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What are some technological innovations in banking?

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What are some technological innovations in banking?

10 Innovations That Deliver the Digital Banking of the Future

  • Advanced Self-Service Capabilities.
  • APIs.
  • Instant Payments.
  • Cloud Computing.
  • Biometric Technology.
  • Chatbots.
  • Process Automation – RPA, AI, Machine Learning.
  • Micro-services.

How can we improve our banking system?

Let’s get started.

  1. Promote Financial Literacy Through Customer Education.
  2. Become a Trusted Advisor to Small Business Customers.
  3. Make Contextual Data a Core Component of Your Customer Service Strategy.
  4. Develop a Truly Omnichannel Customer Experience.
  5. Provide Customers With Self-Service Opportunities.

How has technology helped the banking sector?

Business intelligence system provides data for historical, current and future trends. This data aids the banks in a way that they are able to take accurate decisions and thereby can bring an overall increase in the productivity, efficiency and profitability.

How can banking sector improve productivity?

  1. Business realignment. The basic premise of business realignment is to exit business lines that have low margins and move instead into lines that are inherently more cost-effective and increase bank profitability.
  2. Channel optimization.
  3. Process costs.
  4. Staff productivity.
  5. Technology and automation.
  6. Vendor relationships.
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What techniques can be used to cover the operational efficiency of banks?

MEASUREMENT: There have been several approaches to efficiency measurement of banks. Berger and Humphrey reviewed three approaches: asset approach, user cost approach, and value added approach. See article attached. While Kablan looks at frontier analysis.

What is exceptional customer service in banking?

Friendly, knowledgeable bank employees can project a positive image of your institution to customers. Continually train staffers on best practices in customer care and teach problem-solving skills. Employees should be able to address common customer concerns, questions and complaints and resolve matters quickly.