New Age Banks along with Digital Revolutionizing the Traditional Banking Model
There has been a tremendous amount of change that has taken place in the banking industry from the year of two thousand and fourteen.
· Mergers and acquisition
There were quite a few numbers of mergers and acquisition that took place to form a new trend of banking. These also gave an impetus to employment and hence made a count in development of the economy.
· Fresh licensing
Fresh and new licenses were issued by the Reserve and World banks respectively such that payment could be made be easier by the users. This also proved as a competition to the existing banks of the economy.
· New technology
With fresh licensing, came in the flow of new technology for banking. This included the innovation of the usage of tablets for any time money vending machines. As also machines that could deposit and vend out the same money to two different users were widely encouraged. This also proved as a huge factor for competition.
· Nostro and Vostro; the yin and yang of banking
As also the encouragement of various domestic banks to have collaboration with banks internationally to encourage availability of foreign currencies to their customer was termed as Nostro and Vostro. This facilitated employment and tourism internationally increasingly.
· Earn money by paying to others at the same time
This is the latest trend that is being followed by various banks. Banks provide a pay back to their users by way of rewards for usage of their facility. Facilities like shopping online or at malls, shopping for petrol, maintaining balances in the bank account fetch such rewards.
· Pay immediately through a click
It was cumbersome to make payments to others, as banking windows would remain open for a stipulated amount of time. And one had to travel to their respective bank locations, wait in a queue for their turn and thereby waste time. People just pay by a click to the individual they owe it to.
· Check your balances online itself
Checking the money in your bank account without a card to swipe has been made possible by miscellaneous technologies. Hence, helping in monitoring the bank account of a person.
· Introduction of wireless cards
Cards associated to accounts of banks were either chip or swipe identified by vendors previously. Nowadays, they cannot be identified at all, as they are wireless and can detect internet instantly for payment. This helps in providing very less time for hacking one’s personal finances.
All of these facilities have also made a few banks close their physical windows and operate only virtually, while others run it through both modes, that is physically a well as virtually.
This truly has created a revolution in the traditional ways of banking.