If you would like to be aware of a few of the coolest innovative developments in the banking industry, you should check out this article.
One interesting thing that fintech banks have introduced in the previous few years is the added customisation that consumers can get from their bank. For instance, one of the innovative banking products is the different design of cards that have been launched. Some businesses are offering cleaner looking cards with no information on the front, which is also better for customers’ security. On top of this, businesses have brought more protection to customers through customisation on their apps. Users are currently able to toggle functions that their card may be used for, such as international and internet transactions. You can even freeze and unfreeze your bank card via the app, so if your card is misplaced you don’t have to worry about somebody else picking it up and using it. Enhancing security shows the importance of innovation in banking, which is something the activist shareholder in Bank of East Asia ought to be keeping an eye on.
One thing that the newer financial technology banks have been able to do, is bring simplicity back to banking, making the customers’ life so less of a challenge. One of many ways that this has been done is by enhanced transferring features. Consumers can now send and request money in an instant, rather than having to go through the long process of entering their information every time. This is among the best banking ideas to get new customers, as individuals are invariably wanting things to be faster and easier. An important shareholder in HSBC would probably hope that the business keeps making an attempt to make peer-to-peer exchanges even easier with time.
In recent times, fintech banking institutions have put more focus on integration with other businesses, in an effort to give customers more power over monitoring their funds. This example of new banking technology innovations is making life simpler for consumers, through cost management features. On most fintech banks’ apps, you can set budgets easily and see exactly where your money is going each month. With these features, you're able to keep note of where you have spent too much money over a calendar month and where you have a little bit extra room for spending, which is invariably useful to be aware of! Having the ability to immediately see purchases on your account, instead of having to wait a number of days for them to process, is advantageous as consumers can get updates when they spend cash. This is fantastic for safety measures, because as soon as you look at your smartphone, you can find if there has been a purchase made that was not you. It’s likely that one of the main shareholders in Bank of America will be doing work towards giving consumers these functions in the foreseeable future.