From moving finances online to the new ways we'll be getting cash, Ray Hatch, the Vice President of Enterprise Solutions Vertical Markets at Comcast Business explains how the banking industry is getting ready for the future.

<div class="block">Technology is changing the way we handle our money and banks have taken notice. From moving finances online to the new ways we&#39;ll be getting cash, Ray Hatch, the Vice President of Enterprise Solutions Vertical Markets at Comcast Business explains how the banking industry is getting ready for the future.</div>
<div class="block"><i>This segment was sponsored by Comcast Business. </i></div>

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How Technology is Getting Banking Ready for the Future

This segment is brought to you by Comcast Business helping to keep you ready for what's next technology is transforming the way that we handle our money from online banking to smart ATM S new technologies, creating a revolution in financial services. And joining me now is Ray Hatch, vice president of Enterprise solutions vertical markets at Comcast Business. Ray. Thank you for joining. Good morning. Thanks for having me. How is new technology changing the relationship between customers and their financial service institutions? Yeah, I think the biggest relationship change I've seen is the growth really in digital only banks. So no physical presence. Now there's a rational appeal for the millennial generation. I think most of their commercial interactions have happened online. So it's really no surprise the majority have expressed interest in fully digital banking. But you compare that to the baby boomers. We're really only a small minority who expressed that same interest and this creates a real balancing act for traditional banks to acquire customers across those generations. So with the rise of digital banking, how are different companies blending the use of physical and digital spaces to serve their customers? Yeah, I think it's true across most retail interactions today. And that includes banking, the customers really value the experience over the actual transaction in the banking segment. I think the first response we saw to that was the hybrid bank and the cafe from one of the large retail banks. What's interesting is that we didn't see a lot of fast followers across that industry. Copy of the program. I think instead, recent surveys suggest that consumers are looking for branches that provide a more digital first self service option with human assistance. So we'll see this drive more investments like kiosks, digital signage and video conferencing, and then smarter ATM S. So there's a lot of buzz about next generation ATM S. What are they? And do banks have the technology to make them a reality? Yeah, if you consider the ATM S for customers for more than 50 years now, I think the world, the next generation ATM S is really a wealth of opportunity. We should see things like cloud enabled software, which means more rapid feature development. We'll see implementation of A I and machine learning that can diagnose both system problems and human error in real time and then video conferencing for life support, I think will be really important in the future. So cash is always going to be critical in the customer relationship for next generation, I think is going to be really exciting. So much of their business transitions to digital. How important is connectivity for financial institutions. Yeah, if you consider a consumer bandwidth typically grows 50% year over year. So that's your and my usage and factor mobile device globally are forecasted to reach 19 billion by 2025. And so this puts an immense pressure on the retail sector and bank branches to meet demands for the data sent and received by customers employees and really the systems that operate the bank. So in a digitally enabled world, both the speed or the bandwidth of that connection and then the reliability meaning it's always available is going to be really critical for the future. What are some of the new security risks that come alongside these new forms of digital banking? Yeah, I think bad actors are um the new normal for us and security in the banking sector is really the first question to any initiative and that's both by regulatory pressure and then consumer trust. It's our money at the end of the day. So it's my experience that really no initiative gets to market without thorough security reviews. And look, I think uh cybersecurity job postings this year were up 70 something percent over the last five years. So network security is practice and the need for good business partners will continue to grow through the foreseeable future. All right, Ray hatch. Thank you for joining Ray and to learn more about the latest in financial services technology visit Comcast business dot com slash enterprise