How technology has changed banking over the years

E-banking, online banking, net banking, etc. have completely changed the way banking is done today.

 Customer demand for more high-tech services, and for connectivity between popular financial management apps and their primary bank accounts, may finally force banks to set aside their security and competitive fears and strike data-sharing deals with fintechs in 2019.

Meanwhile, artificial intelligence and automation's impacts will continue to be felt at many companies, though regulators will have a say in the pace of adoption.

Fintechs, which have been encouraged by regulators as a means of spurring innovation, may have to brace for a consumer-protection backlash in response to mistakes they have made.

The customer profile is changing, too. There are some painful lessons ahead, for sure, in how the youngest customers — Generation Z — differ even from the still sometimes perplexing millennials.

The nature of work, and the 'workers,' will change

U.S. Bank, Wells Fargo, BBVA Compass and Banco Popular are among the banks that have centers of excellence deploying robotics and artificial intelligence to streamline work processes and establish more uniform procedures.

The largest banks are automating work anywhere they can, especially routine work like cutting and pasting data from one app to another. Use of AI and robotics will only grow provided banking regulators become more open-minded about them.

Customers will take more control of their data

A lot of data sharing today happens without consumers’ knowledge, but expectations are that practice will start to disappear next year.

One estimate is that by next fall, two-thirds of all consumer banking accounts will come with controls that let consumers choose which third parties can access their data and how. This is because the large banks are all implementing application programming interfaces with such controls built in.

Consensus on open banking will begin to emerge

Expect banks and fintechs they trust to reach wider arrangements that give banks more confidence in the security surrounding data sharing and third-party innovation.

 Expect a showdown over faster payments standards

Banks anticipate new and improved consumer products as a result of faster payments. Businesses expect to be paid faster as round-the-clock settlement would occur under such a system.

In 2019, it will become clearer which faster payments system will prevail in the United States.