BLOG

Next Generation Banking Services to Drive Customer Experience

Oct 12, 2017

There have hardly been any landmark changes in the banking services sector since the first bank ever was established back in 1397. Although banks have started to incorporate digital technologies to extend services regarding online banking, SMS banking, and internet banking, the modern day banks are yet to witness next generation banking services. This being said, the next generation banking services should be able to rapidly transform the way banking services are delivered which positively influences the customer experience.SE_Demo2

Blockchain Technology
Blockchain is hyped to potentially disrupt not only the banking sector but also the financial industry as a whole. Numerous players in the traditional banking sector are already looking to incorporate blockchain technology in their banking services. The blockchain technology offers banks to speed up the process of banking transfer securely without the help of any third party. So how does this benefit transform the service side of banking? Well, for the customers it would mean carrying out transactions smoothly, sharing relevant information, quicker and simpler asset exchange, and gaining real-time updates with high accuracy.

Process Automation
Automation in banking can increase productivity by streamlining the end to end process making it quicker and easier. For instance, an average mortgage application goes through multiple manual handoffs before completion. With a simple solution of using digital signatures, a substantial amount of time and effort could be saved to hasten the process making it more user-friendly. Additionally, the saved time could be utilized in improving products and services which have a positive impact on customer experience.

New Payment Mechanisms
Although practiced on a small scale, we see the rise in popularity of mobile NFC based payments. Apple Pay and SAMSUNG Pay are pioneers in this field allow bank details and payment card to be added to their payment system enabling the user to make secure payments. For the customers, though they can wave goodbye to the days when they had to remember card number, card details, pin code, and security number, as all it would require is one fingerprint or just the face.

CRM Solutions
Big players in the banking industry have already started to use CRM solutions to improve their service delivery. Developers of the CRM tools are innovating to incorporate real-time information to understand the customer and serve them instantly to increase their experience. The next level CRM solutions can effectively provide customized bundles to the customers, offer them the best deals, or sanctions loans and mortgages instantly.

While many emerging technologies may seem to disrupt the banking industry, the players in this industry should embrace the technology to transform the way services are currently delivered. As a result, it can drive the customer experience positively and thereby boost company profitability.

For more information on the future of banking services industry:

Get More Info

Related Articles:

Recent Blogs

5 Pro Tips for an Impactful Procurement Process

5 Pro Tips for an Impactful Procurement Process

What is a procurement process cycle? Over the years, procurement process cycle has received a lot of attention as organizations across the globe have changed their focus from tactical functions to strategic business units. As a driver of major purchasing decisions,...

read more

Industries

Services

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars