The accelerated digitization of the banking sector has had a significant impact on Indian economic growth. You should be aware of emerging trends as a banking professional because they could have an impact on your future career and the services you provide. This question will be asked by the hiring manager to find out if you realize the importance of staying updated on trends, remaining competitive, and utilizing new technology to improve customer relations.

Answer

Digitization, upgraded mobile banking, cloud services, digital-only banks, fintech firms, and biometric verification are a few trends that have significantly changed the banking sector. Using a real-time payment system like the Unified Payments Interface to conduct interbank transactions on mobile devices is another trend, as is receiving customized banking assistance through AI chatbots. Additionally, there is blockchain technology, which could help banks better comply with regulatory standards and improve the speed and security of lending. We’ve also witnessed an increase in smartwatch and wearable device technologies, which is likely to transform the future of retail banking.