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ReadersSpeak

Tech innovations shaping the future against threats. Anti-hacking
software further strengthens
banks' defenses.
5. Hyper-personalized banking:
Banks can offer bespoke services
by leveraging strategies like om-
nichannel banking and AI-driv-
M onica Eaton, CEO of Chargebacks911, sent in a list of 10 banking en financial recommendations.
Wealth management BNPL and
and tech innovations that she believes could determine the finan-
other tools heighten customer en-
cial landscape in 2024:
gagement and satisfaction.
1. Artificial Intelligence: AI tools like chatbots swiftly address
queries, while biometric solutions bolster security and refine AML and 6. Immersive technologies: From
virtual reality-driven training
KYC. From streamlining document analysis to leveraging machine learn- modules to virtual showrooms,
ing, AI is transformative in banking. immersive technologies captivate
2. Banking process automation: Through robotic process automation, users. The emergence of Meta-
tasks like invoice processing and payment approvals become more effi- verse banks further enhances en-
cient, improving credit card fraud detection and ensuring faster responses, gagement in banking.
enhanced compliance and data-driven insights. 7. Neobanking: Digital-first neo-
3. Blockchain & DeFi: Blockchain's inherent transparency and security and banks operate without traditional
ability to streamline numerous transaction types makes it a game-changer. brick-and-mortar constraints and
With decentralized finance, blockchain promises more inclusivity. can provide integrated services,
4. Advances in cybersecurity: Tailored protocols, encryption tools and from automated reconciliation to
workflow management—all at no
AI-driven fraud detection mechanisms help financial institutions guard
cost, or potentially reduced costs
to customers.
8. Open banking: Open banking
bridges banks with non-banking
financial companies. Third-party
developers access data securely
through banking APIs, fostering
innovations like embedded bank-
ing. Banking-as-a-service further
expands banks’ outreach.
9. Quantum computing in bank-
ing: Quantum computing offers
a leap in processing prowess to
bolster such tasks as portfolio op-
timization, financial forecasting,
derivative pricing and cyberse-
curity.
10. Transition to the cloud: By
harnessing the cloud's flexibility,
banks can swiftly adapt to mar-
ket changes, drive innovations,
and better cater to evolving cus-
tomer needs, while being insulat-
ed from disruptions and security
breaches caused by static service
failures.

Your predictions?
What are the main trends and de-
velopments you see taking shape for
2024? Send your insights and predic-
tions to greensheet@greensheet.com.

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