Group 14 – “Banking innovation, services and new technology: how are modern banks attracting new customers”

« Banking Is a Rapidly Changing Industry

Digital-only bank Ally launched in the U.S. in 2008 and at the time, it was one of the first of its kind. But multiple new players have entered the scene in the last few years. These include Monzo, Tandem, N26, and Fidor in Europe, along with Digibank in India and B1NK in Kazakhstan. » (business insider)

How are banks attracting new customers? By keeping them away. Banks are finding new growth opportunities through online and mobile channels, proving once more that consumers are increasingly attracted to the convenience and speed of mobile and online solutions. Understanding consumer trends will help banks understand how to position themselves as we move into an increasingly mobile reality.(https://letstalkpayments.com/banks-attracting-new-customers-keeping-away-501346/)

Let’s talk about the bank innovations and services:

Application and Smartphone payment

Today, most of the banks are adapting themselves by developing applications that allow their customers to manage their banking accounts, achieve bank transfer, block their credit card if it was stolen or lost, find all the information about their bank or discuss directly with an adviser.

Moreover, banks are developing system to pay directly with the smartphone, without using a real credit card. Recently, it talks about the cardless ATMs as driven by millennial demand for all things quick and convenient. While giving people a mobile-friendly way to use ATMs might not directly pull them out of the branch, there are features included that certainly will. For example, 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 message PIN. At no point does either party need to interact with a teller to transfer the money.

(https://letstalkpayments.com/banks-attracting-new-customers-keeping-away-501346/)

Social media following

Banks have created a function to be careful of their images on social media (like Facebook, Twitter and Instagram…) by answering to their customer’s needs 24/7. Thanks to that new function, banks seem to be more attentive to their customers but also closer to their needs. Consequently, it reinforced their images.

Contactless payment

Nowadays, new credit cards are contactless and for customers it is a time gain. people can regulate the amount they can pay contactless.

The Banking of Things

Some banks are created a new service that corresponds to every customers and mostly the children. In fact, with an online application the parents could easily manage their children’s money and also for the children to learn the value of the money.

Most banks now allow customers to deposit checks through their mobile app by taking a picture of the check. If a check comes to me in the mail, and I can take a picture right there, or drive to the nearest bank, I don’t have to think hard about which option makes more sense.

(https://letstalkpayments.com/banks-attracting-new-customers-keeping-away-501346/)

Young people are always connected by their smartphones, computer or even watches. By this way, these innovations can really attack people.

Clever Kash, the new piggy bank.

Sources

(2016, February 24). The top ten trends in banking innovation. Retrieved January 30, 2017, from http://thefinanser.com/2016/02/the-top-ten-trends-in-banking-innovation.html/

(2016, May 26). How are banks attracting new customers? By keeping them away. Retrieved January 30, 2017, from https://letstalkpayments.com/banks-attracting-new-customers-keeping-away-501346/

THE FUTURE OF BANKING: Growth of innovative banking fintech services. (n.d.). Retrieved January 30, 2017, from http://www.businessinsider.fr/us/the-future-of-banking-growth-of-innovative-banking-fintech-services-2016-12/

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