The incredible growth in technology in the last 10 years has actually generated an impact on the banking field: the undermentioned are just some of the cases.
Numerous businesses are engaging in innovative banking, meaning that customers are more propense to consider a bank’s functions and initiatives when they are settling which establishment to trust their savings with. However, not all innovations are fundamentally based on what technology is employed: as individuals grow a stronger consciousness of the social issues of the world they live in, users are becoming more conscious of what their funds are used for, and can be inspired by companies that invest in charitable causes and take part in philanthropic initiatives, like La Caixa and BEA. This growth in awareness goes to show how the need for innovation in banking is not strictly only a technology matter, but a social one too.
A few of the innovative ideas for banking operations stem from the same trend that might be observed in numerous other elements of a consumer’s everyday life: today, so many functions that would once require several devices and solutions 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 provider like public transport, some banks are today implementing the possibility of employing one’s smartphone as a contactless device, no longer needing a physical bank card, with instant identification as simple as a finger-print recognition.
Perhaps the innovation with the biggest perspective for the future of digital technology in banking is what is known as blockchain. With this label being referred to increasingly frequently in dialogue on the question, it is really only the beginning of its advancement, and it could noticeably transform the business world, as businesses like Santander and IBM scheme to implement this kind of technology in their procedures. As this kind of innovation signifies a huge step forward in terms of privacy, it is a needed factor for the advancement of online avenues in the sector, as the safety of information is a top priority.
When considering all the benefits of the innovation in this field, a number of the most visible ones are those that regard the consumers directly. For instance, observing the digital transformation in banking industry areas, just about the most revolutionary ones is the accessibility of online platforms for users to manage their accounts virtually anywhere, as long as they have an internet connection. By being able to have an overview of their account and set up transfers online, enterprises like ING Direct and UnipolSai can accommodate their users’ needs without needing them to go to a physical banking establishment, which is exceptionally convenient with the contemporary hectic working rhythms.