Business and Retail Banking

Running head: BUSINESS AND RETAIL BANKING
Business and Retail Banking
Name of the Student
Name of the University
Author’s note

1BUSINESS AND RETAIL BANKING
Table of Contents
1. Digital Identification in Banking Sector......................................................................................2
2. Current Structure of Customer Services in the Banking Sector..................................................3
3. The Big Innovation within the Banking Sector...........................................................................4
4. References....................................................................................................................................6

2BUSINESS AND RETAIL BANKING
1. Digital Identification in Banking Sector
Digital Identification opens a huge form of opportunity within the financial sector such as
banks. With the rise of a huge form of technical innovations within various sectors, there has
been a huge form of rise in the digital transformation within the banking sector. The rise of
technical innovations within the sector have led to the implementation of programs based on
biometric identification (Wisniewski and Lambe 2013). They would help in the streamlining of
the various processes that would be meant for the verification of the identity of the individual.
The use of the digital form of identification would be very much useful for an individual for
accessing their personal bank accounts. This feature is extremely helpful for understanding the
fact that a certain individual would be accessing their personal account and that there would be
no such form of unauthorized access to the system.
A digital-based identification system within the banking sector is primarily based on
distributed ledger technology (DLT) or blockchain technology (Raskin and Yermack 2016). This
form of technology is economical, secure, immutable and would be easily accessible that would
be helpful for providing a legitimate trail of audits. DLT is a form of incorruptible decentralized
form of a ledger that would not only be able to provide a medium of the transaction but would
also be able to act as a repository of every kind of transactions. These would be in the form of
hashed digital packets that are popularly known as blocks (Pilkington 2016). The basic
advantage of a DLT based digital identity systems would be based on the ability for recording
each of the forms of identity. These forms of identity would be shared based on a global
network. They would then be maintained in continuous forms of reconciled data throughout the
financial based network.