With this new digital age, we are all witnessing a change in the banking landscape. People are revolutionising the way they deal with their finances. Leaving behind the traditional approach to a more sophisticated ways of banking including internet banking, mobile banking, mobile apps and E-wallet, banks need to review their operations strategy in order to deliver better customer service and to be able to remain competitive. The traditional approach is fading out as digital trends are setting in and new markets are emerging.
In the banking sector, the largest banks are switching to the digital era in order to be sharper in the future, while small banks do not have the means to invest in this big change. As such, this has become a tendency for market share moving towards the large players as they have more means.
It has been observed that change in customer behaviours i.e. more expectations from banks, Omni channel experience and the digitalisation of services are the factors that banks took into consideration to review their ways of banking. In response to the evolving customer expectations, traditional banks realised that operating in the same way would not be an option. Hence, introducing the digital technologies; i.e. new channels could meet the evolving demands of the customers. There has been a drastic increase in customer expectations as people are more likely to switch from the formal way of banking to digital, for a better experience.
Due to this change, the banking institutions are facing continuous pressure to move towards Digital Transformation. The emergence of Fintech is disrupting the banking sector. These disruptors tend to focus on a specific technology which is more flexible, faster and easy as it provides a more personalised user experience. In this new digital age coupled with Smartphone penetration, more and more people are shifting towards Digital Banking. For instance, customers are expecting things to be done remotely, i.e. requesting for bank account statements, money transfers and investments on a click off a button. According to a study on the New- Age banking behaviour, customers rarely visit banks’ branches and would rather make their transactions online. Large number of customers now prefer to transact through their mobile apps.
Partnering with NanoBNK
Digitalisation is the next era in the banking industry, as digital innovations have forced incumbent banks to come out of their comfort zone and up their digital game. Financial institutions are determined to change their operational structure on the accessibility of financial services. NanoBNK partner with Banks in delivering Digital Transformation and omnichannel presence through its Digital Banking Solution: Internet Banking, Mobile Banking, Agency Banking and Kiosk Banking.