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With the rising expectations of the customers, banking sector is focusing on adapting new technological solutions to automate its processes to offer better customer service. Hence the concept of digital banking emerges. According to Hyman (Fintech Focus), innovation leads to easier customer satisfaction through fully digital reimagining and digitizing banking operations and processes, and improvement in core infrastructure. Digital banking enables the
concepts of personalization, accessibility and consistency across devices, connected to customer life events, and enabling intelligent data-driven decision making facilities.
Thus it offers application of behavioural economics, predictive analytics, artificial intelligence (AI) and machine learning to anticipate customer needs and get smarter
over time about what to offer them rather than being an elegant, consistent interface to customer accounts.
Wilkesmann and Wilkesmann (2017) says that the availability of the real time information establishes a basement for value creation, by networking all related entities in to a single platform with optimal value flow at any time.
The association between people, objects, real-time and self-organizing systems are affected by the facts of cost, availability and resource consumption. Hence the use of cloud computing and cyber physical systems is important in banking industry to offer a better customer service.
As Wonglimpiyarat (2017) mentions, there are several new innovations in banking landscape like electronic fund transfer at the point-of-sale (EFTPOS), automated teller cash dispenser, internet banking, worldwide interbank financial telecommunication, international electronic fund transfer, Electronic Data Interchange (EDI), mobile banking, Bitcoin wallet, Blockchain banking, crowd funding which provide better customer satisfaction and help to be competitive in the industry.
Cook (2017) says, industry 4.0 innovative technologies like biometric technology help to improve the user experience of banking customers, by providing a simple process to verify existing customers or to enhance KYC (Know Your Customer) on-boarding methods.
This will eliminate the use of passbooks, passwords in login or
identification purposes in banking system. Customers can create their own set of biometric credentials and then use
a combination of this biometrics to log in, verify their accounts and authenticate transactions.
KPMG Banking Systems Survey (2018), mentions about the new industry 4.0 innovation in finance sector which is
called, Payment Services Directive II (PSD2). This is likely to become a huge game changer in Banking sector. It is
the concept of ‘Open Banking’ where, banks will share customer transaction and account data with third parties,
including retailers, telco providers, payments services and financial account aggregators. PSD2 will be a trigger to
open up the current banking landscape to new players in financial arena, with moving towards new customer
experiences, bringing possible disruption to banks. Ratings direct (2018) reveals of the usage of new concepts like
“cryptocurrency” in Banking. Cryptocurrencies are digital currencies that use encryption techniques to regulate the
generation of units of currency and verify the transfer of funds.
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