Are you ready for how technology will impact banking?
by. Chandra Matlock
I was watching a presentation from a potential supplier the other day, on how they propose our walls in our new branch should be designed so our credit union can be as flexible as possible for current and future needs. While I know that banking is changing at a rapid speed, but it is mind-boggling some days realizing just how fast it is changing.
The presenter indicated they complete ongoing research (or what they call innovation labs) on the banking industry and its access channels. Some of their findings are the same in other retail industries too. He indicated that development is in the works for the type of technology in this video:
","engine":"visual"}" data-block-type="2">I was watching a presentation from a potential supplier the other day, on how they propose our walls in our new branch should be designed so our credit union can be as flexible as possible for current and future needs. While I know that banking is changing at a rapid speed, but it is mind-boggling some days realizing just how fast it is changing.
The presenter indicated they complete ongoing research (or what they call innovation labs) on the banking industry and its access channels. Some of their findings are the same in other retail industries too. He indicated that development is in the works for the type of technology in this video:
This is Microsoft Office Lab’s vision for 2019
When you see videos like this, you think OK, well this may be coming in the future. What really was a shocker is that he indicated that this type of technology will be commercialized in the next five to seven years (or sooner). There are actual companies who are looking into integrating these types of systems into their retail locations (remember, this was coming from a building design guy). I am not sure what to think of this, but it sure makes you wonder. From some of the things they showed us (like placing touch-screen interactive applications in desks), it does not seem too far-fetched.
OK, so maybe I am a techie nerd, but I really want some of these technologies in my house! (teehee)
Here are some ways, from my perspective, that technology can be a game-changer in the banking world:
1. Electronic processes
People want things now (or maybe yesterday). The more busy the world gets, the more convenience they demand and the less time they have (it seems). As financial institutions, we use a lot of paper. I almost choked the other day realizing that we print over 100,000 pages a month for paper statements. And, that’s just one aspect—there’s mortgage and term renewals to send, membership forms to fill, and you name it. Credit unions should embrace this one—not only does this make processes more effective and efficient, it provides a better experience for our members and saves a lot of green (money and trees!).
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