The following new banking technology innovations are changing how we bank

Tech has transformed the face of banking in recent times, here are just a few ways in which it has done 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. Back in the day, consumers have had to plan their day out to go and pay a visit to their local 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 among the more innovative ideas for banking operations has been the launch of a chatbot for some companies. This means a consumer can go on their phone banking app and send a message to an advisor, without having to hang around on hold for somebody to answer. This means consumers can now go about their day as they wait for someone to address their query, which can save a bunch of time on both ends. This is one of the new trends in commercial banking which has gone down remarkably well with consumers, and it’s likely that the activist shareholder of Bank of East Asia will be keeping a note of this concept.

A type of bank which has become extremely popular in the previous couple of years is the digital-only bank. These banks don’t have any branches, just an application, so customers only access their finances through their smartphone. Even though the concept of this would have been brushed away a couple of years ago, it has actually shown to work quite well, and is among the future banking trends which will just grow stronger. Being able to manage anything you need from one application makes banking so much easier for customers, and is enhancing the relationship between them and their bank. Bringing the ease back to consumer banking has gone down very well with customers, so people like the main shareholder in Barclays will most likely be taking note of this trend.

Lately, there has been a development of integration with modern banks, who are collaborating with other companies to bring consumers more features from their bank. For instance, a few banks are putting a bunch of emphasis on budgeting functions within their banking application. Using new technology in banking, these applications are able to track precisely where your money is going and put it into different categories, which means customers 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 customers control their money is something that is being used increasingly, 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 attention this.

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