Data and Financial Journalist
Banking sector has witnessed many technological changes in recent years that offer more personalized services. The shift towards getting more digital just got more exciting with the introduction of many user-friendly technologies. As banks try to make banking quicker and secure, the option for digital innovations keeps getting more and more competitive. The first quarter of 2015 introduced some very interesting banking innovations that could revolutionize the banking experience for customers.
The US dollar has been on the rise every day setting high records. With the upward pressure on dollar, stronger dollar could tighten financial conditions across the growth. Further the rising dollar could be offsetting the benefit of low cost oil. Over the past six months, the trade-weighted dollar has risen 25% and faster than anytime the last 40 years. US dollar is a global unit of account in debt contracts and that could be a cause of slow down in the rest of the world. Not only that, if the dollar continues to increase, inflation and US economic could weaken.
With India having the world’s second largest population and the maximum number of poor people in the world, the Indian budget 2015 could be a turning point for the poor and the unemployed. While many have supported the budget, others have criticized it for being very ‘pro-corporate’. The Indian Budget has been more or less termed as “stable” in its approach allowing more public spending through emphasis on strategic plans that could modernize India’s infrastructure.
As banks slowly approach the age of digitalization they already seem to be facing tough challenges that are related to their own systems’ security. Banks have been victims to many cyber crimes but so far the crimes had been related to hacking into customers’ accounts. The shift from hacking customers’ accounts to hacking banks’ systems seems to be one of the latest and perhaps the biggest and quietest cyber crimes. In the past, bank robberies might not have been so planned and professional but with changes in technology, even cyber crimes seem to keep up