Open banking architecture and customer service

Posted by Lisa Williams on March 22nd, 2019

Among all the industries which are undergoing sweeping technological changes, the banking industry can be considered to be the leading one. If you compare the technology used in the banking industry today with the technology that was used just a decade ago, you would find a drastic difference. Today, all the banks are competing with each other to enhance their level of customer service with the strategy of facilitating fast, smooth and secure banking activities. Technology is definitely the way to do that. The banks are investing in developing their IT infrastructure in such a way that they are becoming self-reliant in terms of technology. Hence, they do not have to be dependent on any other agency or enterprise to provide technological support to their customers.

There are quite a few technological domains of customer service in which the banks have made tremendous progress. If this progress is to be described in one line, it would be the incorporation of open banking architecture. It allows banks to deal with customer and operational data in a much more effective and efficient manner. The customers can indulge in banking operations from anywhere in the country, without any time lapse. Besides, open banking architecture also allows the banks to develop certain other technologically improved systems which enhance the experience of customers. Let us take chat bot based support for example. Traditionally, banks are always known for their telephonic support. However, this domain has always been facing resource problems. So the best solution devised to solve this problem is a chat service that is supported by artificial intelligence. The cost of maintaining an intelligent chat bot is definitely less than that of maintaining a call centre. This is because a single chat bot server can support a large number of chats which is definitely not possible in terms of the calls handed by a single caller. The banking architecture helps in feeding customer data to the chat bots in a highly effective manner so that they can tend to the customers.

Another development in terms of banking technology is the improvement of mobile applications. Since smartphone usage is highly common, people find it very convenient to use the mobile applications to conduct their day to day banking activities. However, the only concern people raised while switching from offline banking to mobile banking was the question of security. Banks have started introducing biometric security to their applications as one of the best mobile banking solutions. This assures customers that they can safely become a user of mobile banking. It means that there would be no requirement of passwords or passcodes which could be hacked.