Which innovative banking solutions will revolutionize the banking industry in the future?
It is a crucial time for banks to compete in online markets. You can easily differentiate your business if you can personalize your products to support digital experiences. In this blog, we will guide you through eight digital banking services you should consider if you want to provide next-gen customer experience.
1. Digital onboarding of customers
Digital self onboarding allows your customers to register for multiple banking services. They can avail these onboarding services over multiple devices like laptops, personal computers, smartphones, etc.
The onboarding procedure begins with the installation of the app and continues until the customer gets highly engaged with the institution.
With an effective mobile money solution, you can provide the facilities of auto-filling the online forms and the ability to utilize security, authentication, and digital documentation capabilities to your customers.
In recent years, chatbots have become popular within the banking industry. It has increased demand and adoption by providing a seamless self-service to the clients.
Chatbots can answer the queries of your customers, reduce your service costs, and can engage your customers via multiple platforms like website, mobile banking solution, social media messengers, etc.
Chatbots would also help the customers to check their account balance or making a loan inquiry. It can also provide financial advice based on the users’ data.
Erica, Ceba, Amy, Eva, etc. are some popular chatbots in the banking sector.
3. Easy loan applications
Innovative mobile banking solutions have automized the traditional loan application process by allowing the customer to apply in a few clicks on their smartphones.
Thanks to efficient digital banking solutions, customers can speedily approve their loans. It has also eliminated the need for a client to provide banking information.
It provides various facilities like omnichannel borrowing experience, quick documentation, saving loan applications, eSignatures, etc.
4. Contactless payment modes
Contactless payment options have drastically increased during the COVID-19 outbreak to avoid human interactions. Near Field Communication (NFC) and QR codes are the major components of touchless payments.
Mobile money solutions also allow its customers to pay with a POS terminal.
The increased usage of mobile payment solutions provides banks with the opportunity to extend their business with value-added services, such as loyalty schemes, scanning coupons in-store, GPS alerts, and much more.
5. Digital bancassurance
Many banks are now becoming an ecosystem aggregator, complementing banking with additional financial and non-financial services.
Digital bancassurance is one value-added solution that would differentiate you from the crowd.
Offering user-friendly, personalized bancassurance increases customer satisfaction and improves customer’s wealth management while generating new revenue for the bank.
6. Blockchain Technology
All the banks are now tapping into blockchain technology in terms of issuing digital currencies and speedily processing their digital payments. This trend also embraces the cross-border payments.
The traditional stock exchange process involves lots of stages and bureaucracy, which takes a long time. However, blockchain technology can remove all the intermediaries of banking by automatizing it.
Blockchain technology is essential for the trade finance sector. In today’s disruptive technological world, many trade finance institutions are still using traditional administration methods. Although a few banks allow us to do paperwork online, it is very time-consuming.
7. Enhanced security of finances
Modern banking services are the best combination of convenience and security.
Banks need to integrate cutting-edge technology and enhanced safety measures into their mobile money solutions for securing their finances.
Biometrics, withdrawal alerts, card tokenization, data encryption, Two-factor authentication, OTP confirmation, eSignatures, etc. are some examples of enhanced security measures for the banking industry.
8. Peer to peer payments
P2P (Peer-to-Peer) payments are gradually increasing in today’s banking industry. It allows your users to send money instantly across the world.
Users can comfortably transfer money with their smartphones in just a single click by using multiple payment options like digital wallets, net banking, credit card, debit card, etc.
Advanced security measures such as biometrics, PIN, or OTP are necessary for the safety of P2P payments.
Customer Experience is necessary for the FinTech revolution. Traditional banks have to reinvent their business models and supercharge digital adoption to provide a seamless and rapid Customer Experience.
You can hire a software development team or Offshore software development team to create an effective mobile money solution for your business. Keep following this space for more such knowledgeable insights.
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading Digital wallet solutions, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.