There are a few ways traditional banks could be inspired by the developments fintechs have introduced, learn about a couple of them here.
In past times, people have found banks extremely perplexing and overcomplicated, so what a few of the fintech banks have been trying in more modern times is to bring simplicity back to consumer banking. This is one of the greatest banking ideas to get new customers, because the openness that these businesses are providing has gained faith from their users. Being open about what you’re working to establish and what you are planning for the future is a great way to acquire brand new customers, and has been something that has been worked tirelessly on by these fintech banks. It is really likely that the main investor in Royal Bank of Canada will be keeping a note of this for future advancements.
Something that a bunch of fintech banks have been working on recently, is integration with other applications which makes banking easier for consumers. This is among the more new banking technology innovations, and it has gone down extremely well with customers, as it makes their life simpler. Among the things that has been integrated into contemporary banking is the use of budgeting features for customers. This is fantastic for consumers, as they can have a much better idea of where their cash is going than they have done previously. Customers can see where they’re overspending and underspending, so they can attempt to adjust their spending habits in line with this. Even if you weren’t to utilise the cost management functions, it is still always good to see where your money is going and keep track of this, something one of the investors in Royal Bank of Scotland will surely be keeping tabs on.
One of the main advancements that fintech banks have launched in recent years is the added customisation that they have given their consumers. These fintechs have made it their aim to pay attention to customer feedback and improve their innovative banking products around their customers ideas. This means that a lot of the features they’re working on are things that have been requested. Nowadays you can freeze your card on your bank’s app if you misplace it and unfreeze it when you find it; this saves you having to call up and cancel the card, only for you to find it a few minutes later. Businesses have begun to recognise the importance of innovation in banking in recent times, which is why these businesses allow you to change a lot of settings on your card, even restricting your spending on certain websites. This customisation has been received pretty well by consumers, so it’s definitely something the activist shareholder of Bank of East Asia will be keeping an eye out for.