Digital technologies are irreversibly changing the way we interact with different businesses. Many times, the play of technology behind the scene is so subtle yet widespread that we fail to notice it in action. As digital transformation slowly yet surely leaves its footprint in our lives, AI is the next paradigm shift that would drive this change. Today, in the banking sector, customer experience has become vital to ensure good business. Banks can leverage the power of big data analytics and machine learning algorithms to study customer behavior to arrive at insights that would help in creating key differentiators and improve business performance. While incumbents of the banking industry might have viewed FinTech players as disruptors and competitors, only a synergy between these two can result in solutions that meet the expectations of the well informed and ever demanding customer.

From selfie authentication to finance tools that respond to emojis to computer-generated avatars that look and act like real people, new technological tools are giving digital banking a makeover. The April PYMNTS Digital Banking Tracker looks at the various ways technology is changing the digital banking landscape. Banks and FinTechs are rolling out several new technological banking solutions aimed at enticing a new generation of banking customers. With more millennial consumers joining the banking systems, companies are turning to the technologies this generation uses on a daily basis to help them deliver more modern banking solutions. From selfie authentication tools to emoji-based transactions to virtual assistants, the past few weeks saw several companies make new additions to the banking toolbox.