Digitalization took the globe by storm and every industry is invading with technology and smart analytics. Traditional banking systems have become outmoded, since BigTech and Fintech enterprises are closer to the banking sector than ever before.
Banks cannot but adopt digital banking to a large extent if they wish to compete, and widespread digitization is not a choice any more, but a necessity.
Digital banking refers to the digitalization of financial services, reducing the need for users to visit a banking office physically.
Traditional financial methods have proven obsolete in the setting of a worldwide epidemic. Consumers are looking for efficiency, accessibility and physically safe financial services.
This is where Big Tech companies and Fintechs give their money to traditional banks.
We enter an era in which artificial smart helpers provide us financial advice, smartphone applications plunge us into a virtual environment and auto parks better than people.
Through these developments, Digital banking in UAE creates a completely new reality, redefining its financing.
A forward-looking bank should remain at the epicentre, using new online, mobile, and omni proprietary service levels to meet the clients' requirements for financial health, wealth, trust and security.
Advanced Identity Capability
Consumers do not have a long time to wait and fill up lots of paperwork at a physical branch now.
Especially where digital banking solutions with intuitive self-services give an easy, quick and enjoyable user experience via the consumer device of choice.
The COVID-19 problem has given the consumer of digital banking channels for all generations even more confidence; many will not return to the industry.
The capacity to provide self-service no longer just refers to ordinary actions, such as online money transfer and online checking.
API’s
The development of a bank will rely on its capacity to develop and participate in digital ecosystems in a hyper-connected world. An essential condition of the bank's capacity to connect its goods and services with numerous third party services and applications both internally and outside.
This is achievable via APIs.
By definition, two software systems or applications or other services have API Application Programming Interfaces for communication and data sharing.
This means that APIs allow bank products to communicate in real time and securely with one other or with 3rd party products.
Instant Payment
Consumers are used to digital items which operate in seconds. When they run their money, they expect nothing less. From savings accounts for students to business accounts, every user wants a quick payment process.
Banks use immediate payment systems that allow real-time, easy and efficient payments to fulfil these expectations.
When money is electronically moved between two accounts within seconds, an immediate payment occurs instead of the customary 1-3 business days.
Both payer and payee get practically instantly notified of the transaction successfully (by SMS, mail, push notification or other means).
The splitting of the bill with friends at a restaurant, the money transfer, online shopping and public transportation fees are only a few examples that might help both payees and payers to live on quick payments.
Chatbot
Long response times, shortage of available call centre operators, restricted working periods - all these are obstacles facing high customer satisfaction on the way towards an exceptional net promoter score.
Every consumer may post an online review in a digitalized company and share its terrible banking experience with others worldwide.
Artificial Intelligence (AI) powered chatbots can tackle some difficulties mentioned and allow the banks to enhance customer service.
Conclusion
The Software Group aims to provide powerful digital banking solutions that increase financial well-being and increase customer experience to a new level, driving the digital transformation of financial service providers throughout the world.
