Group 21- Be my customer from the comfort of your home

Banks have never been so far from their clients. While seeking improvement and enhanced customer satisfaction, they found out that customers prefer intimacy and comfort. Nevertheless, they took a long time before changing their approach. Banking is one of the industries which has resisted the most to disruptive technologies. However, no one can inhibit entrepreneurs from looking for opportunities to improve people’s lives. New entrants have developed online-financial services. Although it has been difficult for them to gain people’s trust, many have made their way out of the crowd. These improved services affected the banking industries, and forced them to innovate their businesses by adopting Fintech services to keep their customers, and increase their satisfaction. State of the art technology has allowed them to please customers’ demands and expectations. The internet, smartphones and other types of telecommunications enable long distance interaction between financial advisors and their clients. Fintech allows to make faster transactions, from wherever customers are, at any time they need them.


Fintech companies use services which combine both technology and financial transactions. These companies require teams working on different areas. For example, the marketing and finance departments seek to improve banking strategies as well as their performance, whereas those who work in the IT sectors focus on innovating applications along with services. These strategies are used by start-ups to attract customers, and raise funds. According to Mikaal Abdulla, CEO & Co-founder of 8 securities, it is necessary to have experience before setting up a Fintech company, as it is extremely challenging to develop this type of business. He believes that building trust within the market is crucial, and that advertising is the best tool to gain consumers’ credibility.


Nowadays, there are many banks that enable people to check their accounts everyday through the use of the internet. An example of this is Hello bank launched by BNP Paribas. It is a 100% digital bank which provides services in Europe. Its aim is to let customers be autonomous while providing online-help when needed. However, Hello Bank is not the only digital bank available in the market, competitors like Boursorama have appeared due to the increasing demand for these services worldwide.


Online banking has not always been that successful. Only a few decades ago, it was scary for customers to switch to online services as they felt insecure. Today, security has been improved. In fact, even traditional bankers store information in big data centers that can be easily hacked. However, being hacked is not that much of a problem because insurances such as FDIC, cover any loss. This improvement explains the increasing number of people switching to online banking. According to the Pew Research Center, in 2010 about 55% of the 18 to 29 year-old-american-people said that they banked-online, and in 2013 this number increased to 66%. This data shows the evolution in the online-banking world, as people finally trust it. Since technologies evolve quickly, the number of people opting for online services is increasing.




Online banking is based on the “AAA” model which stands for “anytime, anywhere, anyhow”. Thus, online banking provides services at any time, no matter where customers are or what they want. Thereby, customers have a twenty-four-hour access to make money transactions which is convenient for those who rarely have time to go to the bank. In addition, it is much easier to meet consultants to update one’s personal information, purchase financial products or apply for a loan. People can even check interest rates or the process of their investments just in a few clicks. What is more, online banking provides a platform to manage different accounts at the same time, making much simpler to save money along with one’s family.


Although there are still  improvements to be done, it is essential not to ignore the positive changes that Fintech brings to people’s lives. Fintech not only improves customers’ satisfaction, but also banks’ financial productivity. Fintech is very likely to keep evolving, and it might become a necessity as time goes by. Thanks to the deep relationship between Fintech and the banking industry asking for a loan, paying debts, managing or running a property is going to have an earth-shaking change.

Consulted on Friday January 28th, 2017.







Group 12 – Banking Innovation. First Digital Bank. Tinkoff

En passant

Today technology is read almost everywhere and banking is not an exclusion. People find more convenient to use their mobile application or internet site rather to go to the bank office.

Distributed Payments                                                                                               Many banks are allowing their customers to access accounts on their smartphones using fingerprint recognition technology. People can pay for something with just the flick of finger these days. Some bank said that the feature would be available on the iPhone 5s, 6 and 6 Plus.While Apple insisted that TouchID was secure, it said it was not a total replacement for traditional security measures and was meant to make unlocking the phone more convenient. In a similar vein, the banks have now said they wanted to make it « even easier and more convenient for customers ».
Talking Transactions
We used to have boring transactional statements, but many banks are bringing transactions alive by integrating features and apps with other plug and play services, like Google Maps, Facebook and Instagram.  An example of brining things to life is the Moven app, which alerts the user when they’re spending and getting above their budget limits by breaking the glass on their phone.
Robot force
There are a few gimmicky robot services out there, particular in Japan where robots replaced tellers (I thought we had done the same in the UK until the teller moved and I realised then they were human), but it’s not just robo-advisors that are taking off. After all, take a look at UBS who offer a real-time portfolio analytics services on a personalised basis to all of their high net worth clients through IBM’s Watson (DBS do the same).
This IBM video shows how the technology works.

