Digital disruption and multimedia technological innovations in the banking world

Abstract

Banks may link geographically dispersed areas and their respective financial markets using multimedia communication technology. The task of striking the correct balance between global and local is especially great for international banks. They need to determine what their local consumers want and provide it using global resources. This chapter describes the increasing prevalence of multimedia banking worldwide, illuminating the extent to which the banking sector has adopted and begun to benefit from such technologies. Information technology is crucial in connecting the world’s many regions. Banks widely implement multimedia communication technologies to supply consumers with the best financial goods and services. Now more than ever, these networks allow for the coordination of widely scattered teams, sharing relevant knowledge and skills in times of need and establishing new connections with clients. Due to such platforms’ proliferation, information technology’s function in global banking has evolved significantly.

According to the available literature on multimedia banking, the Internet through a personal computer is the primary multimedia delivery channel in banking at the present moment. The literature frequently uses the words “multimedia banking,” “Internet banking,” “e-banking,” and “online banking” to refer to the same type of technology. Online banking with multimedia features is not required. Mobile phones, personal digital assistances (PDAs; a handheld computer that serves as a tool for reading and conveying documents, electronic mail, and other electronic media over a communications link, as well as for organizing personal information. Like Tabs, i-pad, etc.), and other wireless devices increasingly have it built into their small screens. Customers may check their account balances and transaction histories, see visual representations of their investment portfolios, make payments or trade orders, and maintain two-way contact with their banks using data analytics, interactive electronic mail, and short message service (SMS). The future delivery platform is predicted to change from wired Internet connections to wireless mobile technologies, which would increase the significance of mobile and TVbased banking even though they do not appear to play a big part in banking at the present moment. This outlines some actual uses of multimedia banking and the opportunities and constraints those institutions confront.