Technological Innovation in Banking Sector

INNOVATION AND
TECHNOLOGY

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Technological innovation in banking sector................................................................................3
Current technological trends in banks.........................................................................................4
Block chain technology implementing in Barclay banks............................................................5
Success areas of Block chain technology....................................................................................6
Challenges faced by Block chain technology..............................................................................7
Future of blockchains technology................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................8

INTRODUCTION
Growing interest over the worldwide have boost innovation in different business sector activities
which is intended to have maintenance of increase international level of economic
competitiveness. Technological innovation has been considered as the extended concept of
innovation. In addition to that innovation have the referring to add extra step in more developing
level of services along product in market places. This is considered as helpful in solving the
issues that were not resolved in past. Barclays is the British multinational investment banks
along with financial services along with being is a global universal bank, offering retail, private,
corporate and investment banking products and services worldwide. Technological innovation
has the major focus on technological aspects rather than by covering level entire organization as
descriptive business model. So, it is important to have the clarification that innovation in not
driven by technology.
MAIN BODY
Technological innovation in banking sector
Technological innovation is the effective process which have the embarking to boost the
innovative creativity which have intended in maintenance of different enhancing of
competitiveness of their national economies. This have resulted in their awareness of
international economies with effects of consumption and environment resulted on the economic
activity. On the other hand, contradiction that innovation activity has major increase in level of
production with significant improved goods and services with occurrence of different innovative
and innovation of products. In addition to that. the implementors of invention is needed to have
successful level of business successful criteria.
On the other hand, disruptive innovation has helpful in creating the new market and value
network which have eventually disrupting the existing market displacing their established market
leading firms’ product along with alliances. In addition to that there is increase level of
importance of the technological innovation in banking and financial services. As there is increase
level of competition form the fintech firms along with big tech giants with increased level of
expectation from the consumers. In addition to that Banking sectors is been reshaped with more
digital transformation with keeping up fintech services and provide customer centric experiences
to customer.
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On the other hand, new innovation is helpful in connecting more of data into digital delivery
which is requiring the banks and credit unions to have embracing the new technologies in order
to have building up of business winning strategies.
Current technological trends in banks.
 As per the recent trends which are prevailing in financial market are such as ye using the
data and artificial intelligence for the different personalization scale. As the trends
artificial intelligences have the potentiality to have transformation of customer
experiences by establishing there entirely new level of business model in banking. This is
helpful in achieving the highest business results as per the needs and collaboration
between differentia humans along with machines which will be helpful in providing
humanized experience which is different within each customer.
 The next most famous technological trends which is prevailing in market is moving to the
mobile banking to conversational banking as Most financial organizations will move
from basic dialogue and account inquiries to doing transactions using voice commands.
This can include being able to execute payments using voice commands, as well as doing
account transfers and establishing account alerts using voice commands.
 In addition, largest technical firms such as google, apple, Facebook and amazon are the
leading in charges with implementing open level of API platform as theses model are
providing their support to vast developer community. In addition to that there is the
ability to have acquiring new level of customers in order to have replicates their equal
success.
 The financial firm are trying to have the creating digital on banking proposition which
have the involvement by aligning new level of technologies and solution to bank legacy
with existing design, brand values along with model of business.
 As the consideration of the current technological trends in banking sector, financial
institution has increased use of technology along with digital channels in order to make
the industry more suspectable with cyber-attacks. As per the new banking regulation, the
banks have requirements to share information of customer with third party providers
makes the situation more vulnerable.
 Blockchain tipping point is the next current trends which is used by more financial
institution which is helpful in cost reduction and the respective process simplification.
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