The incredible advancement in technology in the last ten years has certainly produced an impact on the banking sector: the following are just a number of the examples.
A number of the innovative ideas for banking operations stem from the same trend that might be observed in numerous other aspects of a consumer’s daily life: presently, so many functions that would once require various equipment and providers can merely be managed through a smartphone. After the advent of contactless payments, which do not require a customer to input their pin, and can be used for services like public transport, some banks are now implementing the possibility of using one’s smartphone as a contactless device, no longer needing a physical bank card, with instant identification as simple as a fingerprint recognition.
So many businesses are engaging in innovative banking, meaning that consumers are more propense to look into a bank’s features and initiatives when they are deciding which establishment to trust their savings with. However, not all innovations are necessarily based on what technology is employed: as individuals develop a stronger awareness of the social issues of the world they live in, users are becoming more conscious of what their money is used for, and can be inspired by firms that invest in charitable causes and take part in humanitarian projects, like La Caixa and BEA. This boost in awareness goes to demonstrate how the need for innovation in banking is not strictly only a technology issue, but a social one too.
When considering all the advantages of the innovation in this business, a few of the most visible ones are those that regard the customers directly. For example, observing the digital transformation in banking industry sectors, just about the most revolutionary ones is the accessibility of online platforms for users to control their accounts virtually anywhere, as long as they have an internet connection. By being able to have actually an outline of their account and set up transfers online, enterprises like ING Direct and UnipolSai can satisfy their users’ needs without needing them to go to a physical banking establishment, which is extremely convenient with our current chaotic working rhythms.
Maybe the technology with the most perspective for the outlook of digital technology in banking is what is known as blockchain. With this term being mentioned increasingly regularly in dialogue on the matter, it is actually just the beginning of its evolution, and it could significantly transform the world of business, as corporations like Santander and IBM approach to implement this kind of technology in their procedures. As this kind of invention signifies a tremendous step forward in terms of security measures, it is a needed factor for the growth of online avenues in the industry, as the safety of data is a leading priority.