What incentives do banks use in attracting new individual and insttuional customers, including SME businesses to their online and mobile banking offerings using new ICT information technologies and Industry 4.0?
Online and mobile banking has been growing rapidly in recent years. In addition, due to the increase in digitization and Internetization of economic processes, selling products and services over the Internet, making payments and settlements online, etc., noted during the SARS-CoV-2 (Covid-19) pandemic, the scale of development of Internet and mobile banking has also increased. Commercial banks developing remote banking conducted via the Internet are rapidly implementing new ICT information technologies and Industry 4.0 to create facilities for accessing banking performed remotely recently mainly using mobile devices, including smartphones. A smartphone can be used to complete banking services, payments, transfers. A smartphone can be used to make contactless payments by uploading a bank card to a smartphone. Within the framework of online banking, a bank customer can also carry out many other services available on the online banking platform and offered by various public institutions of the state. From the level of the online banking profile operated on a laptop or smartphone, the bank's customer can set up a business, receive advisory assistance on tax issues, the selection of financial instruments for external business financing and for the placement of financial surpluses, the investment of funds in investment banking products and others for which the commercial bank is an intermediary institution. This kind of offer available from the level of online banking profile operated on a laptop or smartphone is already becoming a standard of commercial banking. In my country, commercial banks are trying to attract new customers primarily interested in opening a bank account and operating it remotely through online and mobile banking. Since the level of the public's ubanking is high at more than 90 percent, so new customers are being acquired by commercial banks through new incentives to convince new customers to switch from one bank to another. New forms of incentives that have been in use for several years now include. financial consulting, tax consulting, assistance with accounting, financial reporting, the possibility of creating a website for the company, including an online store platform, access to remote services for businesses and companies, the possibility of dealing with official matters at public institutions, including the tax office, the institution of the social security system, the institution of business records, the institution that keeps national statistics, the institution of the health system, the insurance company, the investment fund, the brokerage office that mediates in securities, the banking exchange, etc. These services are offered as additional and free of charge or charged at a low fee as incentives for new customers, mainly SME businesses, who open a business account through online banking and take advantage of a certain package of banking services and products.
In view of the above, I address the following research question to the esteemed community of researchers and scientists:
What incentives do banks use in attracting new individual and insttuional customers, including SME businesses to their online and mobile banking offers using new ICT information technologies and Industry 4.0?
Please answer,
I invite everyone to join the discussion,
Thank you very much,
Regards,
Dariusz Prokopowicz
In UK, we had the pins entry device, that was consultation solution architect and programed under my Mr Miah's consultation, it was Barclays 1st instead 2009, came into practice by 2014 onwards when he was at Steria. From even few /several years before that they had online through log in and so did Halifax and other High st banking follow the same. On line banking is common now.
Fatema Miah
The expansion of financial services, particularly in the field of digital lending, has seen notable advances in efficiency, productivity, quality, inclusion, and competitiveness. However, due to increased reliance on third-party lending service providers, there have been unexpected repercussions due to misselling to unwary customers, worries about data privacy breaches, unethical business practises, and illegal operations. Although the current proportion of digital lending in the total amount of credit extended by the banking industry is insufficient to have a substantial impact on financial stability, the increasing momentum has strong implications for stability. It is anticipated that the accessibility of digital financial services, technological advancements, and economical business models would eventually cause a sharp increase in the proportion of digital lending to total credit.
In order to maximise the advantages to the financial system, competition should be encouraged while remaining neutral toward technology differences or business strategies.
Principle-based regulation is an alternative to rule-based regulation that offers enough room for creativity and adaptability in a changing environment.
Addressing Regulatory Arbitrage: To maintain fair competition and market integrity, the digital lending ecosystem must address regulatory arbitrage between various groups of participants.
Based on my experiences, I used 'Big Data Analysis' by collaborating with the Data science team to integrate existing customer data into the machine learning system to analyze customer behaviour and preference in order to refine and offer products & services to their requirements. Some customers may need a cross-service provider, an increase in credit amount, a discount transaction fee, an electronic coupon, etc.
If I talk about senior citizens then they are not very familiar with ongoing and upcoming technology if i talk about India then in many states people don't even know how to use their mobile for such things so according to my experience they should be one person who should present in the banks for just helping these people..
- Badges
- Science topic
- Similar topics
- Computer Science
- Computer Communications (Networks)
- Internet