Digital Banking: Expectation VS Realityhttps://exist.com/wp-content/uploads/2021-06-11_bfsi_blog-768x487-1.webp768487Exist Software LabsExist Software Labs//exist.com/wp-content/uploads/logos/exist/logo-default.png
With the rise of technology, a huge number of businesses are also transitioning from traditional to digital – including banks and other financial institutions. In this modern era of technology, what are the expectations and reality of Digital Banking?
According to Bangko Sentral ng Pilipinas, consumers now adapt to use digital payments and prefer to use online transactions because it is safe and convenient.
“New adopters have experienced first-hand the advantages of going digital. Their positive experiences are expected to create a ripple effect and to promote the wider use of digital payments” the BSP explained.
COVID-19 also pushed us to use digital platforms due to health and safety concerns. Payments and transferring money are all seamless because everything is now online. It bridges family’s finances in paying bills and sending funds, shopping online, and other financial transactions. Social Distancing is not a problem at all!
EXPECTATION: You can create an online bank account — Anytime, Anywhere!
REALITY: Yes, but there is an enrollment process for verification purposes.
Internet Banking helped many users to create an online bank account. As much as every bank wants to do it, your security is also their responsibility and concern which is why they are including our personal information like full name, birthday, email address, and phone number to verify and match the details on their data. Furthermore, digital banking activation process will likely need our personal details for verification. With that said, if there’s no wrong answer and all the details are legitimate, you can now have your online bank account!
EXPECTATION: 100% Secured Banking Process
REALITY: Digital Banking is 100% Secured and Simplified its User’s Experience
Thanks to new technology, banks and users can now ensure that everything is secured by the use of multiple security processes before opening their accounts or transferring funds. These are the types of user verification or authentication that was created before performing transactions:
Two-Factor Authentication is a security system requiring a clear identification to proceed or access a specific command.
One-Time Password (OTP) – digit security code that is only valid for a single login session or transaction. It is a randomly generated code that is impossible to guess and reduces the risk of hacking an account.
Email Verification Code – is like a One-Time Password but sometimes comes with a combination of numbers and letters. The code will be sent through the account’s registered email to fully check if the login is legitimate.
EXPECTATION: Users Expect that banks are always there for them
REALITY: Digital Banking is Omnipresent
Omnipresence means “widely present” at all times. With that being said, Yes, there’s a limitation in banks where they cannot always reply fastly to user’s concerns, but users can contact them directly with different channels! The reality is, Banks are thinking about their customers. They are there where their customers are – even online!
With the fast-paced environment, traditional banks must learn and adapt to the new normal. Huge numbers of users are now comfortable with digitalization and financial institutions have to bring convenience too with their customers.
What do you think? Does digital banking meet your expectations or exceed them?
Exist Software Labs, Inc. is committed to extending our assistance to several banks with their Digital Onboarding requirements. We have been in the business for 20 years, and the mission to enable corporations to go on digital and have a competitive advantage in this fast-changing world is at our core. Go where the possibilities are boundless!