Madrid, Sep 14th 2020
Digital banking offers users a high-quality, efficient, personalised service that leads to greater confidence in the organisation
Applications serve as a source of data to find out customers’ true needs and provide information about products or services that might interest them according to their situation
The technological advances of recent decades haven’t passed by the financial sector, which has had to adapt to this new era. It’s an era where data is key, whether it relates to credit cards, statements, accounts, account types or anything else that makes up customer finances. In turn, this has led to the emergence of apps and platforms to synchronise this data and better facilitate the bank-user relationship.
Digital Banking, claims Antonio García Rouco, managing director of GDS Modellica, “makes it possible to offer the user a personalised, high-quality service to increase their confidence in the organisation and satisfy the customer’s demands for mobility, speed and personalisation”. According to García Rouco, “Applications process and evaluate all types of data and make it possible to find out customers’ true needs and offer them services and information about products or services that might interest them according to their situation. This allows the user to use their time more efficiently and increases the chance of cross-sales for the bank”.
Financial Technology has benefitted from innovations in Advanced Analytics, Artificial Intelligence, Cognitive Services, the Internet of Things and Blockchain to better cater for a new user profile which is increasingly used to making online transactions and visits physical branches much less often. Below are ten key benefits for users that this financial technology brings:
There is no doubt that Digital Banking has completely transformed the relationship between customers and banking organisations. Its success partly lies in the high degree of concentration in the financial services market which pushes the younger population to seek other alternatives for their financial services, alternatives that focus on an improved user experience where simplicity is key. But it also partly lies in the potential to offer financial services not just in the country where the financial licence is awarded but also in the other countries that make up the European single market, where the European Central Bank plays a key role.
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