| |May 20199CIOReviewAs banks focus on digital and FIs adapt to a broad range of financial technology solutions, the industry can see some path breaking innovative trendsidentified block chain technology to support various banking sys-tems and formats. However, adop-tion among banks has been slow as blockchain, while eliminating some intermediary steps, and involves lot of accountability. Cloud and Quantum Comput-ing: Cloud computing is the in thing. Fintech developed ready to use AI based technology made avail-able on public cloud. It is time for Fintech to consider quantum com-puting seriously to catch up with the pace of banking industry. Biometric-based Authentica-tion: With increased dependency on digital technology, cyber secu-rity assumes significanceas breaches become very common. Passwords and 2FA are passé as institutions move to biometric authentication mechanisms. A variety of individual or combi-nation of biometrics like voice rec-ognition, finger print, vein pattern, face recognition, IRIS etc are being implemented widely now. In addi-tion to authentication, they also fa-cilitate cash withdrawal from ATMs, application authentication, KYCs etc. They also help in managing the business critical Fraud Risk Manage-ment (FRM) parameters.Efma-Infosys Finacle study pub-lished in 2018 indicates the tech-nologies that would impact banking in 2019. Developed by Fintech, these technologies challenged many es-tablished products by providing cost efficient, highly customizable and faster delivery of products that helped enhance customer experience and increase revenue. Road AheadAs banking becomes more digital, branchless with virtual contact cen-tres, Fintech will provide critical support to banks and their custom-ers. With their agility, IT expertise and innovative mind set, Fintech will not only create a wide range of financial products and services but also ensure their availability across the country, especially rural India. With investments coming in from financial institutions and tech-nology giants, opportunities are im-mense for Fintech. However, the need of the hour is helping create a nation-wide Fintech ecosystem that nurtures start-ups. Maharashtra gov-ernment has recently started a Fin-tech Accelerator programme as part of the state's Fintech policy to nur-ture new ideas that transforms lives. Such initiatives on a large scale would be a win-win for financial institutions, Fintech, policy makers, and most importantly customers.
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