The fact that we can transfer money abroad, have an overview of our account, and even make physical payments simply from one device is probably the greatest example of innovation.
Men and women today, especially the younger generations, rarely tend to carry cash, particularly if living and working in a huge city: as even small businesses are increasingly taking card payments and receiving rid of minimum card charges, there is certainly less of a need to invariably have some spare transformation in your pocket. In simply the last decade, among the most prominent payment innovation ideas has risen, which is that of contactless payment, allowing card payments to be introduced even on things like trains and buses, doing away with the need of having exact cash for a bus commute or purchasing a ticket ahead of time. A good number of banks actually have embarked in digital payments, as noted in the tech collaboration of Santander, where contactless payments can be produced essentially through a smartphone, using fingerprint detection in place of something like a pin. This is only the starting point of the upcoming digital innovation in banking sector.
Convenience is one of the primary points on the subject of the importance of innovation in banking, as consumers want to receive and use their money at any point from any location. Many financial institutions are therefore committed to provide online digital platforms, both for banking procedures and for reaching out for any customer inquiries, and outstanding figures in the field like the activist investors of Bank of East Asia are well conscious of this. Among the digital technology in banking we can witness the use of artificial intelligence chatbots for answering questions online by supplying the pertinent material, the reliable security procedures that make it possible to make instantaneous payments through the web, and the ability to actually have an overview of one’s account from the convenience of one’s smart phone.
In a frantic working world like the one we are living in today, tasks like going to the high street bank turn out to be challenging when your office hours might not match with the opening times of the monetary institution: maybe you simply do not actually have the time to go on your lunch break, or the shorter opening hours on the Saturday morning are the only time you can sleep late and actually have some rest after a long week. This has introduced a brand-new sort of innovative banking, meaning that customers do not want to visit a physical branch: in truth, institutions like Transferwise’s mobile bank partner are banking institutions which are entirely based online, with no actual physical shops, making it incredibly easier and much more handy for the user to control any factor of their account simply from their phone.