10 Most Promising Banking Technology Providers - 2021

The advent in the technology has given rise to a whole lot of newer and faster ways of banking. Today, we don't have to stand in the long tiring queues in banks for money transfers. Online deposits, mobile wallets, e-bill payments and many more have revolutionized the banking sector. The banks have widely adopted technologies like open banking, blockchain, biometrics, cloud banking, AI and machine learning to make the banking process and transactions easier for customers. New trends are gaining momentum at a fast pace due to convenience and flexibility they provide to the customers.

The evolution of large number of Fintech companies has posed threat to traditional finanacial institutions, reducing the lending cycle down from a few weeks to a few hours. Today, the technology leadership has become a necessary criterion for financial and competitive success. With technological advancement, security has become a matter of concern. Blockchain works on data structure & cryptography and ensures the security of transactions and other customer data. Also, banks have widely shifted from conventional IT models to 'Zero Trust' security model. This security model secures the enterprise by removing implicit trust and enforcing strict user and device authentication throughout the network. More banks are moving towards cloud banking. The cloud allows banks to synchronize the enterprise, break down operational and data silos across customer support, finance, risk, and more.

As banks started providing large number of services through voice interface, they started widely adopting chatbots. The digital payment experience is again expected to be transformed by wearable devices such as smart watches. They are gaining popularity among millennial and genZ. In the coming years, financial institutions are expected to undergo further changes regarding the ease of transaction and security.

In this issue of CIO Review, we bring you a list of '10 Most Promising Banking Technology Providers - 2021'. These platforms were selected by comprehensive examination by CEOs, VCs, CXOs and our editorial board. We truly expect these platforms to meet your needs as we recognize their valuable contribution to the ever expanding market through their reliable services.

We present to you CIOTechOutlook 10 Most Promising Banking Technology Providers - 2021.