The boom of fintech in recent years has positively affected countries around the world who are increasingly digitalizing their financial and banking-related services.
Automation and online services are being welcomed in many areas of the banking system as consumers prefer the ease of internet over waiting in long queues at the bank. Bahaa Abdul Hussein looks into the key areas that have showed a promising trend and are driving the digital banking experience of the 21st century.
Advent of API in Bank-centric services
API or application programming interface is a major factor that is leading the race of financial technology. It is bringing novel solutions to banks and consumers across the globe and is expected to fill many gaps in economies still using conventional banking practices. API is playing a vital role in instant problem-solving, expanding consumer base and bringing in a new profit stream to name a few.
Seamless Payments
Banks now offer seamless and multifaceted payment methods as they have realized consumers like to have options and value their time. From internet banking to smartphone apps, digital payment services have never been more popular. Online banking has a speedy and contactless appeal that is preferred by newer generations and investing in latest payment solutions is the need of the hour.
A.I. Assistance and Chatbot
In the next couple of years, automated banking services powered by A.I. is set to take over the sector. A chatbot or online assistant has replaced consumer representatives in many banks, and they help in many areas of consumer guidance. They are effective at giving prompt answers, one-on-one live support, tailor-made fixes and are a relatively cheap investment to make.
Multidimensional services
Consumers are now tech-savvier than ever before and it is the responsibility of the banks to keep up with them. This has led to a multichannel or combined approach in bringing banking services to consumers, offering various channels for them to interact with the bank. Consumers like to instantly receive notifications on their apps about their bank balance. But they might also use the website to fill a loan application or approach a bank to get a more personalised answer. Banking services should be fashioned keeping the multifaceted approach in mind.
Digital coherence
Digitalising and integrating the traditional banking system with the online realm has many advantages for both the employees and consumers. They spell ease of functionality for everyone along with productivity, consumer-friendliness and remote access to services which no long require people to show up at the bank. Employing a team to constantly stay ahead of the digital banking trends is a good way to go.
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