Top 10 technology trends that will define the future of banking

The year 2017 was a watershed moment for the Indian Banking industry, defined by reform tailwinds like demonetisation, digital India drive and global changes like rapid technological advances and an exponential rise in computing power. From experimentation of use cases on the Block chain technology, Artificial Intelligence (AI) and Machine Learning to bolstering operations through Bots and RPA (robotic process automation), the industry is today geared to embrace challenges and opportunities of the future. It wouldn't, hence, be a hyperbole to define 2018 as the "Year of Cognitive Banking"; taking the industry to an inflection point by strategically blending technology with processes for real-time business impact. Banks will start meaningfully adopting machine learning tools and techniques to draw insights from various data points employed to collect customer's profile and transaction behavior, in order to predict user needs and design better customer experience. With increasing implementation of Big Data and Mobility Solutions by Banks, we could see a new wave of Analytics of Things or AOT, which would help banks analyze customer interactions with various devices on IoT and deploy this information to enhance customer experience and design better lending opportunities. As the current governing regime moves into the last year of its term, implementation of Smart Cities could see heightened activity and 2018 could herald interesting times for connected payments and IoT.