New Banking Trends
The banking system is changing as technology changes and we saw a lot of improvements in the 2000s. Everything is moving faster now, we have more transactions than ever and more options like many types of credits and loans. It is becoming harder to process these, so they need to work more efficiently. Technology has helped a lot here, and we can expect some major improvements. They need to be sure that some changes will work, so the progress is slower than expected.
Talking to employees will be much easier which will save your time and you won’t have to wait in the line ever again. The major focus will be on lowering the waiting time for processes to finish. It won’t matter where you are from, you will get to the information faster. It will be much easier to find loans with the lowest interest rates or Lån med laveste renter. There will be fewer physical bank branches.
Usage of Chatbots
Because many people are turning to online banking in order to save their time, some banks have implemented a simulated salesman that will communicate with users on the website. Most of them are chatbots which are AI programs that will answer your every question related to banking. A few years ago this wasn’t that efficient, but processing abilities of today’s programs are much better and it looks more natural.
Sometimes you won’t notice that it isn’t a real agent. They are even improving the way they respond to you so it will feel natural. With these programs, more people will be able to solve their problems. People could be annoyed by calling the agent, so you can see more satisfied users because they can get the job done with a chatbot. As AI technology improves, they will overtake the whole customer service system. Read more on this page.
Closing Physical Banks
Professionals in this filed say that you will see fewer traditional mortar and brick banks. When you see a bank closing, this isn’t because they run out of resources the majority of them are just merging with others. The others are just focusing on digital growth. As the software improves, you will be able to find just a few physical bank locations.
More customers will adapt to online and mobile banking in the future. Until then we are seeing these increased mergers. Branches often close when banks buy out competitors. When they are close to each other, someone has to be stronger. Over 40% of branches have been closed in the past decade. This is actually a good thing because people will better understand how great is to use digital banking.
Better Rates for Savings Accounts
The competition between banks in getting more users has been tough from the start. Some of them used illegal ways of doing business but always turns out to be a bad choice. Today, they have new ways of crushing their competition and that’s by having lower interest rates. They realized they can go very far and even then make a profit
You can find online banks that offer 200 times better rates than traditional institutions. When the economy gets worse they will still be able to give these advantages to the people. Savings accounts will become very interesting and appealing to the people and then the competition between interest rates starts.
One of the most interesting trends that we will see is predictive banking. With a large amount of data they have, they are able to build predictions for their members and customers. They are just big calculation that involves all sorts of things which can tell you a lot about your financial future. This will also improve your efficiency and security. Not many people think about small things in the future that can build up in something larger, so there will be AI programs that can help make the right move for the future.
Some professionals think that banks will lose money if people make fewer mistakes, but when you become a responsible consumer, the economy will be stronger. Virtual agents will help you find the best solution for your credits, so we could expect even more options set by the banks. There will be something called universal cash management that will put out payments, loans, checking.
Get more information here: https://www.thebalance.com/how-banks-use-predictive-analytics-4178221
Getting a Loan
Something that many people fear is that there won’t be an option to get a loan. This trend is already occurring at some banks. They probably won’t clear all the options of getting a loan, but it will be hard to get one. We expect that there will be other online options that will struggle with legal terms, but people will find a way. This is very reasonable when they predict that people will be more financially responsible.