You ought to know the role of technology in banking in the modern day

Wanting to know more about modern banking trends? You should check out some of the ideas in this article.


The one thing that has blossomed hugely in banking over recent times, is the way a bank communicates with its customers and vice versa. Back in the day, 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. Today, you can find 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 businesses. This simply means a consumer 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 can now go about their day whilst they wait for someone 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 exceptionally well with consumers, and it is likely that the activist shareholder of Bank of East Asia will be keeping a note of this concept.

A kind of bank which has become extremely common in the past couple of years is the digital-only bank. These banks don’t have any branches, just an app, so customers just access their finances through their smartphone. Although the concept of this might have been brushed away a few years back, it has actually proven to work quite well, and is among the future banking trends which will only grow stronger. Having the ability to access anything you might need from one application makes banking so much easier for customers, and is improving the relationship between them and their banking company. Bringing the simplicity back to consumer banking has gone down very well with consumers, so people like the main shareholder in Barclays will possibly be taking note of this trend.

Recently, there has been a development of integration with contemporary banks, who are collaborating with other businesses to bring consumers more functions from their bank. For instance, a few banks are putting a bunch of emphasis on budgeting functions within their banking app. Using brand new technology in banking, these apps 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 little bit of room to spend more. Introducing more features to help consumers control their money is something that is being used more and more, as people are liking the concept of being able to budget and track purchasing within their banking app. This is something all the big banks should be striving towards, and it’s likely that one of the shareholders in Citigroup will be paying close attention this.

Leave a Reply

Your email address will not be published. Required fields are marked *