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.
Want to know more on Investment Planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.
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
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.
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.
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.
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.
See Also: What is Mobile Banking?
You May Also Watch
Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.
Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.
Be Wise, Get Rich.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.