Blockchain Technologies
By now, most people are probably aware of what cryptocurrencies are, but some may not know that they are built on blockchain technology. Blockchains act as digital ledgers for transactions, keeping accurate records that cannot be easily tampered with or manipulated. Even more so, these are transparent, which makes fraud incredibly difficult.
They work by grouping, or “blocking”, numerous transactions that are then linked in a chain of other blocks. This information is ordered chronologically to maintain an accurate timeline of events. Because the data is stored in multiple computers, it’s near-impossible to change the information without attempting this on all computers at once. This is why even companies such as Mastercard are investing in blockchain infrastructure.
In addition to its use in cryptocurrency transactions, blockchains are being used by financial services and banks to keep accurate and transparent records of users’ banking activities. The technology can also facilitate faster transfers, meaning that the days of week-long international wire transactions are quickly fading into the past.
Biometrics
Most new smartphones and computers are now released with biometric scanners integrated into their hardware. In simple terms, biometrics refer to an individual’s unique physical identifiers, whether they be fingerprints, facial features, or even voice patterns. The obvious benefit of linking these to a bank account or personal device is that this ensures that only one person can access it.
One of the leading industries to adopt biometrics for authorisation is online casinos. Many of the highly secure and reputable sites seen at Casino Alpha have integrated this cutting-edge technology. This allows players to wager and deposit funds with peace of mind.
AI Assistants and Fraud Recognition
It’s hard to cover any topic on technological innovations without mentioning AI. Already, this technology has been integrated into customer support services at major banks, but it’s also likely to shake up the entire financial services market in a much larger way. This could be through advising users on their spending, comparing mortgage interest rates, or helping users to budget.
This machine-learning technology is also being refined to spot fraudulent transactions and doggy patterns that are indicated by automated scams. It may also revolutionise how credit scores are calculated by taking in more factors that accurately reflect a lender’s financial situation.
Neobanks
While older generations are bound to have more of an emotional connection to brick-and-mortar banks, Gen Zers are now more likely to use “neobanks”. This refers to 100% digital mobile-only banks that tend to favour seamless navigation and bold aesthetics, with many also integrating tools such as budget-setting goals or even stock investing.
Neobanks also easily allow users to open multiple sub-accounts, shared accounts, digital bank cards, or even gamified elements to boost interaction. Just as many countries are moving towards creating a cashless society, we may be on the verge of moving toward a society without physical banks.