The most striking feature of retail banking is a facility offered to consumers. It ‘became the banking system more convenient, instead of debit cards for ATM credit cards online and telephone banking.
The last decade has seen the emergence of retail banking world forward. It is constantly changing and the current global financial crisis has put the impact of the Directive on the edge of the banking sector. The way in which this major change is the emergence of mobile technology. This marks the greatest possibility of banking minute into the credit card in the past. A new report is called between banks and customers.
The banking sector and the projection retail
In the past, the bank acts as a means of transaction in which people store, retrieve and borrow money. European banks have made big investments that hold their offices in the financial supermarkets. The shift to mobile banking is widely reported by market analysts. According to the latest magazines, the value of transactions for mobile payment worldwide is expected to exceed $ 600 billion market of over 400 million users in 2016. This forecast indicates modal shift in retail banking and the prospects for new players to meet the needs of mobile users. friendly
Transformation of the main areas
The three main areas in which the payment of retail banking services, products and customer service are changed from the mobile device. Payment can be upgraded and tinkered with mobile devices. Many banks around the world must act fast to implement m-payments. Mobile payment is emerging as a tool to recognize life, and most of the mobile payment services that is constantly highlighted in the media. M-acceptance payment has been recognized as one payment or transfer utility of money. With these changes, the smartphone has been successfully integrated into other applications utility payments. This has allowed banks to add real value to the online shopping experience, for example, it allows you to view your balance in real time on the screen Smartphone.
With the advent of new technology, new threats and challenges are equally relevant. Some people consider the phone for much less than the average of the resources of the protected database. However, the wrong approach will force to develop a new security system of art for mobile applications. Banks should evaluate their systems and change the general system for all media with customers. The main indicators of fraud can be easily verified by checking the location data of the customer, it is resolved with little difficulty. Smartphone can start to restore your system at risk of aging and PIN policy, which became the basis of the check to the bank over the last many decades.
Digital technology is an important issue in the world of retail banking. Will revolutionize the way banks to attract and retain customers. Changes in global undeniable, and “drive-to-digital” has emerged as a major issue in this year the trend of retail banking. Increasing growth in mobile banking will certainly change the conventional channel with the branch. No doubt, many customers still consider face to face communication in the banking sector, especially when it comes to organization for most banking products manufactured.