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Latest Trends in Digital Banking – A Must Read for New-Age Banking Customers Research Team | Posted On Tuesday, September 24,2019, 05:38 PM

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Latest Trends in Digital Banking – A Must Read for New-Age Banking Customers



The major issue for many banks that have been competing in today’s digital world is how to do more with less. What is digital banking? Digital banking is not all about adding more and more technology. It has been how you may leverage advanced technology in order to work differently for a good customer experience. To be specific, online banking is the digitalization of all the conventional banking activities, which include applying for personal finance products, money deposits, withdrawals, transfers, savings management, bill pay, loan management, account services, etc.

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Banks are Getting Serious about Blockchain

It has been told by Ana Botin, the Executive Chairman Santander Group, that One Pay FX makes use of blockchain-based technology in order to provide a secure, fast and simple way to transfer money from one account to another. Tremendous opportunities are being offered by Blockchain technology in order to improve the products and services we provide to our valued customers. The advent of Santander One Pay FX is the first among potential digital banking applications.

Financial institutions or banks have begun seeing Blockchain as a recipe of offering the category of services that are expected to be received by modern customers. By introducing One Pay Fax, Santander has been leading the way. What is One Pay Fax? One Pay Fax is the first overseas money transfer services exclusively for retailers. It has been announced by FaceBook that the former president of PayPal and the Chief of Facebook Messanger Platform that it shall lead its own blockchain project.

See Also: Banking With Your Phone

Automation is the future face customer interaction

Banks have to embrace a new way of providing services. Many have been now investing heavily in both video chat services. Chat services are proven to enhance the satisfaction of customers and seek better business results. Moreover, the automation of customer service has become a gatekeeper. The banks make use of algorithm and machine learning.

Contextual banking combines the best in technology and banking

Marko Wenthin, the co-founder and CCO, has said that many people do not have to worry about the banking system and they expect the system to work. They expect a world in which services of finances are custom-made towards expediency. He further said that we are constantly aided by and surrounded by financial services.

Cashless society

Kirk D Borne, who is the Principal Data Scientist and Executive Advisor at Booz Allen Hamilton, the system of mobile banking shall continue to increase the previous standard banking in customer preferences. As per multiple sources, the system of mobile banking has been gaining momentum.

See Also: What You Need to Know About Mobile Wallets

Cybersecurity requires exert and external intervention   

In the United Kingdom, the total number of bank robberies has dropped to 66 from 847 between 1992 and 2011. The prime reason is that criminals have moved faster than banks in the internet world. A paradigm shift in cyber attacks decides the whole safety of the banking industry. It has been clear that financial institutions and banking institutions may no longer rely to offer adequate security. Banking institutions shall focus on providing specialized financial services. There shall be a big business opportunity for business specializing in cybersecurity.

6 key technology trends for banking in the year 2019

  • Blockchain
  • Steady advance towards public cloud
  • Accelerating connected commerce
  • Increasing interactive dimension
  • Accelerating architectural evolution
  • AI in the bank

See Also: What is Mobile Banking?

6 key business trends for online banking 2019

  • Data privacy and ethics
  • Optimizing digital-human interplay
  • Data ethics and privacy
  • Open banking
  • Cyber-defense vs hacker intelligence

Top 3 digital transformation trends in the financial services industry

  1. Mobile banking: Today, many people are relying on mobile banking, which is a system where people make use of their smartphones to avail all types of banking facilities such as transfer funds, deposit funds, etc.        
  2. Automated wealth manager: Automated wealth managers are the system where the management of wealth is completely automated.  For example, using complex algorithms, the boots of AI-driven may compute the most feasible investment options and opportunities.
  3. Big Data: Big data has become very important today across all industry verticals. Even in the financial services industry, it has gained importance and proven to be much-needed.

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