Tinkoff Bank story

This article will speak about Russian first-in-time completely digital bank – Tinkoff

This banks do not have offline offices , where customers can fill in an form for credit card or assurance. This bank works online. It means that potential customers can fill in an easy form on the site within 2 minutes. After this client will receive the credit card by post and can easily access of all services which Tinkoff provides: credit cards, debit cards, prepaid cards, cash-backs, assurance, professional banking and so on.

Tinkoff is one of the top credit card issuers in Russia without having offline officers and ATMs. It proves the fact that the digital banking is future which is near us.

The internet site and well developed mobile application replace physical offices


Today, Tinkoff is the best digital bank in Central and Eastern Europe:


GROUP 3- Banking innovation, services and new technology

New entrants to the market, new business models, changing customer expectations and fragmentation of traditional services are all contributing to put traditional banks under pressure. Metro, mBank and others are all demonstrating that focusing on the new experiences and needs of their customers is driving increased loyalty and revenue. Meanwhile services like Barclays PingIt and Paypal demonstrate that disruptive services can significantly move customers away from traditional banking offerings. The appetite for such services is clearly there, and the maturity and takeup of them can only move on an upward trajectory.

Indeed, changes are afoot and the physical manifestation of these changes is apparent. At a macro level, the branch appears to be in decline with most established brands reducing their footprint. Cash is no longer king, mobile payments are increasing in popularity and no longer is the current account the only thing one uses to manage money. Banking is becoming more democratised by technology and new services are changing the way we think about banking, our money and the application and capability of technology.


This case study realised in Canada also demonstrates that Banks are changing at all.

Today, customers can bank anytime and anywhere through a variety of services. There are over 60,000 ABMs and Interac payment terminals at over 450,000 retailers across Canada. And technology has transformed personal banking, giving Canadians the flexibility to bank at their convenience with the same security they’ve come to expect at traditional branches.

Rise of Mobile Banking

First introduced in 2010, Canadians conducted more than 200 million transactions on their mobile devices in 2015. A 2016 survey by the Canadian Bankers Association found that 44 per cent of Canadians conducted at least some of their banking transactions on a mobile device, an 11 point jump from 2014 when 33 per cent of Canadians took advantage of mobile banking. The same survey found that 17 per cent of Canadians are using mobile to conduct the majority of their transactions, up from five per cent four years earlier.

With the recent spike in mobile banking, Canadian banks have delivered mobile banking capabilities that meet their customers’ needs and expectations. According to Forrester’s 2016 ‘Global Mobile Banking Functionality Benchmark’ report, Canada’s largest banks rank among the top globally for their mobile banking capabilities.

Have you used any of the following methods to conduct banking in the past year

The vast majority of people using their mobile phones for banking are doing so through apps, with bill payments and account balance checks driving the increase in mobile app usage more than any other activity.

The Future of Mobile Banking

Banks continue to look for new ways to incorporate banking services into their mobile apps and Canadians are noticing. Perhaps the best indicator of future mobile banking use comes from Canadians themselves. When asked, more than half of Canadians said it was somewhat likely (17 per cent), very likely (18 per cent) or certain (17 per cent) that they would be conducting more of their banking on a mobile device.







Group 17 Banking innovation, services and new technology: how are modern banks attracting new customers?


    The world evolves each day and in order to keep customers or to attract another customer, banks have to innovate and create advantages which will be good not only for the new customers who uses the new technology but also for the other type of people. The banks try to “keep customers away, but too close“. This means that the banks are doing their maximum in order to avoid a displacement of their customers. (In other words, banks are trying to avoid any kind of trips to their customers regarding an issue or to get an important information. In fact, a trip is considered as a cost). So, their customers can have access to their account by being at home thanks to the internet and the applications. It is the case of Boursorama bank, which is the leader of the online bank in France. By seeing the evolution of technologies with time, these banks decides to put several accessibilities and possibilities on the internet, so customers can manage their accounts as they want without leaving their house. The different strategies that banks use are:

  • The online services ( virtual world )

With the creation of many applications, customers can easily have access to their accounts at any time. It allows customers to be in contact with their account at any time. In fact, they can do transactions like transferring money from their account to another. It allows the transactions to be faster and easier. The application like the google wallet allows also to do purchase to the shop very quickly.

