New technology trends are the convergence of multiple technologies across the world used for a Continuous Innovation process. The following are the modern technologies in the process of further development.
Quantum computing:
Quantum computing is a trend that uses less power than traditional computing to process and analyze data. Unlike traditional computers, quantum computers use quantum bits (qubits) that allow for much faster and more complex calculations. It breaks many of the commonly used encryption algorithms. This is why tech giants like Google, Amazon Web Services (AWS), and Microsoft are heavily investing in quantum computing.
Artificial intelligence (AI) & Machine learning (ML):
Artificial intelligence (AI) is a broad field of science that involves building machines and computers that can reason, learn, and act in ways that would normally require human intelligence. There are several types of AI, including reactive machines, limited memory, theory of mind, and self-aware. Reactive machines are the most basic type of AI and can only perform certain tasks within a limited context. AI uses technologies like machine learning and deep learning to perform tasks such as data analytics, predictions, and natural language processing. AI and ML can help banks analyze large amounts of data quickly, allowing them to provide more personalized services to their customers.
Blockchain
Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain. The technology allows digital information to be recorded and distributed, but not edited. Thus, blockchain technology increases security so that data cannot be changed, tracked, or cheated. Hence, it’s ideal for use in applications where trust and security are paramount, such as in financial software development, supply chain management, and voting systems.
Edge Computing:
Edge computing is a distributed computing model in which computing takes place at or near the device or a local server, instead of sending it to a central data center. This allows for faster processing and real-time insights and can improve the performance of applications. Edge computing is evolving and making breakthroughs banking on emerging technologies.
Advanced analytics
Advanced analytics is the process of using complex machine learning (ML) and visualization techniques to derive data insights beyond traditional business intelligence. This technique is primarily used for programs to recognize patterns and solve common problems in artificial intelligence, machine learning, and deep learning
Cybersecurity
The banking industry handles massive amounts of sensitive customer and transactional data. Cybersecurity talks about to any technologies, practices, and policies for preventing cyberattacks or mitigating their impact by protecting the computer systems, applications, devices, data, and financial assets. Cybersecurity also protects people against ransomware and other malware, phishing scams, data theft, and other cyber threats. With the rise of digital banking, banks need to invest in advanced cybersecurity measures to protect their customers’ data and maintain their trust.
Internet of Things (IoT) and hyper-connectivity:
Internet of Things (IoT) is a network of physical objects that are embedded with sensors, software, and connectivity capabilities. IoT devices can communicate with each other and with centralized systems to collect, exchange, and act on data. Hyper-connectivity is a state of being excessively interconnected through digital networks. It involves the use of various communication methods, such as email, instant messaging, phone calls, and web services.
IoT and hyperconnectivity together form the foundation of a digitally connected ecosystem. In this ecosystem, data can flow freely between devices, systems, and users, enabling real-time decision-making, automation, and innovation across industries and domains. Internet of Things (IoT) and hyper-connectivity together are also used in smart parking, integrating robotic devices, etc.
AR and VR:
Augmented Reality (AR) and Virtual Reality (VR) are both technologies that enhance and replace a real-world environment with a simulated one. The main differences between the two are the devices required, the experience, and how much users can control their presence in the real world.AR can be accessed with a smartphone, while VR requires a headset and computer hardware. Augmented reality (AR) and virtual reality (VR) are used in banking to improve customer experience, streamline operations, and enhance security. AR and VR can help customers explore financial products in an interactive way, such as by providing 3D visualizations of loans, credit cards, and investment plans.
Digital immune system (DIS):
The concept of a digital immune system, or DIS, is one of the latest technology trends gaining traction in recent years. A digital immune system (DIS) is a combination of practices and technologies that help protect digital assets from cyber-attacks and other security risks. It’s a software development practice that aims to improve the resilience and failure resistance of software applications. A DIS typically uses artificial intelligence (AI) and machine learning (ML) algorithms to analyze data from various sources and identify patterns of suspicious activity.
Some DIS technologies and practices include Firewalls, Intrusion detection and prevention systems, Antivirus software, Vulnerability scanners, Password policies, Access controls, Security awareness training, Incident response plans, and Automation testing.
Super apps:
Super apps are multifunctional mobile applications that offer a wide range of services and features to users within a single platform. These types of apps typically integrate various services such as messaging, social networking, e-commerce, gaming, ride-hailing, food delivery, and financial services into one app.
A financial super app is a mobile application that provides a variety of financial-related services, such as banking, payments, investments, insurance, and more in one convenient place.
WEB 3.0
Web 3.0, also known as Web3, is the next generation of the World Wide Web (WWW), which emphasizes decentralization, blockchain technology, and user control over data.
Web 3.0 is designed to be decentralized, with users owning and controlling their own data instead of sharing it with companies. This Internet and web development solution is not a specific technology, but rather a collection of technologies and concepts currently working to create a more efficient and secure Internet. Web 3.0 uses 3D graphics in websites and services, and edge computing to process apps and data on devices like phones, laptops, and appliances. Web 3.0 uses, Blockchain technology, token-based economics, Machine learning and AI, immersive experiences like the metaverse, etc.
Sustainable technology or Green technology:
Sustainable technology, or Green technology, is any technology designed to reduce human activity’s negative impact on the environment. The goal of sustainable technology is to reduce environmental and ecological risks while also creating economic and social development. This technology is used for Solar panels, LED lighting, vertical farming, composting, wave energy, and hydrogen fuel cells.
Sustainable technology can also refer to the practice of using information technology (IT) in a way that minimizes its environmental impact. This includes: Reducing energy consumption, Minimizing waste, adopting energy-efficient equipment, Exploring renewable energy sources, and optimizing the end-of-life stages of IT.
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