Emerging technology trends in finance

Published:
Categories: EnterprisesDigital

Discover which technology trends in the finance industry are securing tomorrow’s digital banking.

ELEVATING DIGITAL BANKING USING TECHNOLOGY TRENDS IN THE FINANCE INDUSTRY

Financial services companies and banks must get to grips with technology trends in the finance industry and banking if they want to remain competitive. This was the case with the internet, Web 2.0, and the cloud. And it’s also now the same with the rise of AI. Understanding these trends—and what’s coming next—is key to surviving in a digital world where customers are more demanding and cybercriminals more skilled. 

Today’s customers want mobile-first solutions, putting banks under increasing pressure to connect with clients on their preferred digital channels—in the most secure way possible. That’s why Telekom Business Europe is helping the finance sector enhance the digital banking customer experience while building trust through security, fraud prevention, and accessibility. Let’s take a look at the digital banking solutions that will help banking institutions stay on top of emerging technology trends in the finance industry.

ENHANCING MOBILE DIGITAL BANKING SERVICES

The demands on financial institutions are greater than ever. Fortunately, advanced digital solutions can benefit both banks and their customers. More and more customers are relying on mobile devices for their banking needs, and they expect seamless and efficient customer service on various mobile channels. Many even expect instant help in lots of situations, whether they’re just looking for information or making a payment.

By enhancing their mobile services and digital banking customer experience, financial institutions can provide customer-centric and highly personalized digital experiences. Advanced communication platforms that utilize artificial intelligence (AI) to support customer conversations allow banks to reach customers instantly across multiple channels, including SMS, RBM (Rich Business Messaging), email, and many more. In 2024, Gartner and others once again recognized the solution provided by Telekom Business Europe and Infobip as a leader in Communications-Platforms-as-a-Service (CPaaS) [1].

ENABLING PERSONALIZED CUSTOMER EXPERIENCES

The benefits of a communication platform that uses conversational AI to meet today’s technology trends in the finance industry are clear. For example, the partnership between Telekom Business Europe and Infobip bundles the strengths of both companies to create a versatile communication platform ecosystem—with connected chatbots, contact centers, and marketing campaign services—that helps businesses improve their customer experience.

The platform allows organizations to deliver personalized experiences and targeted messages, creating a more engaging and customer-centric experience. Its flexibility also means banks can provide 24/7 support with AI-powered chatbots, offering an efficient and engaging way to address customer inquiries. More and more banks and insurance companies are already leveraging these new channels, meeting their customers where they are and providing support when it’s needed most. By merging omnichannel communication with AI automation, financial institutions can maximize customer satisfaction while minimizing costs. Cybersecurity in banking is also taken care of because Infobip’s software is deployed through the company’s super-secure cloud network.

ENSURING SAFE BANKING ACROSS THE EU

However, digital transformation also brings heightened security challenges. According to the International Monetary Fund (IMF), cyberattacks in the sector pose a serious threat to global financial stability. In the past 20 years (2004-23), cyberattacks have resulted in losses of $12 billion [2]. Cyber threats come in many forms, including insecure passwords, scam calls, and synthetic IDs. Plus, the rise of Generative AI has made phishing, mobile malware, SIM-swapping, and account takeovers more frequent. To help businesses overcome these threats, Telekom Business Europe offers anti-fraud solutions such as our Mobile Identity services and AI-powered Fraud and Risk Management System (FMS).

These services enhance both security and customer satisfaction thanks to secure user authentication with Number Verification (which runs seamlessly in the background) and the additional detection and reporting of potential SIM swapping to the bank. As part of the “EU Digital Identity Wallet” project, our digital identity services are helping shape the future of European banking, making it even more secure to meet the future challenges of digital identification. You can think of the EU Digital Identity Wallet as a ‘super’ wallet that will store all of an EU citizen’s important information like their ID and driving license. It will also allow them to register eSIM cards and securely open a bank account—in all EU member states.

Progressive protection measures will therefore become even more important. That’s why, AI solutions are one of the best ways for banks to both map and prevent unexpected risks [3]. For example, in Hungary, Telekom Business Europe’s local team implemented an AI-powered fraud detection system for the national clearing house to monitor transactions in real time and flag anomalies. Our Risk and Fraud Management solution (FMS) helps banks protect customers by scanning transactions using a rules-based, AI-powered system. It analyzes each transaction in just 150 milliseconds and has proven to deliver better results for organizations large and small.

EMPOWERING THE FINANCE INDUSTRY

Banks today need to continuously invest in digitalization to master the challenges related to current customer needs and technology trends in the finance industry. By partnering with Telekom Business Europe, banks, financial institutions, and insurance companies can keep pace with the emerging digital trends in banking while maintaining very high levels of cybersecurity. Our powerful cloud solutions and secure communication platforms leverage technologies like 5G and SD-X network services to help the finance industry improve both customer engagement and security—paving the way for a safer, more connected digital future in banking.

Want to know how to future-proof your financial services business?

Our “Digital Innovations Days” keep you up to date on all the most important technology trends in the finance and banking industries as well as transport, logistics, retail, and hospitality. Visit our website, follow us on LinkedIn, or contact our local representatives for upcoming events!

 

Sources:

  1. Infobip recognized as a communications platform leader by Gartner. Infobip, 2024.
  2. Global financial stability at risk due to cyber threats. World Economic Forum, 2024.
  3. Exploring the impact of AI-based cyber security financial sector management, 2023.
Back