Technology has altered the face of banking in recent years, below are just a couple of ways in which it has done this.
Recently, there has been a development of integration with modern banks, who are working with other companies to bring customers more functions from their bank. For instance, a couple of banks are placing a great deal of focus on budgeting functions within their banking app. Using new technology in banking, these apps are able to keep track of precisely where your money 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 little bit of room to spend more. Adding more features to help customers manage their money is something that is getting used increasingly, as people are liking the concept of being able to budget and track purchasing within their banking app. This is something all the large banks should be working towards, and it is likely that one of the shareholders in Citigroup will be paying attention this.
A kind of bank which has become extremely common in the past few years is the digital-only bank. These banks don’t have any branches, just an app, so customers only access their money through their smartphone. Although the concept of this would have been brushed away a few years ago, it has actually shown to work very well, and is among the future banking trends which will just grow stronger. Having the ability to manage anything you might need from one application makes consumer banking so much simpler for users, and is improving the relationship between them and their bank. Bringing the ease back to consumer banking has gone down quite well with consumers, so people like the main shareholder in Barclays will most likely be taking note of this trend.
The one thing that has blossomed hugely in banking over recent years, is the way a bank interacts with its consumers and vice versa. Back in the day, consumers have had to plan their day out to go and go to their local branch, or even spend hours on the mobile trying to get through to an advisor. Today, you'll notice different ways to communicate with banks, and among the more innovative ideas for banking operations has been the launch of a chatbot for some companies. This means a consumer can go on their phone banking app and send a message to a specialist advisor, without having to wait on hold for somebody to pick up. This means customers can now go about their day as they wait for someone to address their query, which can save a lot of time on both ends. This is among the new trends in commercial banking which has gone down extremely well with consumers, and it’s likely that the activist shareholder of Bank of East Asia will be keeping a note of this concept.