The subsequent new banking technology innovations are changing the way we bank

Tech has changed the face of banking in recent times, listed here are just a few ways in which it has achieved this.

The one thing that has developed hugely in banking over recent years, is the way a bank communicates with its customers and vice versa. In the past, consumers have had to plan their day out to go and pay a visit to their regional branch, or even spend hours on the mobile trying to get through to an advisor. Nowadays, there are different ways to communicate 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 mobile banking app and send a message to a specialist advisor, without having to hang around on hold for someone to pick up. This means consumers are now able to go about their day whilst they wait for somebody to answer their question, which can save a lot of time on both ends. This is among the new trends in commercial banking which has gone down remarkably well with customers, and it’s likely that the activist shareholder of Bank of East Asia will be keeping a note of this approach.

Recently, there has been a development of integration with modern banks, who are collaborating with other businesses to bring consumers more functions from their bank. For instance, a few banks are putting a great deal 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 money is going and put it into assorted categories, which means consumers can see where they’re spending too much money, and where there is a bit of room to spend more. Introducing more features to help consumers manage their money is something that is being used more and more, as individuals are liking the idea of being able 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 close attention this.

A kind of bank which has become exceptionally common in the past couple of years is the digital-only bank. These banks do not have any branches, just an app, so customers just manage their money through their mobile. Although the concept of this might have been brushed away a few years back, it has actually shown to work quite well, and is among the future banking trends which will only grow stronger. Being able to manage anything you need from one application makes banking so much simpler for users, and is improving the relationship between them and their banking company. Bringing the simplicity back to banking has gone down quite well with consumers, so people like the main shareholder in Barclays will possibly be taking note of this movement.

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