Through the online applications, a calling system, customers benefit from banking services at different locations: home, office, and even while traveling; So this is a way to make them feel closer and more comfortable even though they are physically far. Nowadays, people are always seeking for such online services in which they do not have to make any physical effort. It is really different from the traditional methods.

Banks also use the social networks in order to make the promotion of their banks. It allows the customers to have much information regarding banks’ offer, and also issues of some customers with the bank. The social network that banks use can be the Facebook page.

Also through the application, customers can now deposit their check by taking a picture of it and put it in the mobile application.

Those services are very simple and useful.


  • Limitation of risk fraud ( security of transactions)


With the technology of nowadays, transactions are more secured. In fact, Banks use a high level of security for all transactions. For the smartphones’ apps, banks ask for many passwords and put a limitation on payment per day for the credit card in order to prevent any kind of unwanted issues. Also with the contactless card, there is a limitation of payment per day with it. Then, when people lose their credit card, they just need to give a call on a free charge number to the bank and they will automatically block the card and delete all transactions not made by the client.  With this in mind, it reassures the customers and helps to attract new customers. Then, the online payment is also secured by the banks because after putting the number of the credit card, the banks ask for a confirmation in the application or by a code sent to your phone number.


  • Partnership with many other companies


Many banks do the partnership with other companies like targeting schools in order to attract students and also to give them internship or scholarship to some students. Moreover, banks do the partnership with the hospital in order to provide health insurance to the customers in need to make them feel better. Another partnership, banks target also car’s users in order also to give them an insurance. Those partnerships reduce the cost of some services and this attracts many new customers because nowadays many people are looking for the less expensive possibilities.

This is actually the strategy used by modern bank and their way of thinking. Thanks to the use of innovative technologies banks are being very successful at maintaining and growing their customers’ satisfaction.

  • Follow-up

After a conversation with customers, banks’ agents should give a call or a kind of email showing his interest in the plan they had done in order to make them feel very important. By giving this interest, customers will keep loyal to the bank because they take care of them and listen to them. For instance, after a meeting with a client, agents can ask by email or phone call if they have received or done what they had talked about.

References :

Group 13: The Current Banking System Into The Innovation Race: What’s are the last trends to attract customers and which bank succed the most ?

As we go on Banks are becoming more and more innovative by providing new services and technology in order to improve the clients’ and the employees’ satisfaction. There is a classment of the top ten banking innovations proposed by Thefinanser.


#10: Data Monetization

Banks are recognising that their data analytics can leverage market opportunity, for example NedBank in South Africa offering merchants far more business insights through market intelligence services.  Customers are willing to pay for this, and the banks that offer such services are more sticky.

#9: Social Value Chain

Banks don’t need to do all the work as customer can, and they want to.  Many banks are engaging customers in crowd sourcing ideas, with Widiba (Italy) picked as a great example.  Widiba asked customers to design the features of the next generation bank which have now been delivered.

#8: Robot force

There are a few gimmicky robot services out there, particular in Japan where robots replaced tellers (I thought we had done the same in the UK until the teller moved and I realised then they were human), but it’s not just robo-advisors that are taking off. After all, take a look at UBS who offer a real-time portfolio analytics services on a personalised basis to all of their high net worth clients through IBM’s Watson (DBS do the same).

#7: The Banking of Things (BoT)1

We know the Internet of Things (IoT) is coming, and it will need BoT based upon the ValueWeb to support it, but things are already emerging in this space.  US Bank offers a link to light bulbs to flash you when something is happening on your account whilst Bradesco offers a connection between your car and your bank account.  But the example that Lukas showed was ASB from New Zealand who have created a fun way to inform children about money called Clever Kash.  Here’s the video:

#6: Intermediate Everything

It’s funny how I’ve about banks being disintermediated since the 1990s and yet they’re still here and they’re now bigger.  I don’t believe banks will be disintermediated or, as we now call it, unbundled.  Banks instead are reintermediating and rebundling everything and this trend proves it.  There are various examples of this, specifically the idea of predictive analytics and partnering to remind you that you that it’s your partner’s birthday today, for example.  The idea here – a stretch for most banks – is that the bank will not only know it’s their birthday, but will tell you what you brought them for Christmas and for last year’s present, and suggest things they might like this year.  I can’t believe this one right now, but apparently Alfa Bank (Russia), CBA (Australia), Santander (Spain) and Caixa (Brazil) are already well on the road to making this happen.

