Digital technology has changed how people deal with money and will continue to do so. Today, people buy based on how they feel. The companies that can make a (digital) emotional link with their customers will be the ones that do best.
To stay relevant in the current ecosystem, banks will need to do more than be a reliable sources of information about money. They will also need to reach people at all points of their financial journey and offer services that aren’t directly related to money. To do this, banks have started using cutting-edge technology to offer more personalized services, make payments more accessible, and join the digital change that is happening right now. They have begun to work together and develop new technologies to bring about the next part of banking, which is digital and digitized. This is where the Internet of Things (IoT) comes in.
Partnering with domain experts in Retail Banking Transformation like Maveric Systems empowers FIs to boost innovation prowess and demonstrate quantum gains.
Mass Scale Personalization for Retail Banking
- Contactless ATMs: ATMs you don’t have to touch are the next big thing in banking. As mobile payments become more popular, banks will let you use numbers and OTPs on your smartphone to get cash or use ATMs. ATMs that are linked to an app will use location data to help people find the ATM that is closest to them. This is an extension of IoT ATMs.
- Digital Wearables: Wearable techs, like smartwatches, jewelry, smart glasses, and tattoos, will change how businesses interact with you. This is especially true for retail banking, where wearables can replace passwords with biometric identities and keep people from remembering multiple passwords, which is a big problem with the digital banking system that many people have right now.
- Intelligent Gadgets: Think about the appliances in your home. What if you could limit how much they used to save money on your power bill? Like a device that tells you when you’ve used too much air conditioning and helps you save money. Amazon already has a ” Dash ” program that lets people connect gadgets to their accounts. When the device needs to be replaced, it lets you know that you need to pay, like when your electric toothbrush needs replacing.
- Bluetooth beacons: Now that 5G is all the rage, more Bluetooth beacons link to intelligent devices and tell them to do certain things. How can private banks use this to their advantage? Payments should be quick, easy, and electronic, of course. Think about auto-serve at your local Starbucks, pub, or restaurant as you walk up because you’ve set a time on your banking app to place and pay for your order. No more waiting for a long time.
Conclusion
As with the rest of consumer financial services, retail banking has changed quickly. And the COVID-19 problem has only sped up the move towards digital by consumers. Since the economy as a whole is in bad shape, banks have no choice but to accept the digital transformation. Even though the pandemic has sped up and sped up the digitization of banking, it has already reached a tipping point at big banks, with most transactions going digital and more customers using digital budgeting and planning apps as well as other robo-investment solutions.
The pandemic is dramatically speeding up the rate at which customers use digital services. It also forces banks to make quick choices about digitizing critical processes so branch managers and employees can work from home. These processes include opening accounts and getting new customers set up. Also, as customers’ financial problems worsen, banks have become more critical in helping them deal with instability and maintain their financial health.
About Maveric Systems
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.
