Everyday Benefits of Digital Banking

The genome of ‘survival’ in the digital evolution of species is this: who can get ahead in the game of digital transformation. This is what all businesses are competing for. They know that to succeed in today’s market requires a total revolution of digital practice.

None more so than banking. Why? There are challengers, for the first time in a century, to the traditional brick and mortar banks. The millennials demand a new way to interact with money. Fintech banks are heeding the warning, and nowadays it’s probable that your bank has an app or a website, complete with online payment option. Now techfin business has identified a greater need of digital transformation.

A model of success could be Garanti, Turkey’s second largest private bank. Garanti was named “Best Digital Bank of Turkey” by World Finance, their spokesperson stated that:

“The golden rule lies in great user experience by meeting customer needs. Our outstanding technological infrastructure, our focused dedication to superior customer experience, our rich product range and our internet and mobile banking channels, capable of offering almost all of the services offered by a physical branch, enable us to focus on continuing to make the lives of our customers easier.”

Convenience

People live busy lives. Online banking, available on smart phones and devices, allows the user to have flexibility and control over their finances, often from the comfort of their home.

A poll carried out in November by mobile advertising company Verve Mobile, showed that 63% of US consumers put the smartphone as their overwhelming platform of choice for banking.

Online payments

Entering a bank, waiting in a queue, this analogue system is quickly become outdated by the demand for accessible payments.

According to the BI Intelligence survey, “71 percent of millennials say it’s very important to have a banking app and 60 percent say it’s very important to have an app to make payments.” It seems today’s market makes the depositing/withdrawing of funds and paying bills anywhere/anytime a top priority.

Environmentally Friendly

Banks are now giving customers the option to receive their account statements online. This saves a vast amount of paper and postage waste, not to mention the delivery. It is estimated that paper accounts for 40% of the UKs waste. So, this is a welcome change. Read more about how digitalisation can save the environment here.

Where are we heading?

Forecasts predict that we are heading towards a decentralised banking system of smart contracts and digital currency. BI Intelligence forecast that there will be nearly $15 trillion in aggregate IoT (internet of things) investment between 2017 and 2025, with survey data showing that companies’ plans to invest in IoT solutions are accelerating. Whatever the outcome, one thing is for certain. Digitalisation will play a huge part in the survival of all business.