Technology is one of the major players that power the banking industry. Technology has made it possible for customers to carry out different transactions, even when banks are already closed. You can check your balance, pay bills, transfer money, and more anytime you want to wherever you may be.
Both banks and customers also benefit from the enhanced accuracy that different technological solutions provide. For instance, CBD digital banking services in the UAE have facilitated the clearing of cheques, bankbook entries, inter-branch and inter-bank reconciliation faster and more efficiently.
With the right platforms, banks can also ensure that all sensitive data stored in their systems and the cloud are fully protected and secure. Customers, therefore, can be confident that their information won’t be hacked and used for unscrupulous reasons.
What to Expect in Digital Banking Services This Year
With technology evolving every year, you can expect more changes in the way banks provide digital banking services with this 2021.
The digital banking trends you can expect this year include the following:
1. Enhanced Personalisation
This year, personalisation efforts aim to increase engagement between customers and the products and digital features banks provide.
Most banks intend to do this by providing customers with clear, relevant actions to take.
For instance, you can expect bank apps to come with options that will allow you to enrol bills and automatically pay them on a particular date.
Additionally, banks will provide customers access to information about their finances that can help them make smarter decisions about their money and financial goals.
By using their website or app, you can get insights about your savings and spending activities and use them to manage your money better.
2. More Automated Transactions
A busy lifestyle can cause you to have difficulties staying on top of your bills and due dates.
If you have several credit card bills and utilities, you will probably forget to pay some of them on time.
Banks will take a more proactive role in helping you manage your bill payments. As already mentioned, you can use the bank’s app or website to deduct automatically from your savings a certain amount to pay for your credit card and utilities before their due dates.
If you need to transfer money to another account to your personal savings or another person’s account, you can also set this up digitally. The amount you choose will then be automatically deducted from your account on your chosen date.
These features ensure you won’t forget to pay bills or transfer money that can cause you problems in the long run.
3. The Rise of Biometrics
Improving security has always been a priority of all banks. As such, they are constantly implementing processes and integrating features to enhance this crucial element.
One of these features expected to gain popularity this year is the use of biometrics.
Many banks have already added multi-factor authentication to their apps. With this feature, your phone needs to scan your fingerprint or conduct facial recognition to capture your biometric data before you can open and use the tool.
Multi-factor authentication provides better protection against hacking and fraud. Moreover, it helps make your mobile banking app more intuitive.
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4. Voice Command Feature
With voice command becoming a popular option for conducting online searches and controlling various tools on mobile devices, you can expect this feature to be adopted by banks as well.
Many mobile banking apps are already allowing their users access without even touching their device.
Through voice commands, bank customers can obtain the services they need with great convenience. You will be able to access the service you are looking for faster with a spoken command since you won’t need to scroll through multiple menus and spend several seconds searching for the right option.
The integration of voice recognition and artificial intelligence in mobile banking apps can also boost the security of various digital transactions.
Because of these benefits, you can expect many banks to add voice recognition and command to their apps soon.
5. Intuitive Chatbots
Banks are also focusing on gathering data to know how customers are using their services. They can then use this information to improve their user experience.
One way banks can use this information efficiently is by integrating the data with their chatbot functionality. Intuitive bots can direct people to the right services they need quickly.
And when combined with voice technology, machine learning can make mobile banking more responsive and user friendly in the near future.
Additionally, with artificial intelligence and better data-gathering techniques, chatbots can also act as digital financial assistants and advisors. This is something that can elevate the customer experience to another level.
6. Card-less Transactions
Although mobile apps have been making it possible for customers to manage their accounts digitally, banks are looking into solutions in near-field communications technology and QR code scanning to allow them to interact with bank ATMs more easily.
With this feature, instead of fumbling with your debit card and keying your passcode in a public place, you will be able to withdraw money by scanning your smartphone’s screen or being near an ATM.
You can also use this card-less transaction service nearly anywhere: supermarkets, pharmacies, restaurants, retail stores, and almost any place where you need to buy anything.
Without the need to key in your passcode or sign a receipt, you can save time whenever you use your debit or credit card. Moreover, you can protect yourself from ATM skimming or spoofing.
7. Wider Use of Blockchain
Blockchain technology is an open digital ledger that records transactions between two parties. It consists of individual blocks of data pertaining to a series of related transactions linked together in a particular order.
This digital ledger can be shared by all of the involved parties without the need for approval from a centralised authority or intermediaries.
With the integration of blockchain technology in banking digital services, you can expect increased efficiency and security and decreased costs in online transactions. It can also facilitate faster payments and clearance processes.
Blockchain technology can also pave the way for faster and more secure loan processes and online peer-to-peer financing.
Whether you are planning to open a digital bank account in the UAE for personal reasons or business use, look for a bank that already has these features or is planning to launch them soon. Doing so ensures you can experience more benefits from your new banking and finance partner.