10 Expectations From The Future Of Banking Sector Part – 2

1IT Enterprise

1IT EnterpriseHere is the second part of the article 10 Expectations From The Future Of Banking Sector.

  1. Branches will adopt the digitization

Along with the mobile technology available for the customers the branches itself will be digitized. Handheld devices like tablets will be assigned to the executives for attending to the customers and solving their problems. Some branches are even installing self-service ATM machines.

  1. Mobile deposit will be adopted by the Regional Banks

According to the Federal Reserve, more than half of the customers used the technology where they just have to snap a photo of the cheque and send it using the mobile banking facility to instantly deposit it in the larger nationalized banks. But the smaller banks will also incorporate this technology soon.

  1. Fewer customers will actually visit the branch

A report mentioned that the number of customers willing to visit the branch is reducing. About 40 percent of users haven’t visited the bank in six months. This trend will continue and the number will rise.

  1. Customers will not get rich despite the rise in Savings Bank Interest rate

As savings account are not tied one-to-one the rise in the interest rate is not going to make the account holder rich. Though the banks account may get a boost.

  1. The online banking will remain popular but it will not replace branches

The popularity of the online banking might rise due to the less fee but the stone and brick branches will not be replaced by the technology.