Bank in a smartphone: how financial services have changed after digitalization

Time is becoming an important resource that is appreciated not only by large companies and financial institutions, but also by their

clients. This means that the services offered by banks today should be available 24/7. Therefore, mobile financial services are at the forefront: they invest in them, develop the quality and convenience of their work, and offer customers an ever more diverse and personalized service.

Artificial Intelligence

AI has been used by banks for quite some time in solving their internal tasks, now it's time for it to switch to the client's side.

Thanks to artificial intelligence in bankssoon it will be possible to anticipate the desires and needs of people. With the help of AI, banks will be able to personalize the content of email newsletters, customize personal recommendations for goods and services, and offer discounts that are interesting to the client. With such hyper-personalization, people will no longer be confused in an endless stream of advertising - smart-tuned CRMs, together with AI, will help out both users and the companies themselves that offer goods and services.

Artificial intelligence will not only helpform a product offer, but it will also dramatically increase the security of the digital financial services system as a whole - neural networks are extremely effective in identifying non-standard customer behavior on the network.

Built-in biometrics (face, voice, fingerprint identification)

Touch ID and Face ID to sign in to your account, orbanking application is no longer surprising. Today's technologies allow you to carefully store user biometrics and protect data from unwanted interference. However, some people still use a password to protect their personal account - and it is not so difficult to steal it. But soon biometric authentication will reach a new level - it will help reduce the risks of financial losses on all fronts.

Hacking your personal account will become practicallyimpossible: even if a fraudster receives your bank card, access to the personal data of the mobile bank and to the account will be open exclusively to the cardholder based on his biometrics. Bonus - thanks to the built-in biometrics, you will no longer need to write down logins and passwords. And to make a purchase or a money transfer, it will be enough to smile at your smartphone.

Paper rejection

We continue to save nature and get rid of bureaucracy - the number of paperless services is growing every year everywhere, including in the banking sector.

If the bank and its users have switched to digital,then the documents must also become - and become - virtual. Banks are now actively connecting the electronic signature option so that documents can be certified remotely. A paperless signature is a breath of fresh air for both employees and clients of the bank.

Just imagine: to sign an agreement, you no longer need to travel to a business meeting across the city, no need to print dozens of pages on a printer and send them by courier - how much time, money and natural resources can be saved. And to order the service, the client no longer needs to go to the bank: everything is available in the mobile application - it is enough to certify the document with an electronic signature.

Such a signature has one more advantage - it cannot be forged, which makes its use as reliable as possible.

Paperless workflow has been around for a long timethe overdue transition to electronic notary in a new form and with an expanded list of services: mobile devices ensured confident customer identification, in financial markets only electronic documents have long been used for multimillion-dollar transactions, but custom-made furniture, for example, you cannot buy without a paper document until now ...

Voice assistant and chatbots

Bank Assistant Robotization - Yesterdayday. But if yesterday the chatbots of banks communicated mainly in text form, then tomorrow most of them will switch automated service management to voice mode.

The rhythm of life demands to simplify daily affairs,so that you can solve financial issues without interrupting everyday tasks - for example, driving a car or playing with a child. Hence the voice control of chatbots. It will simplify and speed up the work with applications. In the Tinkoff application, for example, the voice assistant Oleg has already appeared. The “inner voice” of the application will help you understand the interface, compile a report or make a money transfer. Or one of the latest implementations - the voice assistant "Salut" from Sberbank went further and presented three types of assistants at once - intelligent, cheerful and systemic.

By the way, this function makes bankingthe application is more inclusive - mobile financial services are becoming more accessible for blind and visually impaired people, users with mental difficulties, and the elderly.

Additional non-banking services

Classic banking services inside the application are no longer enough for modern users. They want more.

Therefore, major players such as Sberbank,Tinkoff and VTB are already creating entire ecosystems within their applications. In such supers, it is already becoming possible to order food, buy movie tickets, sign up for a public service center and take out car insurance. Now Globus is working, in particular, on embedding a service for car owners in one of the banking applications.

In the future, we will most likely face even moreintegration of various kinds of services into banking applications. The key to the success of the financial service of the future is to cover as many daily user requests as possible.

In terms of corporate mobile servicesamid the pandemic and remote work, telecommuting applications, task trackers, Wiki knowledge bases, and employment monitoring systems have come to the fore. Moreover, task trackers (for example, JIRA) are confidently approaching to completely occupy the niche of traditional corporate document management systems, replacing their main processed object “document” with a “task”.

Digital Offices

Now we are seeing how many offline tasksbank managers are "teleported" to the virtual office. Ordering passes, booking conference rooms, networking, employee training, access to office space - all of this is gradually becoming manageable through applications. Such digital services save you from unnecessary paperwork and wasting time on organizational issues in offices.

So even when everyone leaves the offices afterthe end of the pandemic, a new era of remote service is coming, when you will not have to deal with inefficiency of offline processes. This will not only make the work of financial industry employees easier, but also allow them to create new technologies that improve the lives of users - faster, better, and at lower costs.

"Modern client banking applicationit simply cannot be successful without adhering to the development technology, in which the leading place is taken by the UX analyst and the UI designer, who technologically and confidently provide a positive emotional response of the client at every step of using the system of access to the digital financial service, ”notes Anatoly Chekmarev.

The pandemic has shown that offices and bankingbranches will soon be a thing of the past. Employees and operators are being successfully replaced by chatbots and AI, while biometrics provide security of money savings. Customers prefer to follow their actions directly from their smartphone, as well as receive hyper-personalized offers. Therefore, individual terms of service and predictive algorithms today set the level of service for banking services.

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