In case you are interested in learning about some contemporary banking trends, you should read the rest of this short article.
Recently, there has been a trend of integration with contemporary banks, who are working with other companies to bring consumers more features from their bank. For example, a couple of banks are putting a bunch of emphasis on budgeting features within their banking application. Using brand new technology in banking, these apps are able to keep track of precisely where your money is going and put it into different categories, which means consumers can see where they’re overspending, and where there is a little bit of room to spend more. Introducing more features to help customers manage their money is something that is being used increasingly, as people are liking the thought of being able to budget and track spending within their banking app. This is something all the large banks should be striving towards, and it’s likely that one of the shareholders in Citigroup will be paying attention this.
A kind of bank which has become incredibly popular in the past couple of years is the digital-only bank. These banks do not have any branches, just an application, so customers just manage their finances through their smartphone. Although the concept of this would have been brushed away a couple of years ago, it has actually shown to work very well, and is among the future banking trends which will only grow stronger. Being in a position to access everything you need from one app makes consumer banking so much simpler for customers, and is improving the relationship between them and their bank. Bringing the ease 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 movement.
The one thing that has blossomed hugely in banking over recent times, is the way a bank interacts with its consumers and vice versa. Back in the day, consumers have had to plan their day out to go and pay a visit to their regional branch, or even spend hours on the phone trying 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 launch 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 can now go about their day as they wait for someone to address their question, which can save a great deal of time on both ends. This is one of 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 concept.