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12 technologies that will change banking and the way we save

This is taken from an article in Tech World on the 12 technologies that might be game changers for the finance sector

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1. Biometrics

Several posts have mentioned the challenge of remembering passwords and PIN Code. Well, there is some tech on the market that is about to remove the need for this. 

HSBC Bank has introduced voice and touch recognition. 

Mastercard is about to launch a contactless card with fingerprint recognition technology. 

Barclays offers finger vein scanning for authentication for large transactions. 

2. In-car apps

Caixa Bank has an in-car app you can use while driving using voice control. 

3. Smart watches

Nationwide has an app you can access via your smartwatch. 

4. Facial recognition

Ali Baba has developed 'Smile to Pay'.

5. Google Glass

Caixa Bank has developed an app for use with Google Glass with directions to the nearest bank and the bank's phone number. 

6. Robots

One Japanese Bank plans to have robots greeting customers at some of its banks. 

7. Augmented Reality

Westpac has announced plans for an augmented reality app with visualisations of balances and transactions history and the location of nearby bank branches. 

8. Beacon Technology (iBeacon and Bluetooth Low Energy)

Barclays Bank is trialling an indoor navigation system for customers with disabilities with an app to notify staff of their requirements once they arrive in store. 

9. Oculus Rift 

Wells Fargo is experimenting with the use of the Oculus Rift virtual reality headsets so customers can enter virtual stores and 'speak' to tellers 'face to face'.

10. Cryptocurrencies

Fidor is planning the first bank for cryptocurrencies with the currency exchange Kraken. 

11. Artificial Intelligence

UBS has entered into a commercial agreement with Sqreem to offer customers personalised, detailed information based on their financial behaviour. 

12. Digital Cheques

Some banks are investigating smartphone cheque billing allowing payments to be disposited digitally with a mobile device. 

Taken from this article in Tech World

What is a provocation or insight that might inspire others during this challenge?

Although some of this technologies might not be appropriate, some might spark some ideas for products/services that credit unions could offer the 50+. How can we harness 'game changing' technologies to produce better products/services for the 50+?

Tell us about your work experience:

I am the Community Guide for this challenge.

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

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