artificial Intelligence (AI) and Machine Learning: Banks were increasingly using AI and ML for fraud detection, customer service through chatbots, and predictive analytics to make data-driven decisions.
Blockchain: Blockchain technology was being explored for secure and efficient transactions, especially in the field of cross-border payments and supply chain finance.
Digital Wallets and Contactless Payments: The use of digital wallets, mobile payment apps, and contactless payment methods continued to grow, making transactions more convenient and secure.
Robotic Process Automation (RPA): Banks were adopting RPA to automate routine and manual tasks, reducing operational costs and errors.
Cybersecurity: With the increasing frequency of cyber threats, banks were investing in advanced cybersecurity solutions, including biometrics, to protect customer data and assets.
RegTech: Regulatory Technology (RegTech) was being used to help banks comply with ever-evolving financial regulations more efficiently.
Cloud Computing: Banks were migrating to cloud-based infrastructure to enhance scalability, reduce costs, and improve agility.
Open Banking: This initiative aimed to provide customers with more control over their financial data, enabling them to securely share their information with third-party financial service providers.
Quantum Computing: Some banks were exploring quantum computing’s potential to solve complex financial problems and enhance security.
Personalisation and Customer Experience: Banks were utilizing data analytics to personalize services and improve the overall customer experience.
Biometrics: Biometric authentication methods, such as fingerprint and facial recognition, were gaining popularity for enhanced security in online and mobile banking.
Chatbots and Virtual Assistants: Banks were using chatbots and virtual assistants to offer customer support and assistance.

What are the recent technologies used in bank?

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