The Best Practices in Retail Banking

By: Retail CIO Outlook | Thursday, September 27, 2018

Retail banking has made great strides over the years, and financial institutions are frequently introducing trends to allure customers. The utilization of such trends is also helping banks steer ahead of competitors. Thus, enterprise bosses have been closely observing technological trends and quickly implementing them to accelerate the organization’s growth.

One of the hottest trends in financial technology currently is blockchain; myriad forms of cryptocurrencies have been disrupting the banking space as well. Most importantly, a large number of traditional banks have been embracing fintech to keep pace with the current technological evolution. A large number of financial institutions these days are seeking the assistance of fintech vendors to gain a competitive edge. Apart from leveraging such technological trends, banks are striving towards enhancing customer experience and not merely the delivery of cost-effective solutions.

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Many financial corporations are putting their best foot forward to amplify their data analytic capabilities to gather real-time insights to arrive at better organizational decisions. Such insights gathered from analytic tools help banks comprehensively understand flaws in the delivery of customer experience and areas with the scope of improvement. Utilization of analytics has helped firms identify practices that can help in drastic reduction of operational costs. Financial institutions are putting their best foot forward to offer any possible assistance through virtual platforms, alleviating the need for manual assistance of any form.

An unconventional trend which has been the highlight of 2018 is the embracement of open banking globally among reputed players of the banking landscape. In the past few months, a large number of banks have adopted open banking APIs to benefits its customers significantly. One of the greatest advantages of open banking APIs for an average lender is to assess the financial situation of a borrower and offer loan accordingly. Similarly, using an open banking app also helps a borrower understand the ideal loan amount that can be borrowed considering financial constraints of any kind. Programming interfaces are of different kinds, namely private, partner and open APIs.

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