New innovations in banking are altering the way consumers save their cash, discover a couple of the coolest ones here.
One cool thing that financial technology banks have released in the past few years is the added customisation that customers can get from their bank. For example, among the innovative banking products is the different design of bank cards that have been launched. Some companies are providing cleaner looking bank cards with no information on the front, which is also much better for customers’ safety. As well as this, companies have brought more security to customers through customisation on their applications. Users are today able to toggle features that their card can be used for, which include overseas and online transactions. You can even freeze and unfreeze your bank card via the app, so if your card is misplaced you don’t have to stress about somebody else picking it up and using it. Increasing protection demonstrates the importance of innovation in banking, which is something the activist shareholder in Bank of East Asia should be keeping track of.
In recent times, fintech banks have put more focus on integration with other companies, in an effort to give consumers more control over monitoring their funds. This example of new banking technology innovations is making life easier for consumers, through budgeting features. On most fintech banks’ applications, you can set budgets easily and see precisely where your money is going every month. With these qualities, you're able to keep note of where you have invested too much money over a calendar month and where you have a bit extra room for spending, which is always useful to know! Being able to instantly see transactions on your account, instead of having to wait several days for them to process, is advantageous as customers can get updates when they spend money. This is excellent for security, because the moment you look at your smartphone, you can see if there has been a purchase made that was not you. It’s likely that one of the main shareholders in Bank of America will be working towards giving consumers these features in the foreseeable future.
Something that the newer financial technology banks have been able to do, is bring convenience back to banking, making the customers’ life so much easier. One of many ways that this has been done is by improved transferring features. Consumers can currently send and request money in an instant, instead of having to go through the long process of entering their information every time. This is one of the greatest banking ideas to get new customers, as people are invariably wanting things to be quicker and easier. An important shareholder in HSBC would probably hope that the business keeps making an effort to make peer-to-peer transfers even easier with time.