The coronavirus pandemic came as a sudden onslaught on the whole world, and everything had to be shut down to prevent the risks of the virus. However, banking and finance were not affected, thanks to the Internet and technology. Fintech solutions stepped in to help consumers stay safe and conduct banking tasks from the comforts of their homes.
Ram Chary On Why Digital Banking Is The Need Of The Hour Today?
Ram Chary is an expert in finance and technology in the USA. From 2007 to 2013, he occupied several positions at the Fidelity National Information Services Inc and as the Executive Vice President of Global Commercial Services recently. In the past, he was the leader of the technology division of Fidelity National Information Services, a payments technology, and banking company. Before joining Fidelity National Information Services Inc, he led the Professional Services organization of eFunds Corporation, a company dealing with payment services. Before this, he served IBM Global Services in technology consulting and infrastructure outsourcing.
An Overview Of Digital Banking Services
Digital banking helps customers to transact payments via secure digital channels. At the same time, the bank looks after the security of data, the mitigation of risk, and the other compliance aspects needed in the process. This is done by integrating mobile and online banking services with recent digital technologies like social media, payment solutions, analytics, and mobile technology. This technology can exceed convenience, experience, and expectations.
Advantages Of Digital Banking In The Post-Pandemic World
Digital banking has the sole objective of making life easier for everyone, and some of its key benefits are as follows-
- Enjoy the convenience of banking from home
- Available 24/7
- Paperless banking
- Extends services to remote areas
- Enables automatic payments for utility bills
- Limits black market circulation
- It makes the privacy and the security of customers stronger
- Decreases the risks of counterfeit currency with the digital fund transfer
- Reduces the demand for minting currency notes.
The Evolution Of Digital Banking And Its Significance In The Market Today
Technology has introduced many changes to the banking sector globally in the last two decades. Today, mobile and Internet access has reached even the remotest corners of the world, creating seamless links between people and businesses. All these developments have transferred how organizations and the world function.
Customer Satisfaction And Expectations
With connectivity with mobiles and their related infrastructure, fintech solutions have made their foray into the banking sector and launched a wide range of suitable products for the customer. To keep up with these developments, banks had to re-engineer their processes and products to retain customers. This gave birth to the automated teller machines and the start of digital banking.
According to Ram Chary the, the next stage was to meet the customer expectations, which pushed banking companies to launch better products, services, and innovations. Towards the close of the 20th century, banks started providing 24/7 assistance to their customers with technology.