BANKING

Jain : One of the big barriers to digital transformation is legacy technology which also has a downstream impact , creating bad or incomplete data that further leads to sub-optimal user experience .

Generative AI has the potential to impact the economic case for legacy migration . GenAI ( with humans in the loop ) has the ability to translate legacy code base , create code documentation , testing automation , variable lineage etc . which contributes immensely to platform modernisation and , therefore , more effective and more pervasive digital transformation .

Pattni : Wearables and biometrics have been another recurring trend we have seen in recent years , and the rise of the Internet of Things ( IoT ) will continue to lead to new and innovative ways to make payments .

Payment friction as a means to reduce fraud remains a key challenge for banks and fintechs , and wearable technology will help to reduce this .

Privacy and security concerns are also associated with linking payment technologies to identity . Banks currently use standard encryption methods to protect this sensitive data . However , the rise of quantum computing could pose a new challenge as quantum computers could break these encryption methods .

This applies not only to payments but to all sensitive data protected by traditional encryption methods . Banks , with the help of partners , are already working to develop quantum-safe environments to address this risk .

56 January 2024