The banking industry is moving to a phase where most bank would have realised that there is some peculiar change that needs to be brought in, to make an impact in this world governed by technology. If you have similar thoughts about your bank and if your organization is still brainstorming strategies to get in level with the industries ever-changing trends, the solution you are looking for is right in front of you. Many a times, the most obvious and key schemes would be right in front of us, but we often tend to miss it out and we end up at a tough spot.
SOLUTION: Technological Implementations & Advancements!
Your customers only have a certain level of patience before they get bored of your banking processes and give up on you while your competitors who have already realised what is necessary, might already be working towards providing a better experience.
The impact of COVID has been a key factor for change in trends particularly when payments are concerned. Smart organizations have analysed this and the finite solution is Payments in Real Time.
Payments in Real Time or let’s say online payments have been the greatest breakthrough for banks, FinTech’s, Financial Institutions and Credit Unions to help solve tedious scenarios for their customers from paying in cash to quick Digi payments giving complete security with handling money.
Leveraging updated technology can provide faster and less risky product launches, lower product ownership and development, as well as integrated financial functions. These factors were the origin of necessity for the birth of Mobile banking and Digital payments. Now it is a worldwide phenomenon.
Knowing the attributes that makes digitizing money so useful is a valuable asset towards your organizations growth and here are the,
KEY TRENDS BEHIND THE SUCCESS OF DIGITIZATION
Understanding the features due to change in trends within the banking industry is important to know how interesting your bank could become!
AN IN-DEPTH LOOK INTO THE KEY TRENDS
Buy now pay later (BNPL)
Buy now pay later is a boon that banks, fintech’s and other financial organization can provide their customers with! Let’s take pandemic as an exam here. Your customers being in their residence with no options to access their money. Technological Revolution in the banking industry through digitization was so great that the projected growth in CAGR as on 2022 is 21.7%. It provides your customers with an opportunity to spend any time, any place, anywhere. The services that you can provide through buy now pay later include Instant access to credit, Transactions are 100% safe and secure, Providing EMI options and a very customer friendly process.
This method of online payments has brought a whole new ecosystem in the world of transactions management providing a seamless and hassle-free experience due to digitization of payment systems. Now it’s a fact that Credit cards are not the only method of paying later but now we also have digital wallets. Many shops and businesses provide discounts and rewards when paid with digital wallets. This is where value addition comes into play and your customers gain more than they pay.
The concept of open banking has been the gateway for customers to interact with the bank and get their banking services done without human intervention. Automation of banking processes has brought in an ease in access & control for customers when they want to get things done in their banking end. Since automation is at play now customers can transact, lend, borrow, save and invest better. It’s also an advantage for banks to provide more satisfactory customer service experience and bringing new services to the market with efficient promotion.
Cashier-less POS Systems
History shows that the change in digital money was predominant in US, but now there is a shift in the ideology of digitizing and making online payment methods worldwide. How is this made possible? The easiest answer is technology. Now let’s not delve into the technicalities, but since the integration of technology how simple has been making payments? It’s a scan and a click away, your customers can pay through their bank’s accounts directly from their smartphones through QR codes and Unified Payment IDs at merchant POS Systems.
WHAT MAKES DIGITAL PAYMENTS SO SUCCESSFUL
Instant Transaction Capabilities – Payments in Seconds through any device which has the right capabilities to make it happen. All you need to do is enter the amount you want to pay and click the pay now button.
Omnichannel Payments – Merging your customers business payments to provide you a centralized view on your customers, simplifying your business processes
Solidifying Transaction Security – Your customers money is untouchable until the one who want to access it is none other than your customer alone. This would be the Gringotts of your customers baking world
Digital Forex Transactions – Now your customers can pay in the currency of any country in the world without hassle and get what they need without a moments delay
Regulatory Compliance – Your bank is totally covered with the ever-exhausting compliances which comes along with making transactions and now it’s time to forget and just let your customers make payments without a second thoughts.
“Technological Innovations will be the Heart & Blood of the Banking Industry and while big banks miss out to make the most of it, New Players, FinTech’s and other Technological Organizations will overtake the Banking Industry”
Time to keep moving and digitize your bank to reap the benefits of payments with technology!