Technology Revolutionizing the Banking Industry
Mobile banking is the new frontier of financial services. New mobile banking capabilities have completely revolutionized the way that people transact and move money. Even social networking sites like Twitter and Facebook have jumped onto the electronic banking industry bandwagon. In India, Kotak Mahindra Bank has developed a money transfer service called Kaypay, which allows Facebook users to send money to friends without requiring any bank account numbers. Similarly, the French bank Groupe BPCE allows Twitter users in France to 'tweet' money to one another using an S-money service.
The rise in popularity of electronic banking has led to increased concerns over cyber security breaches and identity theft. A behavioral biometrics company BehavioSec may have found a solution to this problem. BehavioSec has developed multilayered security technology that monitors mobile users' unique behavior while operating their device. This 'Unique behavior' includes attributes such as key sequence, pressure, speed and swipe. The technology can be used to prevent unauthorized users from accessing a mobile device or logging in to applications. In addition to software technology, the banking industry has also seen new hardware innovations to assist in transacting. Spain's CaixaBank launched an NFC-enabled wristband which enables the wearer to make contactless payments. This new technology is quickly changing the face of financial services. What will we see next?