What the New Digital Banking Platforms are Looking Like

HSBC

If you are struggling to remember what it was like to stand in line at the bank at 5 pm on a Friday after payday, you are not alone. It seems that many people today do not even know what it is like to stand in line at the bank. Some people have never even been inside a physical bank. That is how much of the financial industry has changed in recent years. You might be left scratching your head to make sense of it all. It is amazing to consider how the digital banking platforms that we now use on a regular basis have changed our lives. It is possible to do most of our banking right from our own computer or mobile phone. That technology has actually been around for over a decade now. What does the future hold? This is what many people are wondering. How much further can the digital banking industry actually go? Some recent headlines actually give us a glimpse into what the future holds. Continue reading to learn more.

New Platforms Are Coming

Not every piece of new technology starts in the United States. This is especially true of the banking sector. It was just recently reported that HSBC and RBS, two of the largest banks in the United Kingdom, are set to launch a new digital banking platform that is going to be unlike anything we have seen before. This demonstrates a robust use of technology a shift away from traditional brick and mortar banks. While digital banking platforms continue to evolve, it is often at the expense of customer service. Many of the digital features offered by banks are really designed as cost cutting measures, such as reductions in staffing and the elimination of physical buildings to have to maintain. This has caused skepticism amongst many in modern society as they grapple with the new reality that banking customer service is not what it used to be. As these digital banking platforms continue to develop, how will customers be assured that they can get answers to their questions or concerns in a timely manner? That is one of the matters that remains to be resolved. For now, it is helpful to summarize what the new digital banking platforms are likely to look like and then go from there.

HSBC’s New Digital Banking Platform

The new digital banking platform introduced by HSBC is being called Kinetic. It is currently in its beta version but should be mainstream in no time at all. There are a variety of new applications that will be coming to the platform as a result. You will be able to fill out an account application from your mobile device. It will only take minutes to do so, which is something that has not really been the case to this point. You will also be able to control the use of your debit cards much more easily. You can activate new cards right from the app. In addition, you will be to both freeze and unfreeze cards with the touch of a button. This is particularly useful if you have lost or misplaced your card. There is also an overdraft application featured right within the app to make it easier for account holders to manage. Kinetic is a digital banking platform that will move beyond typical online features by also focusing on business owners. Such individuals will be able to better manage their finances via one easy to use application. You will see transactions that have been categorized, along with a breakdown of monthly cash transactions. You will also find that it is connected directly to an accounting software partner to make that part of daily business operations much easier. This is a digital banking platform that is designed to simplify the financial life of the user.

The New Digital Banking Platform at RBS

For its part, RBS is putting out a new digital banking platform that is designed to rival its competitors. That just shows us how competitive the banking industry has become in the digital era. This new platform is actually being dubbed the digital bank, and it is named Bo. Bo will make the budgeting process for both individuals and businesses much more simple and streamlined. It is specifically targeted at British residents that currently have less than 100 Pounds in savings. Its goal is to encourage savings by helping customers understand the nature of their bills and how to better stick to a bill. It will send out an alert every time the bank card is used. This is a way of encouraging people to save more which, of course, increases the lending power of the bank at the same time.

What Does This Mean?

If you are struggling to remember what it was like to stand in line at the bank at 5 pm on a Friday after payday, you are not alone. It seems that many people today do not even know what it is like to stand in line at the bank. Some people have never even been inside a physical bank. That is how much of the financial industry has changed in recent years. You might be left scratching your head to make sense of it all. It is amazing to consider how the digital banking platforms that we now use on a regular basis have changed our lives. It is possible to do most of our banking right from our own computer or mobile phone. That technology has actually been around for over a decade now. What does the future hold? This is what many people are wondering. How much further can the digital banking industry actually go? Some recent headlines actually give us a glimpse into what the future holds. Continue reading to learn more.

The reality is that digital banks continue to face an uphill battle. They are not being fully embraced like people thought they would. The average consumer continues to view them as risky. It is difficult to trust your money to an entity that you cannot see. Time will tell how much of a role they play in the banking process in the future.


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