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Mobile Banking - SMS & Web
Banks started using SMS on smart phone to deliver customer service. This has revolutionize mobile banking the use of smart phone and paved way to future technology trends using mobile adoption easy. Bank that adopted early on were able to provide cutting edge customer service and able to generate new revenue channel. -
E-Check
One of the initial pushes for the electronification of checks occurred when companies were first allowed in 2002 to capture the information on the magnetic ink character recognition (MICR) line at the bottom of a consumer check, keep an image of the check and process the payment as an automated clearinghouse (ACH) transaction. This not only benefited banks, customer and also federal reserve was able to process the payment sooner than mailed checks. It paved way for remote e-deposit. -
Mobile banking - Smart Phone Application
First mobile banking app for smart phone in US by major banks. Initially it was not that popular until 2012 the usage increased to 21% of smart phone users were using mobile banking. Today mobile application has become primary interface to bank activity with Gen Y & Z population. Cannot imagine a bank not providing mobile banking will stay longer. -
Remote Deposit
USAA in 2009 became the first bank to permit customers to deposit checks with a smartphone. The customer uses the phone's camera to capture an image of the front and back of the check. The images, along with other verification information, are transmitted to the bank, where final validation occurs. The customer does not mail in the original check, instead voiding or discarding it. Early adopters leveraged the technology to increase money deposits and better customer experience. -
Banking - Social Media
American Express has been a pioneer in social media marketing for financial institutions. Way back in 2011 they introduced social syncing technology to their cards, allowing users to link their social accounts with their American Express accounts, and get personalized promotional deals based on their interests. Social media technology trend has more room to grow for banks offering from product centric to customer centric service. -
Banking in Cloud
Specialist bank OakNorth has become the first UK bank to move all of its core banking systems to multiple private clouds from Amazon Web Services (AWS). Many banks have started this journey in 2016 but very few willing to admit due few factors, customers trusting cloud and slow in adopting new technology trend. Banks that will adopt secured way of cloud strategy will have competitive advantage that lower operating cost and enables other technology trends such as big data, machine learning etc.
