June 20, 2024


Phenomenal Business

5 Banking Trends You Wouldn’t Want to Miss

Retail banking trends you wouldn't want to miss - SmartOSC Fintech

With the advances that have been going on over two decades and the recent trends that have shaped the banking industry, we can say that the banking revolution has not disappointed.

If we go down memory lane, merely a quarter or century ago, banking was on the verge of a digital age. The internet was slowly and steadily showcasing the massive potential of the bankers, and the majority of them already knew that a massive change was coming. 

Nowadays, an online banking app is the tool that you need to tackle all your monthly and annual money matters. Comfortable and safe online banking is the way to go now. Convenience had been put on a higher pedestal long ago, and it is only the start. Here are some of the banking trends in 2024 that you do not want to miss.

  1. The introduction of Gen AI

With the advancements and adoption of AI around us, it is a no-brainer why it is at the top of our list of mobile banking service trends. Banks are prone to reap more benefits than any other industries, and many analyses indicate that production could surge up to 25-30%, and the revenue might see a rise of 6% as well. 

The banks or lending institutions will be required to use the cloud and data effectively and think again about talent and work.

  1. Personalised financial assistance

The research clearly states that there is a clear ‘opportunity gap’ between how financial service organisations interact with their consumers today vs. how the consumers would like them to do it. 

For example, over 9 out of 10 consumers would like to receive customised financial advice from their bank. However, only 3 out of 10 people now actually get it. 

It is a distinct opportunity to develop a better customer experience by continuously addressing their needs.

  1. Cloud computing

The data requirements of AI and computing make it virtually difficult to develop sufficient scale on-prem. Therefore, we view cloud computing as moving from a ‘nice to have’ to a ‘must have.’ 

As more lending institutions and banks come to appreciate what the cloud may do in the first place, the cloud evangelists in the IT department will be accompanied by a chorus of business leaders pushing for a cloud migration. It will still take time to be fully cloud-first, but the key is to take the baby steps.

  1. Two-way conversation

It is one of the biggest issues for customers. When it comes to communication with the bank to address a certain issue, whether it is minimal or critical, there are no tried and true ways to do that without wasting much of your time and patience.

Recent studies have shown that almost 53% of consumers prefer two-way conversation over anything. 

When it comes to having a conversation with the bank, IDFC FIRST Bank offers the best in class conversation services. All you need to do is dial 1800 10 888, and the specialists will always be there to guide you through your concerns.

  1. All the risks that cannot be seen

In 2024, it has been predicted that banks and other lending institutions will face various risks. While some of them are familiar, the others are not so much! 

Wrapping Up

We will notice a lot of trends this year for an online bank account app as well. The ones we have mentioned above are only a few of them. Banking will be made easier. And it is especially true of IDFC FIRST Bank, whether you are trying to open a savings account or a personal demat account.