Stress-free technology is need of the hour in banking

Sunaina Rana / Emirates Business

Over the years, digitalisation has become an integral part of banking sector. Fintech (finance and technology) start-ups are offering solutions that could spruce up the overall banking experience in a big way. Globally, entrepreneurs and even traditional banks are creating digital-only banks or neobanks that embrace most of the facets of new-age technology.
However, digital thinking and devising strategies are very different task today and it is leading the banks to provide simple features as the customers require a simplified and easily accessible application. If the application is complicated or if it involves highly-complex function then the users are unable to use it and eventually the bank will lose its customers. According to the latest bank report, only 45 percent of the customers use mobile apps, whereas 55 percent are still not using the mobile banking app. Across MENA region, only 20 percent of people are using mobile banking.
Ali Alomran, Deputy General Manager, Technology Services, Arab National Bank, said, “ We have witnessed that very few people use mobile apps because of the complex functioning.Instead they prefer other options like reaching the branches in person or approaching the customer care service.”
“Through digitalisation, all channels are managed by the bank and we are tryong to make the process easy for the customers. The final outcome of digitalisation is improving the economic aspects of the organisation,” added Alomran.
Also one of the significant aspects during digitalisation is the security. The digital journey should be secure and provide a clear message to the customer.
“The communication with the customer should be clear and pure knowledge of the rules and regulations should be given to them. The system should be able to add new security to the system to promote a healthy banking experience,” he added.

Big data
The mobile capture platform while providing the mobile services is divided into two segments; first is mobile and the second is the cloud (platform) where the entire data is collected.
“The regular analysis of the data and its integration into the new technology is important as it helps in creating a sustainable application for the customer. Lexmark helps the customer in providing one-end solutionfrom submitting documents to providing real-time dashboard, which helps in providing the customer accurate and faster services,” Youssef Sayegh, GWCPM, Lexmark Enterprise Software.
Further adding to the issue of customer service significance, Alomran said, “The basic feature in mobile banking is to always stay in touch with market and with customers. It is all based on enhancing the customers’ experience, which is not channel specific. Customers should be satisfied right from the first stage from where they are starting the transaction till the end of the process.”