The Next Big Thing in Internet Bankinghttps://exist.com/wp-content/uploads/2021-08-16_bfsi_blog_v2-768x487-1.webp768487Exist Software LabsExist Software Labs//exist.com/wp-content/uploads/logos/exist/logo-default.png
Everyone was challenged on how to cope up in the corporate world because of the worldwide effect of COVID-19. Businesses that do their operations physically were forced to close their business and others were bankrupted because of the lockdown. But more than the negative effects of the COVID-19, it also opened many entrepreneurs’ eyes to invest in digitalization or, let’s say, digital transformation. So what is the correlation of this in the banking industry? Of course, banks were also affected by the pandemic, and a lot of users need to do banking regularly (transferring funds, depositing money, loans, and paying the bills). The question is, what is the “Next Big Thing in Internet Banking?”
Surprisingly, banks have adapted to this technology era in accelerating their operations online. As the customers go online, many banks have pivoted their strategies in being present where their customers are. Here are the Next Big Thing in Internet Banking.
1. Cashless Transactions
The rise of online shopping gives way to the API tools in using payment gateways to provide users with seamless transactions like capturing a QR Code, saving your debit/credit card in your online shopping app or platform, and giving your ATM card for transactions. For consumers, a lot of payment options and methods would be great! Many people are using more cashless transactions in groceries, shopping, and other financial transactions. This makes the users more comfortable with the safety and security of their homes.
Moreover, cashless transactions let them have thinner wallets & prevent them from having heavy coins!
2. From Brick & Mortar to Click and Mortar
While we are still on lockdown, some banks decline their operations physically. The relevance of Brick and Mortars are not the same as before since we are forwarding into the new normal. The use of digital services via mobile, computer, and tablet is now the trend in doing banking. Even banks are operating digital-only (Neobanks) too! Today, we can do banking, doing our financial errands at the click of a button without going outside of our homes!
From Brick & Mortar to Click and Mortar, everything in internet banking is possible today.
3. Micropersonalized Banking
Have you experienced in the online world that some applications or websites know you as if they are talking to you personally? Like you are the top priority? Well, that is not impossible because of Big Data and Analytics. This AI-driven analytics gives a huge contribution in treating customers right – even virtually! Banks can now offer the users loan or borrow money at the right moment that they need it, dynamic suggestions of products and services, detailed offerings, budget and purchase recommendations (based on your web behavior), and promos around their nearby location!
Micropersonalized banking is customer personalization. If we can translate “the customer is always right in the digital era, then that is analyzing their behavior and offering what is appropriate.
There will be more innovations to come in the future, and the opportunity for internet banking is bright and exciting. As part of the solution, let’s expect higher expectations and demand from customers, be agile in future-thinkers, giving them a seamless process of banking and satisfaction.
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!