The future of digital banking

December 19, 2017

By Alliant Credit Union

The future of digital banking

banking on your smartphone, PC or at an ATM

Gone are the days when you had to go into a branch to bank. In fact, today, you can do most of your banking from your smartphone, your computer or an ATM.

And according to George Rudolph, Senior Vice President of Technology and Operations at Alliant, consumers have even more to look forward to as the digital landscape transforms more rapidly over the next 10 years.

“We've only hit the tip of the iceberg when it comes to features like digital assistants, automated programming, virtual access and chat capabilities," explains Rudolph. Also, when it comes to banking, consumers can expect an increasing shift in the way we interact with our financial institutions, as well as our overall user experience when managing money online.

Retina rising

Mobile banking is about 10 years old. But the digital leap we'll take in the next 10 years, especially with regard to security and ease-of-use, will surpass all expectations, according to Rudolph. In the coming years, retina technology could replace the sequential passwords of old. We can also look forward to more advanced fingerprint and voice technology.

“Easier and more secure will be the buzzwords going forward,” Rudolph says.

Virtual personas

In the next few years, users’ online patterns and behavior will contribute to creating online personas. These "virtual personality traits" will become unique tools in a financial institutions’ security toolbox, used to protect against fraud and other threats online.

"The virtual personality will also make for an improved user experience across the board," Rudolph suggests, with more personalized experiences online. Easier and more secure can go hand-in-hand, after all.

Always On

Shared services such as cloud computing are becoming more of the norm each year. These shared services enable even more reliable 24/7/365 data access and will make it increasingly faster and easier for users to communicate with the companies most important to their daily lives—financial institutions included. Rudolph says features like chatbots, virtual assistants and other efficient tools will only become faster and more reliable as the years progress.

Banking will undoubtedly continue to change, becoming more personal and efficient each year. As our smartphones and computers take much of the legwork out of personal banking, financial institutions like Alliant will continue to offer products and services to keep pace with our busy lives. The future of digital banking will prove to be more exciting than ever.

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