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Several years ago, depositing or withdrawing funds online was not possible. One had to visit a bank to get their work done. Updating your passbook, opening a bank account, sending money to others, or getting a loan was a time-consuming and tedious process. These tasks required a person to reserve a day to complete their bank-related tasks, wait in long queues and go through the procedure of never-ending documentation. Furthermore, due to the pandemic, no one could visit the bank.
The FinTech industry introduced the system of digitalization into the banking industry. Their goal in mind was to speed up the banking process and ensure end-user satisfaction without any frustrations.
Digitalization has played an important role in customer experience and the banking industry. Let us learn more about it in detail.
- Transaction automation through Cashless Payments
Along the customer’s transactional journey, careful interaction analysis has shown upside to trends such as cashless payments that do not require any form of physical currency to carry out their online payments and transactions. It’s easy and convenient to use. The purpose of cashless payments is to satisfy a customer and fulfill their needs. Consumers can complete their tasks without any delays and that too in a short time. Most Banks have started their online banking applications and processes via new products and services to carry out cashless payments and transactions.
- Easy Loan Approval
Insights through various researches and reports have shown an improved experience through digital approval systems using tech such as blockchain and AI. Digitalization has allowed consumers to get personal loans instantly. In case of any financial emergency, they can apply for loans and get them approved immediately without any hassle. There is no waiting process for this procedure. Loan applications like Cash Bean, Money View, Loan Front, and many other similar applications provide personalized loans. All you need to do is download the application on your phone and fill in your details. Loans are confirmed based on the credit score, eligibility criteria, and the information filled in by you.
- Data Security/Safer Transactions
Security is the topmost priority in terms of online banking and transactions. Thanks to digitalization, banks use encryption technology, two-factor authentication, biometric and so on to ensure safe transactions, prevent cyber-attacks, keep your information secure and protect your identity.
Mobile applications across the world use cryptographic and cutting edge security tech that allow safe and secure transactions while keeping the users stress-free.
- Opening an Online Bank Account made easy
With the help of smartphones and access to the Internet, a consumer can open their bank account online through a variety of means. Digital banking has also de-centralized traditional banking in many ways. Anyone can open an account from the comfort of their own homes by providing their details online. People do not have to visit a bank or baking institutions to open an account. Digitalization has not only made this possible but also accessible to everyone. Many banks allow a person to open their savings accounts, and that too with zero balance, investing in the easy onboarding of new customers and providing many other bank-related products and services for their customers.
- Easy access to banking products and services
The Banking sector is a service-based industry and with digitalization and the boom in the startups and new players in the sector, the consumer stands to gain access to a variety of banking services which were, until a few years ago, was not accessible to everyone. It is always under immense pressure when it comes to serving its customers. Due to digitalization, the bank industry has allowed its products and services to be accessed easily by users across devices for banking needs . The customer is the focal point of the industry and some very big traditional banking players are making a change to adopt the new ways of providing banking products and services. at the center. The customers do not have to wait too long to get their queries sorted.
Digitalization has forever changed the relationship between the banking industry and its customers. Banking sector itself is undergoing a tremendous churn of innovative products and services and the benefits are centralized towards greater customer experience. It has influenced and exceeded the expectations of its customers. With technology, product makers, owners, and providers learn every step of the journey and make real-time amendments to enhance customer experience and loyalty.