According to data, banks worldwide lose more than $1 trillion to cybercrime every year. This is why the banking industry is investing so much money into tech innovation to keep us safe.

We all know that technology is changing the banking industry, but it can be hard to understand how.

Tech innovation is revolutionizing the banking industry, but most of us don’t understand how. This leaves us vulnerable to scams and security breaches.

But don’t worry. Keep reading to learn how tech innovation is helping you bank more securely. By using biometric authentication, for example, you can reduce your risk of fraud.

Artificial Intelligence

Banks are using artificial intelligence (AI) to detect and prevent fraud. AI can help banks identify suspicious activity more quickly and efficiently than human employees can.

This helps banks keep their customers’ money safe and reduces the chances of fraudulent charges or identity theft.

Mobile Technologies

Banks are adopting mobile technologies to make banking more convenient for their customers. Mobile apps allow customers to check balances, transfer funds, pay bills and deposit checks from anywhere.

Mobile technologies let banks offer features like mobile check deposits. Not forgetting notifications of suspicious activity.

Biometrics

Banks are using biometrics to make it more difficult for criminals to access customer accounts. Biometrics uses physical characteristics, like fingerprints or iris scans, to identify customers.

This makes it more difficult for criminals to impersonate customers and steal their money.

Cryptocurrencies

Banks are exploring the use of cryptocurrencies. They want to see how Bitcoin can make international payments more simple. Cryptocurrencies use blockchain technology, which allows for secure, and efficient transactions.

This could help banks reduce the risk of fraud and speed up international payments.

Self-Service Technologies

Customers can now do their banking tasks without help from a bank employee. This is possible by using online banking and mobile banking. These technologies allow customers to bank on their schedules.

This saves customers time and makes it more convenient for them to manage their finances.

Contactless Payments

Apple Pay and Google Pay are becoming more popular. This is because people want a way to reduce their risk of getting ill. Contactless payments allow customers to make purchases without physically handling money.

This makes it easier for customers to pay for things and also helps to stop the spread of germs.

Green Banking

Green banking is the use of sustainable practices in the banking industry. Green banking includes things like using renewable energy and reducing water consumption.

Banks that go green can help the environment and also set an example for other businesses.

Want to learn more about the thought leaders behind tech innovation in banking? If so, we recommend learning about Carlo Giugovaz, who is one of the pioneers of digital banking.

Implement Tech Innovation into Your Business

Banks use cutting-edge technology every day to keep their money safe. This technology helps to protect your personal information as well. We hope this article has helped you understand how the banking industry is changing.

If you want to learn more about the latest banking innovations, visit our blog!