5 digital services that have changed the face of banking

Banks have always been at the forefront of the digital revolution. Internet banking services became a reality as early as the 1990s. Mobile banking was possible in the early 2000s. The past two decades have seen several digital innovations that have made banking services more accessible to customers. Fintech applications and platforms have just added to the convenience of customers.

The Covid pandemic has pushed the banking ecosystem to quickly embrace digitization. We take a look at the digital technologies that have transformed the way we do our banking. To learn more about the initiatives, click here.

Banks have always been at the forefront of the digital revolution. Internet banking services became a reality as early as the 1990s. Mobile banking was possible in the early 2000s. The past two decades have seen several digital innovations that have made banking services more accessible to customers. Fintech applications and platforms have just added to the convenience of customers.

The Covid pandemic has pushed the banking ecosystem to quickly embrace digitization. We take a look at the digital technologies that have transformed the way we do our banking.

Digital KYC

The Know Your Customer (KYC) process has become digitized and faster with the approval of Video KYC by the Reserve Bank of India (RBI) in January 2020. With the approval of Digital KYC by the RBI, fintech companies can onboard customers faster and branch visits reduced to a minimum.

AI-enabled chatbots

Nowadays, all banks and lending institutions use chatbots with artificial intelligence (AI) to communicate with consumers. Chatbots can converse with millions of consumers for a fraction of the cost of human customer support agents. With technological advances, bots are able to handle increasingly complex requests. This ability has seen significant improvement.

Neo Banks

Neo-banks operate only online and lack the legacy of physical branch networks. They are also called online banks, digital banks, virtual banks, and internet-only banks. Technology allows these banks to reach more customers at a lower cost. As platforms, their main function is the digital distribution of financial services.

Banking API

Application programming interfaces or APIs have transformed the banks of physical institutions into digital-only or digital-first institutions. Customers want to be able to do more with their apps, whether it’s making payments, learning about certain bills, or tracking their money and API banking makes that possible, as the services and products can “communicate” with each other and benefit from each other. data and functionality. This means faster and more efficient operation.

Self-service banking

Even though bank branches returned to normal in 2021, customers who switched to digital during the pandemic continue to use digital services for the sake of convenience and security. While bank branches will remain a vital part of the mix, the transformation to advisory service will see a similar push. In addition, micro branch or shared branch resources may gain popularity.

The overall adoption and experience of these new digital processes has been well accepted by consumers and has become the norm rather than the exception. One thing is for sure, the way we do our banking will never be the same again.

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