The 21st century has brought about a catholic convergence of computing, communications, information and knowledge. People no longer have to walk to airports to book tickets, talking to someone miles away has never been a problem as folks can now send instant messages to their friends and families around the world. Computer applications such as Skype have made it possible for people to make video calls. All these therefore have made it even easier for people to connect with their loved ones in diaspora and maintain the relationship between them despite the distance.
This flare-up of technology has consequently transformed the banking industry from paper and branch banking to digitized and schmoozed financial transactions. Banks all over the world are however still struggling to find a high-tech solution to the challenges brought about by the hastily changing environment. Technology keeps growing and for this reason, the banking industry will forever be affected by it (technology). Banks that will embrace this and invest highly in information technology will survive in the highly competitive global market. This key to survival is offering customer services determined by how expedient, innovative and how personalized the products and services offered are which will then enhance customer loyalty.
Introduction of ATMs was a major breakthrough for the banking industry. It made it possible for ‘anytime banking’ as ATMs offer nonstop cash withdrawals, deposits and even balance inquiry 24 hours a day. Long hours queues at the branches seized to be a problem to both the customer and the bank. Still, this wasn’t enough. Biometrics replaced the long processes of facial recognition and signature check. All one has to do is place their finger on the biometric machine for the computer to recognize them and link the fingerprint to their account. It was not long ago when the industry introduced mobile banking where not only could the customers check their balances on phone but also deposit and withdraw cash at the nearest remote terminals (agents) connected to the bank. Despite all these efforts to catch up with the technology race, the customers still feel that the industry could do better. This therefore gives the industry a challenge to keep evolving and come up with many more innovations for customer satisfaction.
In addition, banks have grabbed with enthusiasm the opportunity of using the social networks for advertising of their products as a way of marketing them. Using new trends in advertising like the pop up advertising where adverts pop up on a person’s mobile screen when they’re online, product recommendation, chats ( Facebook messenger, WhatsApp and WeChat) Instagram, Twitter and Linkedin, bankers have been in a position to reach many of their customers through personal touch which enhances their relationship.
Banks also use social media as a research platform. Tracking down their comments posted on their Facebook pages and twitter accounts, they get to identify their clients’ grievances and acclaims and there henceforth come up with ideas on how to make their products more efficient and competent in relation to the customers feedback posted on these social sites.
One of the leading banks in Kenya recently launched their new mobile banking application termed ‘Eazzy Banking’. Being broadly known for its wings to fly scholarship for the bright but less fortunate students in secondary schools, Equity bank is way ahead of all the other banks in the country in this race of digitization. The application that is to be championed by Wings To Fly scholars who graduated to the university has the following simple but effective features that are believed to have the aptitude to ease all the banking processes that take place in various branches of the bank.
EazzyPay
EazzyChama
EazzyLoan
EzzyNet
EazzyBiz
EazzyAPI
With EazzyPay a customer can pay for bills, goods and services straight from their phone using the app. Some of the benefits that come along with using this feature are that a customer saves money, no money transfer charges incurred as one pay direct from their account, there’s a cash back option where one can withdraw cash as they pay for goods and services at merchants who display Cashback sign and finally it works with any network.
EazzyChama allows individuals of group accounts to manage their group activities including record keeping and banking transactions while at the same time maintain transparency among all members. This feature saves the group members time to travel to the nearest branch as they can monitor group transactions like, money transfer and also track personal transactions like monthly distribution.
EazzyLoan feature allow customers to apply for loans of up to Kshs. 3million. With this feature, there is no filling of forms and no need for guarantors. In addition, one can track his or her loan balance and make payments using the app.
EazzyNet enhances a customer’s online banking experience. It makes it easy to navigate across the platform where one can transfer cash to accounts within Equity Bank and other banks as well as international funds transfer via SWIFT. One can view and print account statements, ask for full statements, banker’s cheque and stop cheques. On top of all these, one can still pay for bills like KPLC, DSTV and water. Most importantly no annual charges on EazzyNet.
EazzyBiz is a comprehensive cash and liquidity management solution that caters for cash management requirements of corporate and SME clients. It incorporates payments, collections and receivable, liquidity management and Host-to-Host modules. It gives clients a global view of their cash flow and balances across multiple currencies and locations.
Finally, EazzyAPI allow developers, institutions and businesses to weigh the full capabilities of digital banking. With APIs, there’s direct integration to a business’ system or customers with banking grade security at the core of such implementations. Some of these APIs include funds transfer (within and outside Equity Bank), airtime top up for any Telco at a discount, payment for goods and services and also instant opening of Equity Bank account.
While African banks are still struggling to catch up with technology, banks in the first world nations are far ahead. Some of the already implemented banking technologies include:
In-car apps
Caixa Bank in Spain created the world’s first mobile banking app that can be used in the car while driving using voice control functionality. Using this application, drivers can locate nearby ATMs and branches, they can check their account balances as well as transferring cash.
Google glass
Spain’s Ciaxa banks has developed a Google Glass application which works by superimposing directions to the nearest branch on the glasses and giving details like the distance to the nearest branch. This is accessed through the voice recognition system.
Augmented reality
Westpac bank in Australia recently announced the launch of augmented reality device for smartphone devices. The app provides 3D visualization of account balances, transaction history and shows the nearest branches of the bank and their respective distances.
Digital Cheques
The United States has widely embraced the smartphone cheque imaging. This allows customers to make cheque payment via the mobile application. This is done by the customer taking a photo of the cheque using his or her smartphone and pays it directly into their bank account avoiding the need to visit the bank.
In conclusion, the world is moving so fast in terms of technology. So much advancement has been made from the late 20th century up to now. For this reason, only the few who’ll assent change and embrace it with positivity will survive, banking industry being one of the major sectors affected by technology advancement.
