Hoping to know more about modern banking developments? You might want to look at a few of the recommendations in this short article.
Recently, there has been a trend of integration with contemporary banks, who are collaborating with other companies to bring consumers more functions from their bank. For example, a few banks are placing a lot of focus on budgeting functions within their banking app. Using new technology in banking, these applications are able to keep track of exactly where your cash is going and put it into different categories, which means customers can see where they’re spending too much money, and where there is a bit of room to spend more. Adding more features to help consumers control their money is something that is being used increasingly, as individuals are liking the idea of being in a position to budget and track purchasing within their banking application. This is something all the big banks should be striving towards, and it is likely that one of the shareholders in Citigroup will be paying attention this.
A kind of bank which has become incredibly popular in the past couple of years is the digital-only bank. These banks do not have any branches, just an app, so customers only access their finances through their mobile. Even though the concept of this might have been brushed away a couple of years back, it has actually proven to work quite well, and is one of the future banking trends which will only grow stronger. Having the ability to manage everything you need from one app makes consumer banking so much easier for users, and is enhancing the relationship between them and their banking company. Bringing the ease back to banking has gone down quite well with customers, so people like the main shareholder in Barclays will possibly be taking note of this movement.
One thing that has developed hugely in banking over recent years, is the way a bank communicates with its customers and vice versa. Back in the day, consumers have had to plan their day out to go and visit their local branch, or even spend hours on the mobile attempting to get through to an advisor. Today, there are actually different ways to interact with banks, and among the more innovative ideas for banking operations has been the introduction of a chatbot for some businesses. This simply means a customer can go on their phone banking app and send a message to a specialist advisor, without having to wait on hold for someone to pick up. This means customers can now go about their day as they wait for somebody to address their question, which can save a lot of time on both ends. This is one of the new trends in commercial banking which has gone down exceptionally well with customers, and it’s likely that the activist shareholder of Bank of East Asia will be keeping a note of this approach.