Post-pandemic, the banking and finch industry has accelerated with a twist in the last two years. Often heard, necessity is the mother of invention. We have watched the change swiftly take over the finance sector in many ways. Today, millions of people are banking without walking into a physical branch. The need to wait in a queue for withdrawal or other formalities has reached a standstill. Although mobile app/desktop banking is not new, the pandemic has expedited digital adoption.
It’s remarkably surprising to watch how the banking industry operates. Even those intimidated by the process have eventually stepped into the ‘new age banking’. Let’s just say you can now make a transaction in a snap while binging on Netflix.
Also, there’s no denying the positive role of digital banking in economic development.
Why is Digital Banking the future?
Here are some reasons to thank the approach, whether you are already into or still in the process of digital banking. Let’s throw some light on the advantages of digital banking.
1. 24*7*365 availability
Here’s a sweeping logic behind the consumer’s growing desire in the way of digitalisation. The ability to bank at your convenience (whenever) has completely reconceptualised the banking industry. All you need is an internet connection, and you are ready for any banking transaction. Whether you are in the middle of the night or away on vacation. Oh yes, even on bank holidays. Doesn’t that sound as enticing as casino-free bets? Convenience is definitely the queen.
2. Complete control and security
Security is the no 1 priority for users. Digital banking eliminates the risk and threat factors, giving the user all the security. The influx of multi-factor authentications like face ID, fingerprint or voice recognition have made users feel safe like never before. Also, the world of technology has introduced avant-garde features to incorporate banking at your fingertips. Have everything in your control seamlessly.
3. Go cardless
Nearly three-four years ago, it was almost impossible to function without owning a plastic card. A drastic change in the scenario has led to consumers not wanting a card at all. Move your money effortlessly for utility bills like phone, gas, electricity and more. What’s more astonishing is that now users no longer have to make a conscious effort to remember any due dates. Opt for an auto debit service, sit back and let the bank do its job.
One Last Thought
COVID-19 and the lockdown have distinctly driven the global surge use of digital banks. And hey, no one seems to head back to brick-and-mortar banking. Overall satisfaction from digital-only banks will lead to a continual trend amongst millennials, gen Z and gen Alpha. Incumbent financial institutions have raised customer expectations by satiating their constant concerns about banking. Impressively, they offer benefits beyond banking. As per an Insider Intelligence survey, banks are exploring technologies like artificial intelligence and blockchain with an aspiration of leveraging additional benefits to customers.
How does the evolving and flourishing situation help the bank? No overheads, no physical presence and well-pleased users. It’s a win-win situation for both. A digital transformation in banking is speedily catalysing the market, and a boom of 3.6 billion users is projected globally by 2024. Let’s wait and watch.
