Group 2: Banking innovation, services and new technology: how are modern banks attracting new customers?

1. Innovation

With the rapid economic and technological development, in order to attract more consumers to invest, bankers have to innovate to follow the pace of the times.It is said that EY (2016)‘The “business as usual” approach will not address the challenges faced by banks in emerging markets, particularly as competition from nontraditional market entrants increases. Nor will it satisfy the enhanced expectations of their customers.’ First of all, I need to explain how the bank earn the profit, the bank’s most basic profitable manner is based on the daily account customer operating expenses.  More high-end way of profit is the financial market investment. So banks have to create a wide range of scientific and technological innovation to attract more customers in their own bank accounts.

2. Decrease the wasting time

EY(2016) showed lots of way that the banks used all over the world to attract customers. Most of them combine the daily life items with bank services or provide more services beyond the original services. For example, “In Indonesia, “floating banks” are capturing new customers by traveling to island populations.” “In Poland, customers can use a smartphone app to request a “mobile ATM” — housed within an electric BMW i3 — to come to them at a specified place and time” “ In Kenya, banks are partnering with mobile network providers to assess credit risks of first-time bank customers.” “ Unencumbered by market restrictions, a bank in Brazil has expanded beyond traditional banking to offer customers concierge-type services, such as hotel booking or restaurant reservations.” What is said that, the banks offer much more convenience services to decrease the wasted waiting time.

3. Be connected

EY (2016) Also the mobile phone companies are changing banking around the world, in many countries, most of the banks create online services, for example lots of banks have apps or online banks. Customers can use the online bank to check the balance for the account or offering the banks transfer and other services. These are all to save the customers’ time.$FILE/ey-leading-through-innovation-the-future-of-banking-in-emerging-markets.pdf

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