Top 5 Major Advancements In The Banking Sector

With the passage of time, there is a prominent increase in demand for better banking services. Banks around the globe are working day and night to provide their consumers with the best assistance and options. The growth in the online world has taken the banking sector to the next level.

The customers want to get rid of the traditional banking and make transactions at ease of their availability. As the competition is rising periodically in all businesses the demand for quick access to information and fast deliverance of banking transactions have become extremely important.  

Due to this hyped-up need of banking constant improvements are made to make transactions easy, secured and instant with location independence for consumers. Today, traveling is more common than ever before and hence having the ability to access banks from anywhere and at anytime is a major demand and something that is becoming increasingly common. In this respect, the advancements that have taken place in the past few years are:

1. Increase In Open Banking:

Open banking service is the service in which the consumer is allowing third-party entities to access their finances to design and accelerate their financing services and increase competition in the banking sector. This is done with the client’s consent to make the information available through a secured channel. With the help of this service, consumers are exploring and experiencing innovative ideas for their businesses and allowing collaboration with different designing and financing firms.

2. Insta Banking Services:

The name well depicts that the service refers to fast pace baking services. This includes:

  • Online banking
  • ATM transactions
  • Mobile banking

Fund transfers

Bank Statement

Cash withdrawal

Cash deposit

Info update

  • Online shopping

The best example of the Instabanking sector is lainat a Norwegian bank based in Oslo.

3. Predictive Banking services:

This is one of the most innovative ideas brought to the banking world. Artificial intelligence is used to predict the future of consumers’ finance. All the extracted data is derived in the real-time world to advise the client with the best option to go for their business or professional growth.

4. Consumers Having Control On Their Data:

 In traditional banking criteria, it is been observed that the credit bureau and other aggregatory agencies access the financial information of the consumer without their consent and knowledge. With this innovation, a prominent number of consumer banks are offering their clients whether to give access to their information to anyone or not. The clients can even set limitations to their information to be accessed. European Union’s General Data Protection regulation has made it compulsory for financing agencies to  have consent from consumers before accessing their financial information.

5. Cardless ATM Transactions:

This innovation is in the process of implementation globally, whereas BankDhofar of Oman has launched this service. To access the ATM you need your Cell number to be registered at the call center with a one-time pin(OTP) and card’s pin to make transactions. With this action, you can withdraw cash, transfer cash, get the mini statement and pay bills.      

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Author: Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to editor.webposts@gmail.com.