What are some of the innovative changes that have happened in the banking industry in the past 5 years?
The last five has been a time of fast paced changes in the banking and finance sector. The global financial crises spurred by the collapse of the U.S housing market ushered in a new era of industry consolidation and regulation. Apart from these very public changes their have also been tremendous innovation in both customer facing and back end operations in the banking sector. Some of these changes include:
- Adoption of mobile banking – customers of most major banks can now conduct transactions from the comfort of their mobile phones. Functions like money transfers, check deposits can all be done from the convenience of a mobile banking application.
- Standardization of web banking- Almost every bank has a website and web portal from which customers can transact most business, it is know an industry standard.
- Promotion of self service- There has been a concerted shift towards self service portals that allow more business to be conducted without interacting with a human teller. Over the phone self service has become more intelligent and informative and ATM’s can now be used or almost all functions that once required a human teller.
- Near Field Communication (NFC) now allows you to make payments for merchandise without cash or card from the convenience of your mobile phone.