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.


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