What is your experience with your current bank? Surprisingly, the first picture that flashes up in our head is long waiting lines, the paperwork behind the deposit or withdrawal process, and poor cash visibility. And how regularly do corporates have to submit a variety of documents to run multiple accounts? With rising customer clamour for superior digital-only banking experience, the demand for anywhere, anytime, frictionless banking has intensified. Services such as financial integration, self-service machines, online banking, and 24-hour access have changed many traditional banking structures.
Digital-only banking is not convenient and straightforward for the next-gen customers but also offers a superior experience by analyzing consumers’ needs using geo-related insights. Virtual high-speed banking services just a few click away. Convenience, enhanced customer experience, and speed are the critical factors driving customers’ inclination toward the digital banking wave. Many governments are relaxing regulations to encourage the entry of new entrants- neo banks, challenger banks, or fintechs.