Whether you work in technology or retail, it pays to be up on the latest trends. Technology has been streamlining the consumer banking experience for years. Mobile banking and fingerprint authentication are just a few ways that technology has recently impacted the financial sector.
Business banking has been a bit slower to adopt these new trends, but recent market shifts have been pushing for more innovation. Commercial banking has responded and is starting to catch up with these exciting new tools. Here are 4 tech trends that are sure to be making an impact in business banking.
- Artificial Intelligence – We have all heard about artificial intelligence in science fiction and robotics, but did you know that artificial intelligence (AI) can make a big difference in your business banking? That’s because AI can take automated processes a step further and offer real data driven insights for your company. Artificial intelligence uses algorithms that can learn and evolve to locate patterns in your spending. These ‘learning algorithms’ make financial planning a cinch. They also increase security by automating and improving processes for fraud detection and prevention.
- Biometrics – If you have a smartphone and use fingerprint authentication, then you are already familiar with biometrics. This is when a system uses your body measurements and physical attributes to identify whether you are the correct user. The use of biometric authentication makes your accounts easier to access while also increasing security. It’s much harder to hack a fingerprint than a few characters in a password, and it’s much faster to swipe your finger than to remember that convoluted 12-character phrase you just used as a password. In business banking, biometric authentication can help manage corporate account users and increase visibility. By using fingerprint or facial recognition software as authentication, a corporate account holder will know with certainty who is using the card for each purpose.
- Convenient Payments – Traditional corporate payment structures are time consuming and cumbersome. Retail customers have enjoyed the benefits of card payments for a while. E-payments and debit cards are quick to use and offer great transactional records. Likewise, business accounts can benefit from e-payments with better tracking and visibility on purchases. In the corporate sector some roadblocks have kept payments a bit more old-school, but changes are on the rise. The result will be more accessible and modernized corporate payment opportunities that can help streamline your AP/AR department.
- Cloud and Hybrid Servers – Traditional business processes have been run on in-house servers (known in the tech industry as on-premises, or on-prem). These servers require supervision and updates to keep them running smoothly. Today’s cloud environments provide cutting-edge processing with more flexibility. Cloud servers are more secure than ever—they can be more secure than on-prem environments because they are constantly kept up to date and are ahead of the latest threats. Banks have recognized that cloud and hybrid environments offer corporate clients cutting edge software and scalability, so many banks are adopting cloud environments for their data. This means that processing is quick, efficient, secure, and cost effective.