Digital Services that Changed the Face of Banking

The convenience and speed of digital banking services are at a point of no return. Here’s a look at some innovations in fintech and banking that make our money lives easier. 

Banks have always been at the forefront of the digitization revolution. Internet banking became a reality as early as the 1990s. Mobile banking was possible by the early 2000s. The last two decades have seen several digital innovations that have made banking more accessible to customers. Fintech apps and platforms have just added to the convenience of customers.

The COVID pandemic has given a push to the banking ecosystem to rapidly embrace digitization. We take a look at the digital technologies that have transformed the way we bank.

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Reflections on the fintech revolution

From Finextra –

“Have you ever noticed how we move through phases?

Looking back over my long career in the world of banking and banking technology, there were always those ‘new’ technologies that kept popping up. They would be the toast of the banking technology world for a while (in those far gone days we did not have names or concepts like ‘fintech’) and then as their glamour faded they would be replaced by something else.”

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UK refuses to support European payment regulations

From Payment Eye –

“The UK and two other European countries have refused to adhere to new payment guidelines set out by the European Banking Authority (EBA).

The guidelines on the security of internet payments aim to set minimum security requirements for payment services providers across the EU.

The EBA have stated that the guidelines will come into force on 1st August. The rules will provide more protection for EU consumers against payment fraud on the internet.

The recommendations are an interim measure until the upcoming revised Payments Services Directive (PSD2) comes into force in 2018/19.”

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Is It Time to End Screen Scraping?

From American Banker

“As the industry works to improve the way online banking information is shared with personal financial management apps, a debate is brewing over whether to end the decades-old practice of screen scraping.

Proponents of the popular method say it is a valuable supplement to direct data feeds that may be incomplete or out-of-date. But screen scraping also raises risk concerns, since like other data collection methods it requires consumers to cough up their banking credentials.’

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Broken Links and Typos Can Cripple Your Bank’s Digital Strategy

From The Financial Brand

“Broken links, missing PDFs and typos on a banking website are bad. It's poor UX, it undermines consumer trust, and it hurts your rankings in search engine results. The Financial Brand found a handy tool to sniff out and fix all the ugly UX bugs lurking around bank and credit union websites.”

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