What are the latest trends in the Retail Banking industry?

<p>&lt;a href="https://www.shiksha.com/banking-finance-insurance/retail-banking-chp"&gt;Retail banks&lt;/a&gt; are heading towards adopting cutting-edge technologies to<strong> lead change, strengthen security, reduce operating expenses, automate pointless work, and provide individualized customer service</strong>. Here are some technology trends that will pave the way for the success of retail banks in the coming years. &nbsp;</p><ul type="disc"><li><strong>Cloud Solutions</strong>: Moving the core systems of banks to the cloud to avoid any concerns regarding<strong> security, governance, data control, and risks.&nbsp;</strong></li><li><strong>Intelligent Process Automation (IPA)</strong>: IPA refers to the application of artificial intelligence and related technologies such as <strong>cognitive automation, computer vision, machine learning, and robotic process automation</strong>. Commercial lending operations, bill discounting and financing, letters of credit and guarantees, anti-money laundering, sanction screening, banking regulations, and compliance are some of the banking services that can be automated with the help of IPA.&nbsp;</li><li><strong>Banking-as-a-Service Approach (BaaS)</strong>: Providing end-to-end financial services over the web is called Banking-as-a-Service. In BaaS, licensed banks integrate their digital banking services into the products of non-banking services. For example, an e-commerce website can offer digital banking services such as<strong> loan payment services, mobile payment cards, debit cards, </strong> etc., without even having to acquire a banking license. &nbsp;&nbsp;</li></ul>

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