Going Digital – Banking Haute Couture

By | December 8, 2015

Banking Going Haute Couture

Here we are, loitering in the office corridor, sipping on coffee dispensed from an old vending machine, when enters Pretty Polly, the chic star of the office. Dressed in a Zara outfit matched perfectly with Steve Madden shoes and complimenting cat-eye shades, she manages to grab the attention of every person in office. There’s certainly no one like Polly. Keeping up with the latest trends is her thing and Vogue would be hard-pressed to find a stylista like her.

As we scan her every move, her phone rings. Over her blinged out mobile she begins an animated conversation with her bank. In a huff, she exclaims to her colleague that she has to go down to her bank and what a pain it is to do so during office hours.

That’s when my friend piped in, ”So much for keeping up with the latest trends. Who goes to the bank anymore?”

Banking trends to look out for

Being chic is not limited to just fashion, there are several style trends in the financial domain which need to be experimented with and eventually accepted. The current global market is teeming with technological innovations that are aimed at easing the hassles associated with standard banking procedures.

1)      Enhanced use of customer preferences

How delightful it is to open a fashion app on your mobile phone and see your preferences and profile saved. This personalization trend is taking center stage in the banking industry too. Banks are making extensive use of analytics to offer personalized services to customers. This lets customers access a whole range of financial products like fixed deposits, insurance etc. suited entirely to their needs.

2)      Focus on mobile-only strategies

Recently, we saw a huge shift in market operation when a few companies went app-only and others offered discounts only on their mobile apps. This latest trend is applicable to the banking industry too where strategies are being developed to focus on mobile platforms. This offers anytime-anywhere access and untold convenience to customers on the move.

3)      Heightened customer incentivization

Enhanced on-the-go rewards like points, merchant-funded discounts and geo-locational incentives from stores will open a world of exciting financial transactions for customers. So, in future you might be sent a discount coupon from your favourite store as soon as you open a fixed deposit, or better still, there could be reward points offered as soon as you pay your monthly insurance premium.

4)      Emphasis on digital payments

With the launch of CurrentC, Softcard and Apple Pay, it is believed that traditional payment modes will be replaced largely by online and mobile payment systems. Customers stand to gain from hassle-free experiences and amplified ease of transacting.

5)      Focus on security and authentication

New security trends include use of voice biometrics, fingerprints, iris scans and other such high-level authentication options which are almost impossible to break as compared to the age-old method of using passwords.

Secret style tip of digital banking

We may be hesitant to adopt to banking via mobile phones and computers since we’re most used to traditional ways involving human interaction. But adapting to these new modes of banking is the perfect style statement combining fashion and comfort. Digital banking is something that everyone can wear with ease – even Pretty Polly!

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