“We are at the epicenter of a revolution,” says Victor Matarrans, executive director of British bank Santander. "A whole generation is working on mobile devices." Innovative technologies promise a real revolution in retail banking, Vedomosti reports with reference to the Financial Times.
In the near future, customers will receive loan offers without having to go to the store and pay for purchases without taking out their wallet. The British Banking Association estimates that £ 1 billion ($ 1.7 billion) of payments are made in the UK every day from mobile devices and online banking, and more than 15,000 people download mobile banking applications.
The big British banks are now not prioritizing the development of innovation. HSBC, Royal Bank of Scotland, Barclays and Lloyds Banking Group, which control 70% of the retail market, spend IT budgets on improving computer systems to meet regulatory requirements. However, they also support the trend and begin to offer customers SMS payments, which can be made by entering only the recipient's mobile phone number. Some users have already got the opportunity to pay for a check by taking a picture of it and sending it from their smartphone. Another British bank, Barclays, is developing biometric technologies for identifying customers by voice.
Polish banks BPH and Getin now have ATMs that identify customers by scanning blood vessels on their fingers. Spanish CaixaBank bought 15,000 bracelets for customers, allowing them to pay for purchases with several credit cards without taking out their wallet.
“Many retail banks have yet to fully grasp the devastating impact of digital technology,” says Forrester Research analyst Olivia Berdak.
Banks will also have to learn how to ensure the safety of customer data in order to protect it from possible leaks. Customers love time-saving technologies such as using biometrics for identification or contactless payments. But services based on banks tracking the client's location in real time are alarming. “We cannot count on customers wanting to share such intimate details with us,” said Simon Manamara, head of IT at RBS.
The Spanish BBVA is testing a system that uses a GPS signal from a customer's smartphone to make sure it is in the store where the purchase is being made. Wells Fargo, Bank of America are developing Google Glass apps. These applications determine the location of the client and, if he is, for example, in a car showroom, he will also be offered a loan for different cars there.
In the near future, customers will receive loan offers without having to go to the store and pay for purchases without taking out their wallet. The British Banking Association estimates that £ 1 billion ($ 1.7 billion) of payments are made in the UK every day from mobile devices and online banking, and more than 15,000 people download mobile banking applications.
The big British banks are now not prioritizing the development of innovation. HSBC, Royal Bank of Scotland, Barclays and Lloyds Banking Group, which control 70% of the retail market, spend IT budgets on improving computer systems to meet regulatory requirements. However, they also support the trend and begin to offer customers SMS payments, which can be made by entering only the recipient's mobile phone number. Some users have already got the opportunity to pay for a check by taking a picture of it and sending it from their smartphone. Another British bank, Barclays, is developing biometric technologies for identifying customers by voice.
Polish banks BPH and Getin now have ATMs that identify customers by scanning blood vessels on their fingers. Spanish CaixaBank bought 15,000 bracelets for customers, allowing them to pay for purchases with several credit cards without taking out their wallet.
“Many retail banks have yet to fully grasp the devastating impact of digital technology,” says Forrester Research analyst Olivia Berdak.
Banks will also have to learn how to ensure the safety of customer data in order to protect it from possible leaks. Customers love time-saving technologies such as using biometrics for identification or contactless payments. But services based on banks tracking the client's location in real time are alarming. “We cannot count on customers wanting to share such intimate details with us,” said Simon Manamara, head of IT at RBS.
The Spanish BBVA is testing a system that uses a GPS signal from a customer's smartphone to make sure it is in the store where the purchase is being made. Wells Fargo, Bank of America are developing Google Glass apps. These applications determine the location of the client and, if he is, for example, in a car showroom, he will also be offered a loan for different cars there.
