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\nThe exponential growth of technological advancement has penetrated every industry is the world and banking is no exception! A decade ago, no one imagined that the conventional routines of visiting a bank could be tucked into a smart phone in the form of a mobile application.
\nWhile superficially this may seem like the epitomized form of banking convenience empowered by technology, who knows, it may just be the beginning of yet another revolution?
\nEver wondered what banking would be to your grand children. Read on to grab some interesting insights into the future world of banking.<\/p>\n
Undisputedly, mobile apps have become a strong vein of customer service in the banking sector. The trend is here to stay and in fact intensify over the years. Can you believe of banking through watches? Technology will transfer the power of the marketplace into the hands of the customers thus pushing banks to change their conventional product-oriented setup into a customer-oriented model. Since the usage of online purchase and transactions are increased, digital wallets will be the biggest medium for banking in the future. The majorly used digital wallet apps are,<\/p>\n As these services are from technology giants of the world, they cannot really disrupt the banking sector but will act as a complementary service to enable better customer satisfaction. However, some banks like Barclays have come up with their own wallet (Pingit) too. Irrespective of the ownership of the digital wallets, their praise will be sung in glory.<\/p>\n ATM’s are not going to go away but will sporting a classier and more advanced technology to satisfy the customers. Bio metric identification and mobile logins will replace the use of credit and debit cards. In future, the model of banking is divided into four categories. They are,<\/p>\n Better bank:<\/strong> Banking will be the \u201cland of opportunity\u201d in 2020 and Habile Technologies<\/strong> in Chennai<\/strong> can pave to leverage these multiple avenues.
\nIn the following years, banks will focus on important parameters of mobile app development which include deep-seated simplification of the app, a more personalized touch and relevance, \u201canytime, anywhere\u201d communication (video and voice chats), outstanding design discipline and a whole of newer and faster features.
\nThe Mobile-Only bank system launched by DBS, Singapore<\/strong> in India is a reinforcement of the power of mobile app.<\/p>\nBanking with style<\/h4>\n
\nYes. Definitely \u201cwearables are going to be part of future of banking\u201d. Since the introduction of Smart watches, Google glass and Oculus Rift, the customer interaction will be more effective and convenient. The banks will be developing the application which can be installed on wearables by which the customer can access their bank accounts.<\/p>\nCustomer is the King<\/h4>\n
\nBanks will fight the changing regulations and yet come up solutions that can make them customer friendly.
\nSome of the key focus points would be,<\/p>\n\n
Digital wallet will be in vogue<\/h4>\n
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Visits to ATMs will get better<\/h4>\n
\nIn order to make more customer interaction, Video teller machines will be also placed in ATM centers. It will be helpful for the customers to have more interaction with employee of the bank.<\/p>\nBanking Models<\/h4>\n
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\nBetter Bank will be based on bank legacy and the digital banking interface.
\nNew bank:<\/strong>
\nTo start with, this type of bank will be fully digitalized. Digital bank will be emerging and the interaction with human to human will be reduced. Robots, video chats and access on online will be more predominant.
\nDistributed bank:<\/strong>
\nThis type of bank is formed with the collaboration of Fintech providers and banking services. Since Fintech providers are more customer centric, banks are needed to have a partnership with them in order to withstand in the increasing competition.
\nDisintermediated bank: <\/strong>
\nThis type of banks will be a combination of banking platforms, Fintech <\/strong>providers and also the social network banking interface. Social media will also begin existence in the banking industry. The banks will also make use of social media to communicate with their customers.<\/p>\nNeedless to say\u2026<\/h4>\n
\nIn this \u201csurvival of the fittest\u201d world, banks will be competing with one another to create a competitive edge through the wise use of technology.
\nThe smaller banks will turn to a digital bank and the bigger banks will have to collaborate with Fintech.
\nSo don\u2019t be overly surprised if your bank chooses to hire robots to greet your \u201conce in a blue moon\u201d visit at one of its branches.
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