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.
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.
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.
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: