Allowing customers to check their account balances, review their financial transaction and pay their bills from the convenience of their homes, or offices. A decade later, and as smartphones became the channel of choice for many on the go customers, Mobile banking was born to fulfill the needs of those who need access anytime and anywhere, and although many banks started by just offering mobile-friendly versions of their internet banking channels, the overwhelming customer demand for more functionalities, forced banks to give mobile banking its own identity as a separate channel, developing powerful mobile banking apps with unique functions. Causing mobile banking to become the most frequently used banking channel in many countries around the world. Fast forward to about three years ago, where development in technology and innovation accessible to the banking industry, allowed banks to consolidate their Internet and Mobile banking services into a single platform that allowed a unified user experience across different channels, whether it was online banking, Mobile banking (Mobile Banking apps, Virtual Wallets, etc ..), and even through ATM Services, offering customers a unified, more personalized and on the go experience. Advances in Machine Learning and artificial intelligence (AI), have allowed more and more banking organizations to leverage artificial intelligence to launch chatbot solutions, reducing costs and serving increasingly tech-savvy consumers, and to facilitate two-way communication, and in many instances, replacing channels such as phone, email or text, allowing customers to ask questions or request services using natural language.
BAI and the Digital Banking Report recently released "Humanizing the Digital Banking Experience" at BAI Beacon. Digital Banking Report owner and publisher Jim Marous discusses why banks lag behind and ways they can bring their experience up to speed via technologies such as AI. You can listen to the archive of the podcast on the apps above or visiting BAI's podcast page.
The mobile channel has surpassed Internet banking for the first time in Brazil, according to statistics from the Brazilian Central Bank. Some 24,5 billion banking transactions were carried out via smartphones and tablets in 2017, up 46,7 percent when compared to the 16,7 billion transactions in the prior year, according to the statistics on retail and card payments in Brazil. Internet banking transactions, at 20,6 billion, had a minor increase in relation to 2016, when 20,3 billion transactions via that channel were recorded. Transactions carried out at the branch dropped to 8,1 billion from 8,9 billion in 2016, according to the Central Bank report. Drivers behind the m-banking uptake include the ever increasing growth in smartphone adoption.
Indisputably, the banking sector in Serbia is probably the most developed and competitive segment of the national economy, in terms of business aspects but also in the area of regulatory harmonization with Basel standards and European Central Bank (ECB) guidelines. It will remain one of the key generators of further development. In 2017, total balance-sheet assets of the Serbia banking sector amounted to approximately 28 billion euros, of which two-thirds is foreign-owned. The past period was marked by the consolidation of the banking sector and withdrawal of Greek banks, which resulted in a total of 29 active banks. Expectations are that the consolidation process will continue, with competition remaining at a satisfactory level, ultimately benefiting clients.
If there are billions of conversations happening every minute, imagine how many times your bank must have been talked about while you finished reading this article. Each conversation is a business opportunity for you to create a memorable experience for your customers that they would want to share with others. Future is the next present, where our imagination today can become a reality tomorrow. And that's exactly what Augmented Reality & Virtual Reality technology are aiming to do with the Banking Sector. The trend in banking has not changed much since its inception.