The financial services industry has undergone dramatic changes in just a few years. Where bank transactions were strictly seen as an ‘over the counter’ process several years ago, at present, bank transactions can be done virtually anytime and anywhere.
Innovations have increased steadily in various business sectors, but admittedly, it has been sluggish for the financial services industry. This may be due to regulatory restrictions, and the fact that banks rely heavily on various internal and external infrastructures (such as trading systems and transaction processing networks), which hinder the speed in the launching of new and innovative products and services.
Banks are beginning to come out of the ‘innovation slump’, and are seeking for ways to augment their existing product quality and customer service methods. More and more banks are also realising that they can benefit from technological improvements in the payments market — with the development of fully functional payment service hubs. These hubs allow banks to offer new products or services, engage their customers and foster a more collaborative relationship with them. For customers, banking has to do with trust, integrity, and reliability — characteristics that banks strive to uphold. When a bank has an efficient and secure buy synthroid drug system, customers will remain happily loyal.
Banks are in for some competition, and have some catching up to do. With market players such as PayPal or Square — where sending money is a breeze — bank transfers involving the entering of an 18-digit IBAN can be seen as tedious and unnecessary. In the case of American Express, which has modified its Platinum card by leveraging it with social media, identifying prospects and providing marketing offers are possible at the same time. SunTrust, on the other hand, has already started offering mobile solutions for its customers in ticketing, coupons, and secure money transfers.
Other players include Royal Bank of Scotland, which now offers MaxTrad, a global trading platform with automated purchase-to-pay and order-to-cash processes for international trade. US Bank also has its In2Pay, a contactless mobile payment solution with enhanced security features that disable the device when the phone is lost or stolen.
In reality, innovation is entirely possible and essential for the financial services and payments industry. Banks simply have to look around at other technology-driven companies to become instigators for innovation as well.