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The Digital Banking Revolution

Posted by KingEclient on 14 June, 2017

How fantastic is banking nowadays! From any device, you have access to your money, you can pay contactless, even you can deal with investments in the stock market as easily as a Tweet can be posted.

Digital transformation has arrived to the banking sector, as well as banking has arrived to the smartphone industry recently with the release of Apple Pay. And despite all the fears some had, security – one of the main priorities of banking – has been the main focus of all the use of technology in finance. In fact, technology is going to be the reason for more secure banking activities and a repellent to hacks.

The history of financial technology starts with the appearance of the bitcoin. It was a fantastic concept, although it that was thought to be the sparkle that would light a war in the industry. The rise of Fintech startups seemed a threat to banks, although at the end everyone has found a place in this market. Instead of starting an intense fight, the banking industry has turned blockchain and bitcoin technologies into their own profit. And banks, merged together with technological companies, have made its evolution on time – not too early but not too late – without disappointing neither particular nor corporative customers.

The Challenge: UX and the customer

The main goal of digital transformation in banking is to understand how users’ needs are going to evolve within the use of online banking. The focus is set into more customer-friendly actions, from the simplest action like money transferring, to make the experience of loan applications much more easy and intuitive.

Fast and easy. Basic activities like checking your bank account, paying immediately, using contactless cards or devices, transfer money or paying bills in a blink an eye. New online lenders are putting a lot of effort on the matter. The objective must be building real competitive advantage towards digital platforms and to use the gap marketing for the financial sector is going to find on its favor.

Brand creation in banking was difficult. This process is also improved by using technological platforms. Visual material and UX are going to help banking to build a trustful and accessible image to the client. Together with operational factors that digital transformation also covers, these are other reasons why the investment of banking firms is increasing exponentially. And it has to be mentioned that banking platforms that are changing the user experience are not only device-oriented. The range of possibilities of UX in banking has been extended to ATMs, for instance when using contactless service, and as projections reflect, the future use of biometrics in ATMs.

User experience plays a very important role in here. When a customer was able to insert their credit card number by making a photo on their cards, the shopping process became fast and furious. UX experts know better than anyone that users can’t get annoyed when we are introducing important personal data in a screen. It has to be simple, and most importantly, be visualized as an easy and trustful step. That’s why they also joined their adaptation into the IoT.

In King Eclient we are excited to see what comes next in digital banking, and we are researching on new applications that can be useful for our clients in the banking sector, and help them to pursue their so much expected digital status quo.

Written by Anna Vicent

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