What new, innovative features are being added to bank cards where banks are taking advantage of new Big Data Analytics and other new Industry 4.0 technologies?
Commercial banks, in an effort to attract new customers, offer a package of financial services and banking products, implement new ICT and Industry 4.0 information technologies into their banking operations in order to improve them, improve the quality and expansion of financial and other services, create facilities for remote access to online and mobile banking offerings, enrich their offerings with new services, including not only financial services. For example, there are banks that add analytics and customer advice on healthy lifestyles and ecological, pro-environmental, pro-climate aspects to bank cards, including credit cards, in line with new trends of sustainable development and green transformation of the economy. Some banks add analytics to bank, payment or credit cards, informing cardholders not only how much money they have spent on the purchase of certain products and/or services, but also what carbon footprint is associated with certain completed or planned purchases.
In view of the above, I address the following question to the esteemed community of researchers and scientists:
What new, innovative features are being added to bank cards in which banks are taking advantage of the new capabilities of Big Data Analytics and other new Industry 4.0 technologies?
What do you think about this topic?
Please answer,
I invite everyone to join the discussion,
Thank you very much,
Best wishes,
Dariusz Prokopowicz
Built-in display for control and security. The cardholder can see information – numbers and/or text – on the small visual display, such as a dynamic passcode, an account balance and a spending limit. This card can deliver the levels of both information and security they seek.
Chip and pin advanced touch tone/automated authorisation and Internationalised.
Most of the innovations being introduced by banks to their cards are coming in the wake of:
(a) The great Fintech revolution, and
(b) As part of the take-on of ideas, services, and functions which other offerers/users of cards have included with their own offered cards.
As such the innovations will now come to include an endless range of services and facilities which, indeed, may also not be strictly money related. These might include:
- Time and date awareness,
- Buying on-line from all sorts of providers of goods and services,
- Travel related services;
- Identification services;
- Inhouse entertainment services (sports, shows, films, fitness sessions, etc).
So, to sum up, it is now possibly no longer correct to think in terms of "Bank Cards"...they are now just "Cards" !!!
Dr. John Consiglio
University of Malta
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