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Top trends in the development of individual banking software 

 February 10, 2022

The protracted pandemic has made significant adjustments to the way banks operate. It set a steady trend for remote work for many years to come. Employees have switched from the office to a remote work format. As a result, the need arose to optimize the infrastructure. Many banks have reduced the amount of leased space and began to actively develop the most famous online communications to organize effective cooperation between an employee and an office.

The employee’s remote access to the banking system involves the communication of two subjects of relations using a virtual server, cloud applications with appropriate security additions. A well-chosen combination of these tools, taking into account the necessary permissions and user licenses, security applications will ensure the relevance of the remote work format in the current year.

In the conditions of the dominance of Wi-Fi channels for remote personalization of the user, the need for the protection of personal data has become acute. Objectively, the advantage of the remote format, which requires user authorization in the system of banking software products, has created a certain vulnerability for the entire security system. The percentage of employees working remotely is only growing. It poses a definite challenge to the strength of the HR management system. We also recommend that you familiarize yourself with: https://fireart.studio/fintech-app-development-digital-banking/.

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Increase in the online transactions share

The number of online payments is constantly growing, and the pandemic has only accelerated this process. Many users have opted for contactless payment methods in stores. Payments via banking applications have steadily replaced the traditional formats of payments through the bank’s cash desk. Moreover, in the future, the share of online transactions will only grow. Online services of payment systems (PayPal, EasyPay, WebMoney, YuManey and many others) took a special place in this segment of banking services.

Tight integration with the consumer of such platforms to ensure development of effective and convenient service for the purchase of goods and payment of services. In addition, the share of exchange trading, which requires brokerage accounts, has grown recently. But they can only be opened in a bank. Therefore, there is an increase in demand and consumer preferences for online transactions with the maximum speed of order processing.

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Many experts are confident that the segment of online transactions will continue to grow. The pandemic has set a point of no return in clients sentiment for most customers. Therefore, banks are actively using modern communications to simplify access to banking services: from social networks to voice messages with customer voice recognition. All these innovations are aimed at improving service and popularizing online banking in general.

The traditional approach, when a consumer could receive information only from a real operator, is gradually giving way to new technologies. Today there are robotic sales consultants, robo-advisers, online tips, “smart” dialogue analysis systems. Therefore, banking software development services will definitely come in handy for firms that want to retain customers and develop further.

The growth segment of remote sales

The remote sales format has become an uncontested format for working with a client. This has its own logic, as consumer preferences have changed to a contactless form of communication. In a pandemic, the user himself limits the number of his visits with any employees. Many people prefer a remote format of serving and receiving information. Therefore, large banks are actively developing their sites and are switching to paperless document flow using electronic signatures.

The evolution of the biometric access system and improved security system will be a logical continuation of the trend of remote service. These steps are aimed at updating the client’s confidence in the banking sector. Taking into account the growing popularity of online banking, all the costs of introducing a biometric system will be paid off by the profit from distance sales.

 

 

 

 

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