5 digital banking products of the future

The greatest digital banking products available today blend convenience, innovation, and human centricity to provide its users with seamless financial life management across all devices. Let SmartOSC be your advisor as you pursue digital leadership.

P2P Payments in an Instant

Peer-to-peer (P2P) is prospering in the current digital banking products. With this straightforward payment method, customers may transfer the money instantaneously from any device.

Users may easily transfer money to friends and family from their phone or computer in just a few taps using a connected bank account, credit/debit card, or wallet stored-value account.

P2P is a difficult-to-beat capability when it comes to user ease and simplicity, and it fits in well with a culture that places a greater emphasis on mobile devices and where real-time financial services are required.

P2P transfers should be protected against fraud with adequate safeguards and high levels of security, such as biometrics, PINs, or OTPs (One Time Password).

Automatic Payment of Bills

For both company and individual banking users, paying bills on a monthly basis is a periodic action. This is one area where automation is already delivering ease.

Any contemporary digital banking product enables users to link billers directly to their accounts or cards and pay all bills from a single location, either manually or automatically based on a set schedule.

Give your clients access to a wide range of administrative capabilities, including quick access, bill control, easy system connection, real-time monitoring, and report generating.

Rich Card Management Features

Customers consistently want more control over their finances, and managing their cards is no exception. With simple features, you can improve digital card administration and give your clients more control.

You might, for instance, make it simple for cardholders to set up purchase limit notifications. Alternately, you might advise clients to regularly change their PINs to protect their cards.

The number of digital banking products’ functions that may enhance the administration of digital cards is expanding. Here are some other essential skills:

• Options to lock and unlock
• Establishing automatic payments
• Online application for a new card is simple.
• Online credit limit increase request
• Placing limitations on transactions
• Country-specific card transaction locks

Highest Level of Security

To include security in every stage of their internet and mobile banking solutions, wallets, and other digital channels, banks must use cutting-edge technology and industry best practices. These digital banking products include elements and actions such as:

• Biometrics
• Independent authenticity (login notifications, ATM withdrawal alerts)
• Device administration
• Tokenization of cards
• Data protection
• Using two factors to authenticate
• OTP transaction confirmation
• Mechanism for detecting fraud
• PKI and e-Signature

A intelligent chatbot

Chatbots in digital banking products have seen significant demand and use in recent years, enabling seamless self-service for consumers.

Chatbots may engage and delight consumers through any channel, including your website, mobile banking app, Facebook Messenger, etc. They can react to general inquiries, which lowers customer support expenses.

A chatbot may also assist users with tasks like checking their balance or enquiring about loans by serving as a personal financial assistant.

When a bank representative is needed, the chatbot may quickly redirect the discussion to them so they can continue taking care of the customer’s issue through video conferencing whenever human help is required.

In order to offer their clients access to digital loans, banks must be able to react to any scenario in life with quick and accessible digital solutions with digital banking products . Do not hesitate to get in touch with SmartOSC if you have any problems.