Expectations from the Future of Digital Banking

There is a drastic shift in the Banking arena with the swifter, innovative utilization of the latest technological tools.

Connected Generation or the next generation breed of the consumers are drastically powering a paradigm shift in an innovative, swifter as well as in shaping up an all-new way of performing business as usual in the Banking arena. The age is not a bar, as the consumers of all demographics, old-young generations are connected on with their banking applications with ample support of the varied range of connected devices expecting a diverse spectrum of service range with just an effortless click on the button of their smartphones or other tech gadgets with the access even during when they are on the move.

National Bank of Fujairah’s-Head of Customer Experience and Platform Development, Devid Jegersonstates that “In today’s modernized tech-savvy world, we are living with the dawn of economic experience with the ample support from Gafas – the Googles, the Amazons, and Facebooks of this world that have pioneered as the economic experience drivers, wherein the netizens judge the quality terms in way of speed, dexterity, and volumes of productivity achieved.”

He also stated that “For the very sustainability with the emerging latest experimental economy, the Banking arena must pursue digital simplicity wave and must invest in digital capabilities driving and wholly simplifying nature of business outlook, while paving a perfect platform for rapidly enhancing overall consumer experiences.”

According to Boston Consulting Group report Global Retail Banking: Banking on Digital Simplicity, stated that “Airbnb, Uber, and other such Digital innovators have gone ahead and definitely have now elevated the set bar for the expectations as for the consumers regard the Varied Services offered, rate of speed, and as well convenience. This has also been instrumental in elevating the consumer’s expectation for the Banks for interacting with the consumers through varied digital channels offering human interaction.”

Managing Director of Alvarez and Marsal, Middle East Saeeda Jaffar stated that “Latest technologies are out here and are rapidly changing and the premier banking and financial institutions are shaping out a plan to utilize what needs to be done? for capturing a higher market share. In the banking terminology, it states that often there is something that is aptly holding true: Disrupting or being disrupted.”

The key expected norms that Digital Banking is experiencing at the moment are:

  • Key to successful Digital Banking is Innovation.
  • Fintech Partnership elevates the Digital Banking initiative.
  • The pool of knowledge and data harness drives swifter Digital Banking Arena.
  • Disruptive latest technology Blockchain-powered data.
  • Any untoward threats to be mitigated.

   Key to successful Digital Banking is Innovation

Mr. Jegerson stated that “For NBF bank channelizing and proper utilization of the latest technology for powering the innovation is the utmost area of prime importance backed by their core aim for the restoration of the consumer’s experience, simplify and streamline internal processes. This gives us a perfect fiddle to enable meaningful interactions for customers by harnessing the data and supporting their decision-making at the right time, in the right place and in the right manner.”

The National Bank of Fujairah (NBF) during the ending period of the year 2019 had announced for the establishment of a completely innovative and a dedicated Banking platform created in association with SME’s (small and medium enterprises) in the UAE for providing the business owners better access for financial and business services and solutions.

  Fintech Partnership elevates the Digital Banking Initiative

As the finance arena deals with what is the consecutive generation of banks and payment systems can appear as if, it’s cleared that the partnerships with the fintech are key. In 2019, NBF partnered with the biggest fintech hubs and the financial technology crowdsourcing platforms.

It conjointly participated within the MENA Fintech hackathon, which was hosted by Fintech Galaxy, proposing challenges to fintech groups for resolution business issues and make new ideas. The event brought along major native banks, regulators, monetary business professionals, and leading tech corporations to assess and develop solutions for the region’s fintech sector.

Mr. Jeggerson stated that “Banking institutions that hope to stay afloat during this new experiential economy must pursue digital simplicity. They must diversify and invest in digital capabilities that radically make their businesses simpler, whereas dramatically it surges the client’s expertise.

NBF conjointly conducted startups speed geological dating in connection with its partner Fintech Hive at the end of November the previous year. Around thirty-five start-ups including fintech, regtechs and Islamic techs speed dated at Fintech Hive DIFC for 2 days. Later twenty-two shortlisted start-ups showcased their product with NBF.

Mr. Jegerson also stated that “NBF, as a banking institution tends to still seize forward-thinking partnerships and opportunities with fintech that support our aim to make sure our banking platforms answer our customers’ evolving personal and business desires.”

Pool of knowledge and Data harnessing drives a swifter Digital Banking Arena

As the consumers receive speed and convenience, it’s not enough for banks to woo them with nice-looking apps. the only individual which will set the winners apart within the new era is going to be client expertise. For attaining this, banks can be got to go the multichannel route, wherever customers select the channel per their convenience, however, the quality of interaction and easy operations should stay constant.

A key ingredient to produce the multichannel banking is victimization the info banks have regarding client interactions.

Jegerson also stated that “Data is that the next huge factor. It’s regarding viewing the data path that the client breaks away from us.”

“Every time a client interacts with a bank through any channel, there’s a chance to capture preferences, behaviors, and choices. Banks ought to listen and analyze this information thus on an act on these desires and preferences.”

    Disruptive latest technology Blockchain-powered data

As per Mr. Jegerson, acquiring Blockchain technology prototyped application, digital banking applications and as well as the Robotics Processed Automation (RPA) has also been the primer point in NBF’s digital strategy. During the early summer of April 2018, the UAE Government launched the Emirates Blockchain Strategy 2021. The strategy aims to capitalize on the blockchain technology to remodel fifty percent of government-owned firm transactions into the blockchain platform by 2021.

With regards to digital banking applications and services, NBF is going to be among the primary few national banks to travel abide by Emirates Digital wallet ‘Klip’, that is anticipated to be introduced in a society-wide transformation for a complete cashless future and ease for doing any financial transactions.

As per the estimates projected by UAE’s Central Bank, It will enable person-to-person payments via smartphones and thus, eliminates 60-70 percent make the most circulation.

The primer ingredient to produce multichannel privileged banking is the optimal utilization of the banks’ data that has got precious information on varied client interaction patterns and transactional behavior.

    Any untoward threats to be mitigated.

As banks cater to bank consumers’ surging expectations of having enhanced online expertise, on-line risks have stemmed up. As customers are preponderantly searching for convenience and potency, they’re conjointly seeking safe and secure channels for all their digital transactions.

Mr. Jegerson also pointed out that “NBF has enforced a predominantly complete free risk-based Intelligent adaptive Authentication system that applies a particular level of security for every distinctive client interaction. This system offers a really frictionless  approach that ensures the most effective attainable user expertise.”

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