Four Emerging Banking Trends in 2023

The banking sector has gone through some major changes in recent years, and it’s only going to continue to change in the years to come. If you’re looking to stay ahead of the curve, it’s important to know what trends are emerging in the world of banking. In this blog post, we will explore four major banking trends that are emerging in 2023. From digital-only banks to new payment methods, read on to learn more about what’s in store for the future of banking.

Emerging Banking Trends in 2023

The banking industry is constantly evolving and changing. Here are three major banking trends that are emerging in the year 2023:

Support Digital Payments

Digital payments are on the rise. Banks and other financial institutions are ensuring the best technologically equipped systems and infrastructure to support digital payments. This includes things like net banking and mobile banking, as well as payment processing platforms.

Here are some steps taken by banks to support digital payments:

• Increased security: With more transactions happening online or via mobile devices, cards, and even smart watches, banks are ensuring secured payment systems with features like two-factor authentication and fraud monitoring.
• Simplified checkout processes: Consumers expect a streamlined and easy checkout process, whether they’re paying online or in-app. Thus, banks are using an up-to-date and user-friendly digital payment system.
• More options for international payments: Banks are offering a good digital payment experience through real-time currency conversion and low fees for customers who send or receive money internationally.

Artificial Intelligence

Artificial intelligence (AI) is one of the most talked about emerging technologies in banking. Banks are already using AI for a variety of tasks, including fraud detection, customer service and mortgage approvals. The use of AI in banking is expected to grow in the coming years as banks look for ways to improve efficiency and reduce costs.

There are a few key trends to watch for when it comes to the use of AI in banking:

• Banks are using AI to automate repetitive tasks: Tasks such as customer service, fraud detection and anti-money laundering are being automated using AI. This allows banks to free up staff to focus on more critical tasks and improve efficiency.
• Banks are using AI to personalize customer experience: By using customer data, banks can provide a more personalized experience. This could involve providing recommendations on products or services that may be of interest to the customer.
• Banks are using AI to improve risk management: By analyzing data, banks can identify risks more quickly and take steps to mitigate them. This helps to protect the bank from losses and ensure that customers have a positive experience.
• Banks are investing in fintech startups: Many banks are investing in fintech startups that are developing innovative applications for artificial intelligence. This allows the banks to stay at the forefront of this emerging technology and tap into new markets.

Better Customer Support

There's no doubt that providing excellent customer support is critical for any business, but it's especially important for banks. In a highly regulated industry where customers have a lot of choices, banks are doing whatever they can to stand out from the competition and give their customers the best in class service by offering better customer support. This includes providing more personalized service to making it easier for customers to get in touch with a live person when they need help. Whatever form it takes, better customer support can go a long way toward building trust and loyalty among bank customers. And that's something every bank is and will continue to work for.

Improved User Interface

A good user interface is one that is both easy to use and visually appealing. A well-designed user interface will make it easy for users to find the information they need, navigate their way around the site and complete tasks quickly and easily. In recent years, there has been a trend toward simplifying web interfaces and removing unnecessary clutter. This has made sites easier to use and has improved the user experience.

Banks are now starting to follow this trend, with many of them redesigning their online banking portals and mobile apps to enhance the customer experience through:

• A streamlined and simplified interface that is easy to access with assistance tools like Chatbots, Quick links, etc.
• Attractive visuals that are pleasing to look at.
• A user-friendly layout that helps users find what they need quickly and easily.

How Bank of Baroda Would Enhance Your Banking Experience in 2023

In 2023, Bank of Baroda would leverage your banking experience by making it more convenient, efficient and personalized.

• Convenience: You can bank anywhere, anytime with Bank of Baroda’s mobile app and online banking platform. All your banking needs can be met through our digital channels – from opening a new account to applying for a loan, transferring funds and many more.
• Efficiency: We will continue to invest in the latest technology to make your banking experience more efficient. For instance, our chatbot “ADI” (Assisted Digital Interaction), WhatsApp messenger and 24/7 personal banking toll-free call service are available to answer all your queries instantaneously. Our customers will be able to access Online Complaints/Track Status/ Feedback with just one click.
• Transparency: We are committed to provide complete transparency in all our dealings with you. All charges and fees will be clearly communicated upfront so that you can make informed decisions about your finances.