World of Banking Is Changing With Consumer Demand And Technology

Written by: Samuel Gregoth
07/26/2019

consumer-banking

There was a time when if we lost a bank account because of mismanagement it was difficult to get a new one. Now in 2019, the banking industry has a whole new look that is savvy, welcoming and not leaving any customers behind. This means those with low credit scores or even no drivers license can find themselves owners to new routing and account numbers. It seems as if the banking industry has come to its senses, whereas, being private and cutting off customers was not the way to go. Here are some interesting examples how there is a new world of banking and how they interact with consumers.

Access

Banks are now every where online. Years ago, none where online and if they were their online platform was so horribly put together you weren’t convinced it was safe by any means. Today, it seems like a good amount of our banking is done online where we don’t even have chat with a teller. A chat room is available where you can hold an entire conversation about your account and transactions. Some banking sites greet your with a virtual helper that can guide you all the way to opening a credit card to getting a mortgage loan. The platforms have smart technology and are very inviting along with building upon our trust. Banking online is the new thing to do when managing your accounts. The industry has created a vast amount of programs targeted to the low income customer all the way to the wealthy. Never before do we have an issue with finding a bank because all we have to is a routine search and an explosion of banking companies appear.

Education

Along with accessing a bank’s online website you can also get a plethora of information when it comes to investing, getting mutual funds or a simple loan. The links to other sites to improve your awareness seems endless. There are loan calculators, links to credit reports and basic quizzes to see if you qualify. A lot of the new banking does seem a bit less personal, however, it’s clear they are about reducing the time it takes to haggle with our money. Further, years ago, if you did want to inquire about investments you’d have to visit the branch dressed to impress. Once you got inside you waited in the lobby and soon was ushered over to a desk for someone to blab for hours about complicated terms like interest and dividends. Banks still do this, but most of their traffic is online due to the ease and probably the demand to self learn. People today want their information fast and with no hassles. We certainly don’t want to be in a long line waiting to hear about mutual funds or home equity loans for hours at a desk. It appears the banks have gotten the hint that we are living in a fast paced world and information is wanted by one click.

The offers

The new banking offers today are not only a bank account, it’s how about we pay you before your payday? Online banks seem to be getting more aggressive in their advertising by either trying to help you save money or at least manage it. You can now get your credit score within minutes, no fees paid. If you want to be up on your credit, your bank, that’s tied to your credit cards and checking account can give you daily alerts. Bank’s offer an array of convenience on so many levels. It can be difficult to choose a bank nowadays. We are so overwhelmed with the number of banks popping up online showcasing themselves as an internet bank and there’s no branch to visit. Before the offers we get today, there where pamphlets we took while waiting in line and brought home to dumped in the trash. Banking sites now route customers to the offer page or you receive a ton of pop ups to let you know they are there.

Competition

It you haven’t noticed, it seems that while you might be settled with one bank another is trying to get your business. Emails come stating the new bank has better saving accounts and you get more interest. Further, they ask no questions, don’t run a background or credit check and you can start depositing as soon as today. The competition if fierce and with every new year it seems like it gets even more hairier in the banking industry as they reach for customers. Their motto is almost like “leave no stone uncovered” when going after customers. The are reinventing their image from the days of being cold and only allowing certain people with good ratings have access to a checking account. Now there are “second chance” accounts willing and awaiting for that person whose struggling to get right with their finances. Some banks have even added a swanky cafe to go along with their branch giving you the chance to sip coffee and read.

In the next few years, it’s likely banking branches will disappear. We’ll be completely online and dependent on virtual representatives in real-time to help us. Technology drives the banking industry to get creative and become more open. Everyone needs access to some kind of bank, it’s will just come down to what they are offering. I mean if you can make a deposit and sip coffee on their dime, who wouldn’t like that? However, today’s consumers are demanding and will eventually need more than a personal loan. They will be looking for offers that have more risk on the bank’s part. We are already inundated with so much information from the web that banks offering additional info pertaining to their services can only get more entailed. Whether its the banking industry or another, businesses are becoming more specific to the customer. They are drilling down on your personal tastes and habits. It seems this is the new way of luring customers to a company’s base.


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