#5: Distributed Payments

How about banking as a status symbol? Show off my contactless bracelet (La Caixa, Spain), biometric tracker (RBC Canada and HBOS UK), wearable suit (Heritage Bank, Australia), wearable everything (Barclays UK)1 and more.  Hmmm … just seems to me that I can pay for something with just the flick of finger these days.

#4: Talking Transactions

We used to have boring transactional statements, but many banks are bringing transactions alive by integrating features and apps with other plug and play services, like Google Maps, Facebook and Instagram.  An example of brining things to life is the Moven app, which alerts the user when they’re spending and getting above their budget limits by breaking the glass on their phone.

#3: Love those SMEs

SME – Small to Medium Enterprises or, if you prefer, small companies – have been relatively unloved by banks in the past.  They are high risk until established and, even then, unless they get to a certain size – more than $100 million revenues – they can cause credit risk concerns.  Those concerns can be overcome by partnering with the new mentors like Funding Circle or by doing things like the Kumsal services from Deniz Bank, Turkey.  This is a platform that supports small businesses gain digital reach by offering a comprehensive suite of support from digital marketing to communications to operations to an overall online presence.

#2: Non-stop, Always On

The 24*7 bank is here, and it doesn’t cut the mustard to be 9 till 5 anymore.  Equally, some banks are becoming more than just 24*7 by offshoring, with banks such as Standard Bank, South Africa, offering a single dashboard to let relationship managers connect with their clients via any media the client prefers to use including WeChat, Facebook Messenger, Google Hangouts, Whatsap1p, etc.

#1: Everything is personal

The fact is that we now have a fully enabled digital customer platform where back office cloud and analytics can deliver real-time experiences through APIs anywhere, anytime.  The example EFMA chose for this category is Idea Bank, Poland, who offer an entire financial ecosystem for their clients from cloud-based internet banking to an Uber-styled ATM.


Some Banks do very great at innovation. In fact, the BAI Global Banking Innovation Awards declared DenizBank as the most innovative bank in 2014 and 2016 which made concern about some of its innovation the years.

  •   Account on Facebook

DenizBank became the first bank in the world to lets it customers access their deposit and credit card accounts through Facebook, when it launched its Facebook ‘branch‘ or app in January this year. Customers can access their accounts, see their account status and purchase history, see an overview of assets and liabilities, send money to friends on Facebook, and apply for credit cards and loans. There’s even an integrated financial and Facebook calendar. To use the service, customers have to log in to internet banking to activate Facebook banking use; they can then log in to their account on Facebook with their Facebook user name and password, and an SMS password that is sent to their mobile phone when they log in.


  • E-Government Service through Internet Banking

The DenizBank E-Government Log In Service innovation provides a new capability to DenizBank’s Internet Banking customers that both enhances the customer experience and streamlines their lives. The Internet Banking Management team provides an easy access to the e-government system with no password received from the government. Customers can log in to the e-government system with their internet banking username and password from both the DenizBank Internet Banking site and the e-government website.



Group 20 – The banking innovations in our lives: when revenues meet satisfaction

The banking innovations in our lives: when revenues meet satisfaction

Table of Content

  1. Introduction
  2. Mobile applications are the best modern innovations
  3. The aid of technology: Cardless ATMs to attract customers



   The banking system has known a lot of changes and a wave of innovation in order to retain its customers because of rough competition .

Some commercial banks are investing in new technologies in order to facilitate and secure any transaction , here is exemples of the services given by innovative banks :

-Biometrics system : with this technique , it might be the end for the old way of taping password  or PIN codes . To get a more safe method to make transactions , MasterCard is prepping the launch of a new contactless card with an embedded fingerprint sensor .

-In-car apps : One way to get access to your bank account while driving is to use a mobile banking app , and spain’s most influential bank has created it . This application is controlled by using a voice control functionality with Ford’s SYNC that allows drivers to check their account balance and transfer funds and other services as locating nearby branches .

-SmartWatches : It could be one of the easiest ways for customers to manage accounts only by using their wrist , and that is what UK’s largest building society Nationwide is working on by developing apps for this demand.

Let’s see now in details the other aspects and advantages a bank can have from new technologies.

Sources: tech

  1. Mobile applications are the brand new innovations

    A. Attracts new customers


When banks want to attract new customers, they have have to propose interesting rates and interesting financial plans to potential new customers.

