The subsequent new banking technology innovations are transforming how we use banks

The subsequent new banking technology innovations are transforming how we use banks

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In case you are interested in learning about some modern banking trends, you should check out the rest of this article.

Recently, there has been a development of integration with contemporary banks, who are working with other businesses to bring customers more functions from their bank. For instance, a few banks are placing a lot of focus on budgeting features within their banking application. Using new technology in banking, these applications are able to track precisely where your cash is going and put it into different categories, which means customers can see where they’re spending too much money, and where there is a little bit of room to spend more. Adding more features to help consumers manage their money is something that is getting used increasingly, as people are liking the thought of having the ability to budget and track purchasing within their banking app. This is something all the large banks should be striving towards, and it is likely that one of the shareholders in Citigroup will be paying attention this.

A type of bank which has become extremely popular in the previous few years is the digital-only bank. These banks do not have any branches, just an application, so customers only access their money through their smartphone. Even though the concept of this would have been brushed away a couple of years ago, it has actually shown to work very well, and is one of the future banking trends which will only grow stronger. Having the ability to access everything you need from one application makes consumer banking so much simpler for customers, and is improving the relationship between them and their bank. Bringing the ease back to consumer banking has gone down very well with consumers, so people like the main shareholder in Barclays will possibly be taking note of this trend.

One thing that has developed hugely in banking over recent times, is the way a bank communicates with its consumers and vice versa. In the past, consumers have had to plan their day out to go and visit their local branch, or even spend hours on the mobile attempting to get through to an advisor. Nowadays, you'll notice different ways to interact with banks, and among the more innovative ideas for banking operations has been the introduction of a chatbot for some companies. This means a customer can go on their mobile banking application and send a message to an advisor, without having to hang around on hold for someone to pick up. This means customers are now able to go about their day as they wait for someone to address their query, which can save a lot of time on both ends. This is one of the new trends in commercial banking which has gone down incredibly well with consumers, and it is likely that the activist shareholder of Bank of East Asia will be keeping a note of this approach.

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