In case you are interested in understanding about some contemporary banking developments, you should browse the rest of this post.
One thing that has blossomed hugely in banking over recent times, is the way a bank communicates with its consumers and vice versa. Back in the day, consumers have had to plan their day out to go and go to their local branch, or even spend hours on the phone trying to get through to an advisor. Nowadays, you can find different ways to communicate 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 app and send a message to an advisor, without having to wait on hold for someone to answer. This means customers are now able to go about their day as they wait for somebody to answer their query, which can save a great deal of time on both ends. This is among the new trends in commercial banking which has gone down incredibly well with customers, and it is likely that the activist shareholder of Bank of East Asia will be keeping a note of this idea.
Lately, there has been a development of integration with contemporary banks, who are working with other companies to bring customers more features from their bank. For example, a couple of banks are placing a bunch of emphasis on budgeting features within their banking app. Using brand new technology in banking, these applications are able to keep track of precisely where your money is going and put it into different categories, which means customers can see where they’re overspending, and where there is a bit of room to spend more. Adding more features to help customers control their money is something that is getting used more and more, as people are liking the concept of being in a position to budget and track spending 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 close attention this.
A kind of bank which has become exceptionally popular in the previous couple of years is the digital-only bank. These banks do not have any branches, just an app, so customers only access their finances through their mobile. Although the concept of this might have been brushed away a couple of years back, it has actually proven to work quite well, and is among the future banking trends which will only grow stronger. Being able to manage anything you need from one app makes consumer banking so much simpler for customers, and is enhancing the relationship between them and their banking company. Bringing the simplicity back to banking has gone down pretty well with customers, so people like the main shareholder in Barclays will most likely be taking note of this trend.