Is the Banking Industry Keeping Pace to the Changes in Technology?

Just about 10 years ago, remember how we used to go to a bank – the traditional bricks-and-mortal building, situated preferably somewhere close to our place of residence? The ritualistic monthly visit we made to either deposit our salaries, withdraw money, or for some similar chores. And, these visits implied the kind of trust we had in our bank, reassuring the confidence that our money is safe with someone.

Enter the digital era and technology started seeping into every domain of our daily lives, slowly but steadily. And the banking sector was no exception to it. Our banks became mobile and soon we could literally operate our finances on our fingertips! Today, the banking experience is something as simple as what we can do on our smart phones.

But, has the banking industry been keeping pace with the lightning speed at which the technological changes are being brought about? Well, we can proudly say that our banks have indeed done a commendable job in making things simpler, faster, and even safer for us digital users. They have embraced technology with open arms to enable their customers to get what they want from wherever and whenever they want it.

Here are some examples of how banking has undergone massive transformation in recent times:

• Better safety – Newer technologies have enabled banks to process large amounts of data in order to better identify any instance of online financial crime and take necessary preventive measures to help control it in time. This in turn helps restore trust in their existing and new customers.
• Better verification methods – The days of entering passwords to verify a user are long gone. Banks slowly came to realize that passwords are no foolproof measures for verification and can be easily tampered with. Today, with newer technological solutions available to this problem, banks are increasingly switching to voice biometrics, fingerprint verification, iris scans, and the like to identify their customers’ identity for login.
• Better transaction processes – Technology has surely done one amazing thing to the whole banking experience – made it simpler and mobile, meaning that you can now access your money and do whatever with it anytime, anywhere. Now you can pay someone, receive payments, and do much more with your money just with a simple click on your phone. This is particularly useful for those who live in remote areas and can’t access the nearest branch easily.
• Wider reach in no time – Banks have become global, again thanks to technological innovations. You can access your bank account in your home country while sitting in another country, in literally no time. Banking has become faster, efficient, and hassle-free.

By introducing mobile banking, which is now a common practice, especially among those for whom time is a concern, banks have proved that they are getting better at offering personalized banking experience to their customers. Digital banking transactions too have helped people the world over in big ways. However, there’s still a long road left to be tread. By continually adopting new changes, banks are sure to get there in no time.

6 Reasons to Invest in Site Design

The way businesses run today has evolved over the years. Left behind are the days of door-to-door selling or promotion through newspapers, pamphlets, radio and TV ads. These days, for even a small business to succeed, it needs to have an active online presence because that is where most people can be found.

Why web designing is important?

Merely being online is not enough. You are in the midst of cut-throat competition, no matter what business you are. The only way to attract potential customers and convert them into real and long-term ones is by having your unique website.

Let’s look at the top 6 reasons why you should invest in website designing today:

1. Create an impressive first impression
   The first impression is the last. In addition, this is not just a saying; in business, this expression holds immense value. One of the top benefits web design offers to entrepreneurs today is that it helps create a good first impression for them among their target market. Your website is your face for your audience. It gives them a fair idea about who you are, what you offer, and whether or not it’s worth their money to associate with your brand.
2. Web designing is important for SEO
   It eventually all boils down to the race for top SEO ranking. The way your website is designed in terms of the published content, the keywords used, the graphic design and imagesall make an impact on where you figure in the SEO ranks. It’s important to hire a professional for web design help who can assist in all these crucial tasks.
3. Everyone these days is into web designing
   True that. All your close and far rivals invest a significant amount of time and money into designing their websites. After all, a great website is your first step on the success ladder. So you too need to keep pace and invest into website designing.
4. Professionals know it all
   You wouldn’t know how the user interface should look like so that it attracts more customers and other technical stuff like that. A professional would be able to guide you on SEO-related matters. They can also help maintain consistency across your site which is important to keep customers familiar with the way your website looks and feels to them.
5. Great designs are the most shared
   If your site looks great, you are more likely to get higher number of hits, and even higher likes and shares on social media. All the more better for your site’s ranking on the search engine.
6. It’s vital to make your brand memorable
   Among the web designing important points to consider is the fact that you’re doing all this for your brand, to ensure that it doesn’t get lost in the crowd and stays in your audience’s memory for long.

So have no second thoughts about whether or not to invest in site design. It’s an absolute necessity if you want to move one notch higher than your competitors.

Understanding The Risks of Artificial Intelligence

Artificial Intelligence (AI) has seeped into our daily lives fast. The likes of Siri, Alexa, and Google Now have rapidly gained popularity. Not to forget self-driven automatic cars and automated online customer support.

The pace at which we are increasing our dependency on AI brings forth a pertinent concern: Is this revolutionary technology dangerous in any way? Does it pose any safety risks?

To answer this, let’s present before you some of the most-feared risks of AI in the near future.

1. Rise of autonomous weapons 

A grave fear in the minds of the governments and people alike is that AI-driven autonomous weapons could someday be programmed to kill. Not just that, they might even start functioning with a “mind of their own”, meaning that once deployed, it might be very difficult to fight, stop, or dismantle them. What would happen if these weapons start being used by certain groups or even governments for destructive purposes?

2. Easily manipulate social media

On the one hand, we are happy the way AI-driven algorithms are being effectively used for personalized marketing through social media platforms. Based on what we buy, what we post or like, these algorithms can assess our tastes and preferences and present us with the exact data – promotional or otherwise. It leaves us pleasantly surprised. But on the other hand, the power of these algorithms to manipulate social platforms, collect user data and spread false or fictional information also can’t be denied. 

3. Invasion of individual privacy

This is an extension of social media manipulation wherein Artificial Intelligence safety parameters and guidelines can be brought to question. Auto-driven algorithms that have the power to collect user data anytime anywhere may be considered as invasion of privacy and not liked by many. After all, who would like being monitored all the time over what we search for online, what we buy, what we read, etc.

4. Completely take over human role

While the AI technology is meant to automate tasks and reduce the time and effort spent, making things easier for humans, there is a serious fear in the minds of the same humans – what if one day AI replaces us completely? With the emergence of chatbots and AI-driven voice command programs like Siri, this has already become a reality. However, we must not forget that it is after all a technology and any technology always has certain limitations. Human role cannot be completely ignored.

Final thoughts on Artificial Intelligence safety

The purpose of Artificial Intelligence was to make life easier for people. Automation, computer algorithms, chatbots, and voice command applications were all meant to effectively use technology for the benefit of human beings. However, it needs to be ensured that an autonomous technology like AI is not allowed to invade human privacy, manipulate user data for scrupulous purposes, or lead to any serious safety concerns for the very people that it has been designed. It may be difficult to guarantee 100% safety though but at least efforts to keep risks to a minimum should be made.