Metaverse in Banks Set to Become This Year’s Top Tech Trend

The technology trend that Chilean banks will adopt for 2023 will be more online and mobile banking. This means that banks will offer online banking services through websites, mobile apps, and even social media. These platforms will enable users to manage their funds, make transfers, check balances, view bank transactions, and more. This contributes to improving banks’ productivity by reducing transaction processing costs and increasing customer satisfaction through a better user experience. 

Furthermore, banks will also seek to adopt technologies such as artificial intelligence, robotics, and blockchain to enhance customer data security and transaction processing speed. This will enable banks to provide safer and more efficient services to their clients. 

On the other hand, 2innovate states that “The Fintech Law opens the door to a new era of innovative financial services. This allows banks to offer their customers a more personalized and modern banking experience by opening up their service channels. This includes the use of technologies such as open banking, cloud infrastructure, blockchain, chatbots, and predictive consumer analytics as a new step,” says Pablo Pereyra Portugal, Chief Revenue Officer of 2innovate. 

Open banking allows a bank’s customers to access third-party financial services through an API, providing clients with a smoother experience when interacting with the bank. This enables banks to offer a broader range of financial services, such as financial advice and loans, through a single platform. 

“Cloud infrastructure offers a platform for creating modern financial services. This enables banks to provide real-time services through mobile apps, greatly facilitating the user experience. As is the case with 2innovate’s Frame Banking™, an end-to-end transaction processing platform that revolutionizes the way businesses and consumers interact with money. With 100% native cloud-based digital technology, Frame Banking™ uses a composable architecture that offers scalability and flexibility to deliver a broad portfolio of services and products through multiple channels within the financial ecosystem,” the executive explains. 

On the other hand, chatbots allow users to interact with the bank through artificial intelligence tools and automated responses. This enables users to receive quick answers to their questions and helps them better understand banking products and services. 

Predictive analytics allows banks to better understand their customers’ spending habits and offer personalized financial products and services. This helps banks improve their relationship with customers and enhance overall satisfaction. 

“The metaverse, in particular, is becoming one of the biggest trends in banking, as it can bring significant value, and the market is expected to grow to US$8 trillion in just eight years,” Pereyra Portugal points out. 

Open banking is also gaining ground worldwide, allowing customers to connect their bank accounts with other third-party applications and financial services, giving them more control over their finances. Additionally, the cloud environment will enable banks to store, process, and manage data cost-effectively and scalably, with enhanced security features like encryption and user authentication. Moreover, predictive analytics will allow banks to anticipate their customers’ needs and provide more personalized services, while chatbots will help banks interact with their customers more efficiently and quickly. 

Check the original publication at Diario Estrategia  

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