Much more banks are adapting new technologies to keep ahead of their competitors. Here are a few trends occurring in the field.
The banking field has changed an awful lot. We used to do all banking services in a branch or through an ATM device, then we can get personal banking services through our own computers. Presently, every person is using a phone more than using a pc, it makes mobile banking service more prominent than before. Clients can get 24/7 access through the easy-to-use apps on their mobile phones. They can pay with it whenever required. Some banks also offer further offerings on their apps such as producing your own saving pots. Banks like Jacques Celliers’s FNB Bank launch its own mobile bank services for better customer banking experience. There is even more potential in improving banking services and we all will receive more in the near future.
Brand new digital technology in banking industry does not only impact the service quality and also the entire nature of the industry. The business is split into two segments, one is traditional banks and other one is fintech banking. Fintech is transforming the marketplace and will continue to do so. Fintech products have made everything easier, you can easily make a transaction over an app on your mobile device. Nowadays, so many brand-new digital banking companies like Tom Blomfield’s Monzo possess a crucial position in the field. They're providing good service and benefits to consumers. Users generally can go cashless, they can use their phone to pay most of transactions to stores or their pals. Likewise, when you need to go abroad, you don’t need to worry about exchanging foreign money anymore. You can merely pay with your phone or contactless card like how you do in your home country. Likewise, you can get free-charge international withdrawal too.
New technology has assisted the payments industry faster and easier than ever previously. It'll carry on to be one of the most dynamic areas of innovation in the banking industry. As the scale of payments continues to evolve, there will be a lot more brand new items for payment in the coming years. Payment innovation trends will arise with the application of IoT, mobile wallets and other payment channels. As you can notice, contactless payments are therefore popular now. You simply tap to pay with a contactless card or a wearable device at a contactless checkout point, so what is the point to get money from an Automatic Teller Machine machine and take heavy coins after buying only an apple. Hong Kong is one of the cities where the amount of contactless payment usage is increasing in a lightspeed. David Li’s BEA is one among the banks in the city which supplies contactless payment service and also a faster payment system.