There are a few ways conventional banks could be inspired by the developments fintechs have created, read about a couple of them here.
One of the main developments that fintech banks have introduced in recent years is the added customisation that they have given their consumers. These fintechs have made it their aim to pay attention to customer feedback and improve their innovative banking products around their consumers recommendations. This means that a bunch of the functions they’re working on are things that have been requested. Nowadays you can freeze your card on your bank’s app if you misplace it and unfreeze it when you find it; this saves you having to call up and terminate the card, only for you to come across it a couple of minutes later. Businesses have begun to acknowledge the importance of innovation in banking in recent years, which is why these businesses allow you to change a lot of settings on your card, even restricting your spending on certain sites. This customisation has been received pretty well by consumers, so it’s definitely something the activist shareholder of Bank of East Asia will be keeping an eye out for.
In past times, people have found banking extremely confusing and overcomplicated, so what a few of the financial technology banks have been attempting in more modern times is to bring simpleness back to banking. This is one of the best banking ideas to get new customers, because the openness that these businesses are providing has gained faith from their users. Being open about what you’re working to develop and what you are preparing for the future is a great way to gain brand new consumers, and has been something that has been worked on by these fintech banks. It’s pretty likely that the main investor in Royal Bank of Canada will be keeping a note of this for future developments.
Something that a bunch of fintech banks have been working on recently, is integration with other apps which makes banking easier for consumers. This is one of the more new banking technology innovations, and it has gone down extremely well with customers, as it makes their life simpler. Among the things that has been integrated into modern banking is the use of budgeting functions for consumers. This is excellent for consumers, as they can have a much better idea of where their money is going than they have done in the past. Customers can see where they’re spending too much money and underspending, so they can attempt to adjust their spending habits in line with this. Even if you weren’t to utilise the budgeting functions, it’s still always nice to see where your money is going and keep track of this, something one of the investors in Royal Bank of Scotland will definitely be keeping tabs on.