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.

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