Why Retail Banking is shifting to Digital Banking?
Retail Banking has become a lucrative business, with their adaptation to digitization which includes the latest technologies from mobile application to wearables for quick, easy, secured and on demand transactions. It has indulged customer for easy micro-investments to get fair returns on targeted revenue and at the same time enabled banks to achieve their cash-in ratio.
Besides above, it has increased per transaction earnings for banks via smart devices, earn fees on money transfers whether local or overseas, utilization of resources in other domains, reduce inventory management, and other factors. It has enabled banks to have larger sales team and target high net-worth individuals or companies in private and public sector.
According to public surveys and considerations it is evident that Retail customers below 40 are “serious adopters” of smart banking techniques, 40+ and below 55 are “average adopters” whereas 55+ “struggle to adopt” but are getting used to “digital banking”.
Concerns in Retail Banking with Digital transformations like a SMARTAPP:
IT Security, IT Governance and IT Provisioning have always been the top priority concerns for Tech team in BFSI, Retail, Healthcare and many public sector verticals when it comes to attending needs via Digital transformations like a SMARTAPP for end users.
Few factors to consider can be outlined as under,
Tracking Device – Device provisioning and authorization with secured protocol application enables tracking analytics of SMARTAPP performance on cross-platform devices. Exchange of information with obfuscation and cross-authorizations can allow authorized access to valuable information roaming between data and transport layer between smart devices and bank servers.
Prevention of using internet – For smart travelers most places like hotels, restaurants, airports, railway stations, etc offer free wi-fi access which is not always a secured option to connect to. Unknowingly, users tend to expose valuable information stored on their smart devices. As a result of this financial institution should offer SMARTAPPs which ensure end-to-end secured transaction to its end users and ensure safety.
Upcoming and Current Bio-technologies applied in BFSI sector:
Biometric technologies are the future of banking and financial sectors. Creating authentication problem will no longer be an issue for any banking services as bio-metric provides a strong link between the user and calm its identity.
This eye scanning ensure the upcoming mobile technologies and security. This technology used smart-phone camera for scanning & blood vessels. By using this technology which is quite unique and will provide multiple authentication for many banking transaction.
Using voice recognition for banking services is an efficient way to ensure the technology. Voice authentication is very effective and fast as this permits the user for successful log-in with 99%.
Cryptocurrencies or you can say alternative currencies which is specially used as digital currencies. Bitcoin was the first decentralized cryptocurrency in 2009 which is known as a digital asset for payment system. It is categorized as decentralized virtual currency with largest of its kind in terms we can say as total market value. Bitcoin are created as a reward for the payment processing which is used to verify the record of the payments in public ledger. It can also be used as optional transaction fee.
Although, the above are bare minimum there are lot of other potentials to encourage a good SMARTAPP to help us abide to provide a secured and well-governed Smart IT environment to end users.