Banks around the world have had to evolve with time and have now created their digital footprints with their banking apps. Digital banking apps are already set to reshape the whole banking industry.
Remarkably in a very short span of time, the banking industry went through a digital revolution. Today, there is nothing uncommon about a user transferring payments, purchasing commodities at the tap of an app and checking their daily balance on their smartphone. Advanced finance technologies have changed the way we bank. These digital transformations have further made users bank upon banks in a more unique and innovative way.
It has already been predicted that by 2021, the mobile banking will overtake the need for bank visits considerably and consumers will opt for convenience banking through their portable devices.
Let’s look at a few digital banking apps that have been awarded generously for offering a range of precise and innovative digital banking services.
Standard Chartered has always been considered one of the best global banks. Consistently, the bank has proved that it is at par with the latest developments in the banking sector. After bagging the award for the Best Consumer Digital Bank, it undertook a series of digital initiatives such as new account sign up by mobile app, cash withdrawals and cardless payments along with a self-learning chatbot to help their clients with their banking needs.
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Taking our journey through to western Europe, we found that the Best Mobile Banking App was won in the past by the renowned and reliable Caixa Bank. Caixa is majorly focusing on enhancing the client experience and on the other hand, the bank is trying to transform their operating model so that its systems and services become more agile. They are the leaders in digital banking in Spain.
The Best Islamic Digital Bank award has gone to the Boubyan Bank in the past, they are known to offer a range of facilities to their younger customer base. They could bag the award because they transformed their core banking platform to offer greater financial insights to the customers. They also focused on launching new products aimed at the younger population of the country.
Mainly a corporate and institutional bank, Poland’s mBank is known for its agile customer service. With its new features, their customers enjoy the latest product updates hassle-free from the app. Connecting with the back end team is also easier.
Citi Bank, which has also bagged a lot of banking awards is known for a lot of innovations on their digital platform. Citi offers one of the most flexible mobile apps to its customers and the users can customize and engage with the banking solutions irrespective of the size and location of their account. The bank has been awarded the World’s Best Digital Bank in the past.
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Tinkoff Bank in Russia has won the award of the Best Consumer Digital Bank in CEE. The bank has launched its standalone super computer that helps the bank with its machine learning and AI tasks and is hundred times faster than traditional methods.
Tatra Bank in Slovakia has won the Most Innovative Consumer Digital Bank award in the past. They launched an innovative website followed by a mobile app with innovations such as face biometric sign ins, a heat map technology to trace preferences of the customers and much more.
This bank won the award for the Best Consumer Digital Bank in Latin America. Along with improving their website, and mobile banking app, the bank took further steps to open four digital branches, which were also called ‘work-cafes’ that offer co-working spaces, bank-branch services and cafeteria services for their clients and non-clients, both.
The Best Consumer Mobile Banking award went to Georgia’s TBC Bank. The bank rolled out the bank app in 2018 and after that it has attracted 4,00,000 downloads from the market. The bank is now planning to roll out its bank app Space in other regions as well. Space is essentially a neobank that only exists in a mobile app and thus, it offers a unique customer experience.
HSBC Mobile App lets you enjoy convenience banking at the tap of your finger and the bank has bagged one of the World Finance Digital Banking Awards. It is one of the most secure banking apps that lets you manage all aspects of your bank account and banking needs easily from within the mobile app.
It is critical for banks to think beyond offering simple online services through their portal today. Customers look for some kind of innovation every year. They judge banks based on the convenience offered to them. The more personalized and convenient the banking process, the more it will win the hearts of the customers. The competition is fierce, and traditional banks don’t have a choice but to adapt to the digital revolution.
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