Digital Banking

NEW REPORT: Can Financial Tools Build A More Responsible Bank Customer?

Companies are rolling out plenty of new banking tools for consumers to manage their money. But even with all the support, will consumers be able to build a sturdy financial life for themselves?

Banks and FinTech providers are rolling out plenty of solutions, from artificial intelligence-powered chatbots, to a network of cardless ATMs, to help make banking easier for consumers These solutions are providing consumers with new ways to keep track of their spending, get questions answered by their banks and get fast access to cash. The February Digital Banking Tracker™ showcases the various methods banks are employing to help their consumers stay engaged with their finances.

Here’s what’s happening around the world of Digital Banking

With the rise of digital banking, some of the common elements of physical banking are becoming relics of the past.

For starters, ATM cards could become an endangered species in the banking world thanks to new developments in cardless banking technology. Wells Fargo became the first bank to convert its entire network of ATMs to a service that will allow consumers to withdraw money using an eight-digit code sent to their smartphone instead of fumbling to a purse or wallet for a card. Even physical bank branches could become irrelevant, as some banks, such as Austria’s Erste Bank und Sparksassen, offer a service that enables customer identify verification using video chat instead of requiring a visit to a physical bank office.

Several banks also rolled out new chatbot-based solutions recently to help consumers stay engaged with their institutions. For starters, Digit debuted a bot feature that uses Facebook Messenger to enable customers to communicate instantly with their bank. Meanwhile, in Asia, POSB became the first bank in Singapore to offer an AI-powered bank bot that allows customers to ask questions and stay engaged with their bank.

By helping customers stay engaged with their finances, some companies are hoping they will help teach consumers responsible banking habits and help them avoid perilous financial pitfalls, like missing a credit card payment. For some consumers, this kind of missed payment can be the first in a series of financially disastrous moves that can result in late fees, higher interest charges and can reflect negatively on a consumer’s credit score. For the February edition of the Tracker, PYMNTS spoke with Kevin Kirn, head of product for Intuit’s Mint, about how money management solutions are helping to keep some customers from falling off the financial edge.

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About The Tracker

The PYMNTS Digital Banking Tracker™ brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with the rankings of 148 companies serving or powering the digital banking sector.


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