But this was in the old days. Nowadays, banks need to show in addition to their interesting loans rate that they are innovative and “connected”. These innovations necessarily go through mobile application. These mobile applications enables users (banks’ customers) to visualize their bank accounts and to manage their budgets via these little software on their phones, anywhere, at anytime.

These applications are in a way all the banks services in a pocket. These mobile applications are the new commercial arguments for banks to get new customers. Indeed, when a new client is looking for a bank, the one which proposes many options via its mobile app could be the winner.


b) Enables to reduce costs

In addition to that, banks are able to reduce drastically their costs.

How? By different ways :

  • the first one is by proposing new commercial plans directly on the application. No need to hire any sales force, the application can do the job;
  • then, instead of sending each month a report of the account activity, the mobile application can make reports and the customer can download it directly through the app.

This enables banks to propose very competitive prices. The virtualization of banking is the 21st century war for prices.

Magazines have some good examples of great mobile apps for banking:

Video about Lloyds Bank’s Mobile Banking App:


2) The aid of technology: Cardless ATMs to attract customers

1. Innovative

Cardless ATMS provide many benefits: security and consumer appeal. Regarding security, there are extra steps to verify identity when dealing with the account in cardless ATMs. And finally, regarding consumer appeal, this is convenient and that is what consumers want – Things to be easier yet more effective.  

2. Efficiency:

Millennials are a generation that demand for all things with efficiency and convenient, yet also time-saving. A mobile-friendly way to use ATMs might not directly pull them out of the branch, but some features will.The Diebold cardless ATM app allows users to transfer funds to other individuals. The money can then be picked up at an ATM by means of a one-time SMS PIN. At no point does either party need to interact with a teller to transfer the money. This enables one to save time.


GROUP 15 – How traditional banks compete with disruptive banking technologies ?

Online banking answer the new needs of instantaneity and flexibility.

Only banking entrepreneurs started from the observation that peoples were fed up of traditional banks for decades, because of their rigid bureaucracy, their indecent hours and days of opening, and the hidden and blurred prices for special operation. Therefore, they began to develop, thanks to the rapid expansion of internet and its securisation, new online banks were launched to break the rigidity of traditional banking systems, adding a wider flexibility for their customers. It leads to the creation of Boursorama, the first French online bank in 2006. Beginning with a simple website proposing information about finance and banking services, it’s board of directors decided to create a total online bank, proposing the same services as traditional ones, with lends, saving accounts and life insurance plans. Followed by other competitors, market of online banks is now mature, and the online French banking market now count 2.5 million of current account.

How traditional bank is fighting in order to keep and attract new customers ?

Seeing the huge increase of online competitors and the desinsterest of young customers for their un renewed offers, traditional banks were long to answer but did it strongly. In 2014 Societe Generale, one of the biggest European bank launched a tender offer to take control of boursorama. Thus, some traditional banks integrated the online banking markets by acquisitions, or by launching their own online bank. For instance, BNP Paribas launched Hello Bank ! as a subsidiary, which is now the French online bank with the biggest customer portfolio. Accompaning this strategy, established banking group, such as BNP Paribas launched dematerialized agencies, to satisfy moving customers, who wants an online bank for the flexibility and a counsellor, taking care of their money, which can be can contacted by Videoconferencing, texting during enlarged opening hours.

Example of the BNP Paribas online bank application software :

You can chat in live with a financial advisor

Brief overview of you account


However with innovators on the market such as Bankin'(a french start-up). Bankin’ allows customers to have advice  from a virtual advisor and manage to gather all their accounts from their different bank. For example, bankin now give you advice that your bank advisor will not tell you, such as « you should renegotiate your loan agreement. In fact this application is neutral and want to orientate people on the right direction.


  • http://www.observatoire-metiers

Group 9-Banking innovation: how are modern banks attracting new customers.

“Banking products and services have been getting more and more commoditized, with price becoming the prime differentiator between banks.” (Top 10 trends in banking in 2016) In this competitive market, a bank needs to provide “new” products and services to attracting new customers. The new technology has a huge impact on the working style of the bank industry. Customers are no longer satisfied with the old services and products they used to have. “This situation has denied the banks the much-needed information regarding this important area of financial innovations sometimes leading to reverse causality in the innovation-financial performance relationship.” (Blohm, Ivo, et al.) In this article, it will describe two excellent examples of banking innovation.

