The Bank of the Future
The Bank of the Future"If the banks don’t change, we will change the banks" Said Jack Ma former CEO and founder of Alibaba back in 2008. Adding fuel to this fiery comment, it is expected by many analysts that fintech firms will take more than 40% of the trade from traditional banking businesses by 2020 worth around 60 Billion USD.
Cryptocurrencies were born off the back of growing dissent with the high street banks, with their lengthy delays for processing check deposits, exorbitant fees for international remittance, and high credit card fees. That and outrageous salaries paid to CEO’s even when they present miserable reports to shareholders. The bailing out of banks since the Lehman’s collapse of 2008 has added a lot of fire to the growing loathing of the traditional bricks and mortar high street bank.
Bitcoins main unique selling point, and a plethora of other Independent Coin Offerings (ICO’s) that followed, has presented the average consumer with a way to move away from the traditional banks. Cryptos offer much faster anonymous payments and less charges than the Fat-Cat Bankers have ever been able (or have wanted to) offer. This all brings the power back to the consumer and gives more flexibility to cash flow, which has been quoted more times than not for the failure of so many start-up businesses.
Cryptos use blockchain technology, which has attracted more attention for future appeal than the coins themselves, and can be put to use in the digital era by leveraging people’s social connectivity to transact, trade, and innovate. It promises to go as far as allowing its users to issue their own currency, lend money, and raise funds for business ventures.
The blockchain era gives companies and individuals the power to redefine financial services and create a more trusted, flexible, and inclusive space that everyone can benefit from. Although there are still many unanswered questions about this revolutionary technology, it is already clear that the impact it will have on the future of digital banking and the digital world, in general, will be immense.
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The bank of the future will be inherently social and use intelligence to connect groups together. Customers will still need somewhere to go, but the opportunity is to create a Carphone Warehouse or Apple Store-like experience in banking that connects ecosystems. It will be about creating better business-intelligence and financial-management tools using data so that banks can better compartmentalize and distribute their products to customers.
It will not be about just transacting, but also solving problems. The future is an app that you use multiple times a day, not only for financial products, but for a lot of the problems you need to solve. It will give you access to the right mobile contract and make recommendations that make customers happier. It will be transparent and frictionless and will take three taps to do anything.
Another example of ‘side sells’ is WeChat, Tencent’s social media app with integral payments, that introduced an 'idle cash' (Yue Bao) service to users of their system whereby they can have ‘spare change’ put into a deposit account within the application that returns a favorable rate of interest.
The peripheral product and services that can be imagined is what gives fintech so much scope.
Over the years, customers have come to expect a much more interactive experience when it comes to how they interact and bank with their financial institutions. Along those lines, the online shopping experience has also changed supporting the need for better transactional capabilities through the use of smartphones and other mobile devices. According to the digital banking report for 2018, in the past, providing a seamless customer experience has only ever been secondary to other higher priority items for banking institutions.
The growth in digital banking is showing no signs of slowing down. Convenience, speed and security aren’t just extra benefits in consumers’ minds anymore. They are now a standard requirement of the rapidly changing customer-bank relationship.
As a rule, traditional bank institutions struggle to build a loyal customer base, while the newly emerging digital-only banks have all the attributes of a strong brand and can keep customers both happy and engaged with their product.
Managing your client more effectively has become a byword of many successful businesses. WinstantPay a mobile application for financial services was born out of the need to handle cash flow more effectively and for financial service providers to get to know and handle customers better. And if you can introduce your existing customers to other services within your portfolio they may not be aware of, this becomes pure net profit as you have not had to find a new client.
WinstantPay is working directly with financial institutions to blend fintech with traditional banking. Many traditional bank managers and financial Managers are now in discussion with WinstantPay to bring their existing client base a more effective and efficient way to manage their finances through their mobile application and to offer more services and faster payments.
Truth is; banks either go with the flow or get left behind in the 1990’s like a telephone booth! To arrange a meet with our team contact WinstantPay today here.
WinstantPay is a global payment network providing merchants and individuals a reasonably priced global final payment in an instant, in any currency, anywhere, anytime, with integrated anti-money laundering (AML) compliance that reduces time, costs, risks associated with payments. Serving financial institutions of all sizes for the last 18 years with financial services, software development, and business support, WinstantPay is also a founding member of WorldKYC-AML. For more information on how WinstantPay can deliver cutting edge business, visit our website and follow us on Linkedin, Medium, Twitter, Facebook, Medium, and Github.