Hoping to know more about modern banking trends? You should check out some of the recommendations in this post.
A type of bank which has become incredibly common in the previous couple of years is the digital-only bank. These banks don’t have any branches, just an app, so customers just access their money through their mobile. Although the concept of this would have been brushed away a couple of years back, it has actually proven to work quite well, and is among the future banking trends which will just grow stronger. Being able to access anything you need from one application makes banking so much easier for users, and is improving the relationship between them and their banking company. Bringing the simplicity back to consumer banking has gone down very well with customers, so people like the main shareholder in Barclays will probably be taking note of this trend.
One thing that has developed hugely in banking over recent years, is the way a bank communicates 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 phone attempting to get through to an advisor. Today, there are actually different ways to interact with banks, and one of the more innovative ideas for banking operations has been the launch of a chatbot for some companies. This means a customer can go on their phone banking application and send a message to an advisor, without having to hang around on hold for someone to answer. This means consumers can now go about their day as they wait for someone to address their question, which can save a bunch of time on both ends. This is among the new trends in commercial banking which has gone down extremely well with consumers, and it is likely that the activist shareholder of Bank of East Asia will be keeping a note of this approach.
Lately, there has been a development of integration with modern banks, who are working with other companies to bring customers more features from their bank. For instance, a few banks are placing a bunch of emphasis on budgeting functions within their banking application. Using new technology in banking, these apps are able to track precisely where your cash is going and put it into different categories, which means customers can see where they’re overspending, and where there is a bit of room to spend more. Adding more features to help customers control their money is something that is being used increasingly, as individuals are liking the concept of being in a position to budget and track spending within their banking application. This is something all the large banks should be striving towards, and it’s likely that one of the shareholders in Citigroup will be paying close attention this.