Trends and Technologies in Banking

Running head: TRENDS AND TECHNOLOGIES IN BANKING
TRENDS AND TECHNOLOGIES IN BANKING
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1TRENDS AND TECHNOLOGIES IN BANKING
Table of Contents
Introduction........................................................................................................... 3
Discussion.............................................................................................................. 3
Introduction of Digital banking...........................................................................3
Issues................................................................................................................. 4
Recommendations............................................................................................. 5
Introduction to Cloud servers in Banking...........................................................6
Issues................................................................................................................. 7
Recommendations............................................................................................. 8
Conclusion............................................................................................................. 9
References........................................................................................................... 10

2TRENDS AND TECHNOLOGIES IN BANKING
Introduction
In the following report, two latest technology and trends in the banking
environment have been highlighted. The first technology has been taken as
digital banking. The second technology has been taken as cloud environment.
The implication of these technologies in the banking environment has
been analysed and discussed. The issues that are related with these
technologies in the banking environment has been discussed and possible
recommendations for each of the issues has been highlighted. Cloud computing
has been a boon for the banks in the recent years as it has helped the financial
institutions to increase their cost savings and focus on their business operations
effectively. Digital banking has gained tractions in the recent years due to the
rapid development of IT technologies and internet. Both of these technologies
have tremendous capabilities to assist the banking environment ton gain a
competitive edge.
In the report, both of these technologies has been evaluated with their
benefits as well as issues and the challenges they face in the current situation
with respective to the banking environment.
Discussion
Introduction of Digital banking
The main pillar of any financial system is the payment system. In 2016,
the number of non-cash medium of transaction ranged over half a trillion dollars
from all over the world. With digital banking, banking institutions can move their
banking services over the internet. Several web based services and high
automation levels are necessary to incorporate this service in the existing
banking transaction methods. Digital banking helps individuals to access their
banking data through ATM services, mobile devices and personal computers.
This latest trend incorporates a front end which customers can see, a back
end which can be accessed by the bankers and a middle ware which connects
this two nodes. Digital banking can perform almost everything a traditional bank
can do and has the same functions just like a normal bank such as online
services, branch offices and bank cards (Raskin and Yermack 2016). With the rise
in digital innovations and e commerce solutions, the adoption of digital banking