Discover top innovative bank products for retail banking

Typically, you have to look beyond retail banking to uncover the finest ideas. Reviewing the winners of the world’s most important financial innovation contests provides the greatest proof of this trend’s persistence.

In this article, SmartOSC Fintech will show you top innovative bank products for retail banking.

Phygital Distribution

The first bank branch on tracks, “Idea Hub Express,” from Idea Bank (Poland), a company that caters to the needs of entrepreneurs, won the Physical Distribution category. It is a co-working environment that enables train riders, who are frequently on business travels.

These innovative bank products for retail banking’s main effects have been on the general Idea Bank brand, which has led to a sharp rise in the number of people visiting the actual Idea Hubs. It has also helped Idea Bank establish itself as the top banking option for small enterprises and budding entrepreneurs.

Big Data, Analytics and AI

The Big Data, Analytics & AI prize went to Sberbank (Russian Federation) for “Tips” in Sberbank Online. The intention was to look ahead and offer suggestions on what is anticipated to happen in the future, as opposed to looking back at the past.

The system determines if the customer is not interested in the advice on a certain issue or whether it is terrible counsel if the client repeatedly indicates that he or she is not interested. The innovative bank products for retail banking will continually hone its advice targeting abilities with regard to a wider audience based on this feedback. 

Customer Experience and Engagement

The KBC Bank (Belgium) project “My vehicle,” which leverages blockchain technology to offer a seamless experience in automobile loans from the minute the consumer signs the order to the moment they drive their car off the dealer’s lot, won the innovative bank products for retail banking.

The following innovative bank products for retail banking hypotheses regarding fraud, a bad customer experience while purchasing an automobile, and the justification for the study were confirmed:

• An auto salesperson said that up to 50% of his clients are unable to pay for their vehicles at the time of the initial meeting.
• When a loan is requested for a (new) automobile, a relatively low interest rate is frequently authorized.
• Every party concerned is waiting for the consumer to advance the procedure. 

Wallets and Payments

With Barclaycard “Grab+Go,” Barclaycard (UK) won the Wallets & Payments category. This product turns a shopper’s smartphone into a “pocket checkout,” allowing them to scan the items they want to buy as they take them off the store shelves, starting innovative bank products for retail banking.

Payment information is kept in an app or web interface rather than having to be entered manually each time, and the smooth and invisible authorization for the merchant to handle payments is integrated into the purchasing process.

Innovative bank products for retail banking are becoming increasingly important given the competition that retail banks are up against from non-traditional competitors, and digital industrialization in managing the underlying processes in customer engagement is growing quickly year after year.

From developing a successful financial analytics strategy to selecting the required tools and technologies to implement it, SmartOSC Fintech is here to help you at every stage of the process. We aim to assist you in becoming the bank of tomorrow. Contact us right now.