March 20188IN MY OPINIONTechnology for By Zahid Afzal, CIO & COO, Capital Bank (NASDAQ: CBF)Next-Gen BankingThe past decade has witnessed a gradual shift from traditional branch office transactions to digital and mobile banking. The idea of digital banking spans various demographics and age groups and is perceived as beyond mobility generally misunderstood as a millennial factor. Over the years, we have seen significant adoption of digital banking across various groups of people. The adoption prerequisites are based on how mobile products are leveraged, the usage, convenience, and overall features and functionalities involved. The dominance of mobile and digital banking has caused the wane of branch traffic for cash transactions. Functioning with a new purpose, these branches offer financial advice and complex services such as investment and mortgage among others. Interestingly enough, the growth of mobile banking has surpassed PC banking or online banking, which is taking a back seat currently. Lately, it has been noticed that mobile transaction volume is greater than web transaction volume, and also, the number of transactions per customer is higher on mobile than online. Digital banking particularly relies on technology partnerships and during the hunt for the most suitable partners, our primary parameters are their quality of strategy and whether they are exclusively into mobile app development or have a broader spectrum of focus. Apart from that, we contemplate the capabilities they provide, the trends emerging in the industry and how they are in tune with the trends. With the rise of technologies such as Google Home and Apple's SIRI, there is a ubiquitous search for similar technologies that can be seamlessly integrated into our overall strategy to harness the impact of artificial intelligence for our future technology endeavors. The third and probably, the most important aspect that turns out to be a deciding factor is the technological architecture; how flexible, scalable, and integrable the architecture is while being cost-effective, efficient, and secure. In the wake of recent cybercrimes, security continues to be a matter of concern for both the banking industry as well as its customers. Though our
< Page 7 | Page 9 >