A couple of banking innovation trends we witness now

The business of money management has distinctly seen very significant shifts and revolutions in the past couple of decades: continue reading for a couple of ideas on where innovation is leading.

Ease of use is one of the primary priorities in terms of the importance of innovation in banking, as consumers want to retrieve and utilise their money at any point from any location. Many financial institutions are therefore determined to offer digital platforms, both for banking functions and for reaching out for any customer inquiries, and outstanding figures in the sector like the activist investors of Bank of East Asia are well conscious of this. Among the digital technology in banking we can witness the use of artificial intelligence chatbots for answering queries online by providing the pertinent material, the reliable security procedures that make it possible to make instant payments through the internet, and the capability to actually have an overview of one’s account from the comfort of one’s smart phone.

Folks presently, especially the younger generations, rarely tend to carry cash, especially if living and working in a large city: as even local businesses are increasingly accepting card payments and receiving rid of minimum card charges, there is distinctly less of a need to always have some spare modification in your pocket. In only the last ten years, one of the most prominent payment innovation ideas has risen, which is that of contactless payment, allowing card payments to be integrated even on things like buses or trains, getting rid of the need of having exact change for a bus commute or purchasing a ticket beforehand. Most banks have embarked in digital-based payments, as noted in the tech collaboration of Santander, where contactless payments can be made simply through a smartphone, using fingerprint identification instead of something like a pin. This is only the beginning of the upcoming digital innovation in banking sector.

In a busy working scene like the one we live in currently, errands like going to the bank become hard when your working hours might not correspond with the opening times of the economic organisation: possibly you just don't actually have the time to go on your lunch break, or the shorter opening hours on the weekend daytime are the only time you can sleep in and actually have some rest after a long work week. This has generated a new kind of innovative banking, meaning that customers do not have to visit a tangible branch: in fact, establishments like Transferwise’s mobile bank partner are banking organizations which are fully based online, with no actual material stores, making it remarkably easier and a lot more handy for the user to manage any factor of their account just from their phone.

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