Answer to Question #200120 in Management for Peter Masih

Question

Retail Banking is a mass segment that has a large customer base involving high-volume

and low-value transactions. Describe the role and application of Technology that Banks

are using to manage business volume, operational complexities, risk, and customer

service. (10 Marks)

Answer 1

Some of the technological innovations being implemented in banks will also impact future banking. These include

1.      Blockchain – It permits access to the same data by multiple parties simultaneously. It also ensures the immutability and integrity of records entered in the database.

2.      Quantum computing – This uses quantum mechanics to work out complex data operations.

3.      Artificial intelligence – It is used for financial services and across the spectrum of banking.

4.      Instant payments - This is increasingly being used therefore banks across the world are finding ways on how to offer their customers these services.

5.      Smart machines - They are being used for banking operations.