Contemporary banks are doing things entirely different to how they have done in the past, find out how tech has altered the way they operate.
One thing that has blossomed hugely in banking over recent years, is the way a bank interacts with its consumers and vice versa. Back in the day, customers have had to plan their day out to go and pay a visit to their regional branch, or even spend hours on the mobile trying to get through to an industry expert. Today, you can find different ways to communicate with banks, and one of the more innovative ideas for banking operations has been the launch of a chatbot for some companies. This simply means a customer can go on their phone banking application and send a message to a specialist advisor, without having to hang around on hold for somebody to answer. This means customers can now go about their day as they wait for somebody to answer their query, which can save a lot of time on both ends. This is one of the new trends in commercial banking which has gone down incredibly well with consumers, and it is likely that the activist shareholder of Bank of East Asia will be keeping a note of this approach.
Recently, there has been a trend of integration with modern banks, who are working with other businesses to bring consumers more features from their bank. For example, a couple of banks are placing a bunch of focus on budgeting functions within their banking app. Using new technology in banking, these apps are able to keep track of precisely where your cash is going and put it into different categories, which means customers can see where they’re overspending, and where there is a bit of room to spend more. Adding more features to help consumers manage their money is something that is being used increasingly, as people are liking the idea of being in a position to budget and track purchasing within their banking application. This is something all the large banks should be striving towards, and it is likely that one of the shareholders in Citigroup will be paying attention this.
A kind of bank which has become exceptionally common in the previous few years is the digital-only bank. These banks don’t have any branches, just an app, so customers only access their money through their smartphone. Although the concept of this might have been brushed away a couple of years back, it has actually shown to work very well, and is among the future banking trends which will just grow stronger. Being able to manage everything you might need from one application makes consumer banking so much easier for customers, and is improving the relationship between them and their banking company. Bringing the simplicity back to consumer banking has gone down pretty well with customers, so people like the main shareholder in Barclays will most likely be taking note of this movement.