 Product and services innovation

Basically, every bank is providing digital services to its customers. To win this game, a bank is focusing on providing better services. A good example is Fidor Bank. “A free bank account built around an Application Programming Interface (API), the Fidor Smart Current Account supplements classic account services with internet payments and innovative banking products. The integrated API platform allows customers and partners to directly connect their computer systems with those of Fidor Bank. The open financial ecosystem provides app partners with the ability to continuously increase the range of products and service that enable customers to select products and services they want from either Fidor Bank or third party providers. “(Skinner) Fidor Bank provides the innovative platform to access their personal account efficiency and a bigger market which include the products and services from Fidor Bank and its partners for its customers. “As of February 2015, Fidor Bank has achieved more than 75,000 fully legitimate banking customers, up from 25,000 three years prior and approximately 270,000 German users on its Fidor online community up from 160,000 at the beginning of 2013. It is extraordinary growth for a digital bank that focuses on social banking with no branch network or internal advisers.” (Skinner)

 The channels innovation

In the global banking innovation awards in 2015, the Bank of East Asia(BEA) won the channel award. They provided highly flexible and digital branches services to its customers. Those branches located in the most famous commercial centre in Hong Kong. They simplify their service processes and implement paperless operation using the innovative digital technology. They have I-counter, I-window, I-Kit, I-zone, and I-panel services in the physical branches. For instance, the I-counter is operated by operating assistants during regular business hours and converted to I-Teller mode after hours of operation. Customers can process daily banking transactions through video telephone after business hours.

With those technologies, customers can open an account in BEA within 15 minutes and 5 minutes to finish their application of credit cards.
This 24 hours opening business model is welcomed by the customers. The degree of this services is more than 95%. The average of monthly new customer increases 17%.



works cited

Amit, Kumar. Avinash, Saxxena. Vamshi, Suvarna. Varun, Rawat. “Top 10 Trends in Banking In 2016.” Capgemini. (2016).

Blohm, Ivo, et al. « Managing Disruptive Innovation through Service Systems–The Case of Crowdlending in the Banking Industry. » (2016).

Skinner, Chris. “The most innovative banks of 2015. » BankNXT. N.p., 20 Sept. 2016. Web. 30 Jan. 2017.

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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

Group 16 “Banking innovation, services and new technology: how are modern banks attracting new customers”

Today banks are embracing new technologies and evolving consumer habits.

Here are ways banks have adapted their customer experiences to appeal to today’s tech-savvy consumers.

1. Mobile payments and banking apps

Modern banks and financial institutions face more competition than ever before, thanks to mobile payment services, such as Venmo and PayPal; digital currencies, including Bitcoin; and even social media apps, such Snapchat and its Snapcash service. Many banks already offer their own mobile apps, and according to a new Bank of America survey mobile banking app users are dedicated; 62 percent of them use the apps at least a few times a week, and 20 percent use them once a day or more.

Some banks use mobile technologies as competitive differentiators. For example, Wells Fargo plans to roll out voice and face biometrics for authentication in 2016, and it is also testing eye verification, for its Commercial Electronic Office (CEO) mobile app, according to Computerworld. Banks such as Barclays have added text-to-pay and person-to-person payments for customers and non-customers, and Chase, American Express and Capital One let customers login to their mobile apps using Apple’s Touch ID.

2. Wearable tech and mobile payments

More than a third of consumers have already used, or would consider using, a smartphone or wearable device to make a purchase at a retail store, according to a Bank of America report. Many banks, small and large, support Apple Pay, which is available on the Apple Watch. On the Android side of things, Nationwide released an Android Wear smartwatch app late last year. MasterCard and Royal Bank of Canada are testing Nymi, a wristband that verifies user identity using heartbeat measurements, for NFC payments. And Wells Fargo is experimenting with the Oculus Rift VR headset in its innovation lab. 

3. Banks go social

Big banks are also stepping up their presence on social media and launching related ad campaigns. Many banks have Facebook pages and Twitter accounts, and several have created Pinterest « boards » with money management tips. For example, Wells Fargo has a social media command center and answers customer inquiries on Twitter. Vantage Credit Union uses its TweetMyMoney platform to provide customer account information using Twitter direct messages.

4. Financial gamification and crowdsourcing

A number of financial institutions use gamification and crowdsourcing tactics to motivate customers to use their banking services. For example, BBVA, a Spanish bank, uses gamification in its BBVA Game platform, and customers can earn points and win prizes based on how often they use the bank’s website. And Barclays is crowdsourcing ideas for its Barclayscard from customers, who post ideas and vote on improvements or new features on the company’s website.