Business

Today, banks, credit unions, pay-day loans and other financial firms look more like modern retailers. The amount of financial services has mushroomed, and with more customers choosing to bank on their mobile devices, the need for promotions to build awareness has never been greater.

Also like modern retailers, progressive financial institutions have shifted into high gear meeting customers’ needs for a better, thebusinesssuccesslibrary more connected experience by creating an atmosphere that is conducive to selling financial products.

However, today’s connected finance customer can get services almost anywhere but the bank-on the Internet, via mobile apps, or at the ubiquitous ATM. Human interaction is no longer required for a bank transaction. Considering this, we ask, is self-service the future of banking?

According to the TD Branch Financial Education Survey, some of those “old fashioned” face-to-face banking practices are not only valid today, but also have demand from younger generations. For example, consider these recent findings:

54% of Millennials prefer to visit their bank for detailed information.

Millennials still visit bank branches as frequently as they did in 2013 for simple transactions.

90% of consumers prefer face-to-face advice for complex financial products.

To be sure, routine transactional banking activities are going digital by the majority of customers with over 50% using online services, but for more complex transactions that require thorough consideration, modern banks are meeting the needs of consumers by shifting to the concept of full-service flagship locations. businessideaso These consumer-friendly centers provide a plethora of financial services and tools, and are staffed with knowledgeable associates for on-the-spot assistance alongside self-serve kiosks for the do-it-yourself customer.

“Many people do their banking not only at a branch but online as well,” noted Robert Moctezuma in the Digital Signage For Financial Institutions white paper published by DigitalSignageToday.com. “Digital signage can help tie together the financial institution’s online and offline presence.”

“When people walk into a branch just wanting to do a few things, there may be a line at the cashier. They can go to a sign, they can touch it, they can interact, and they can get what they need done,” Moctezuma said. “That helps the institution extend the online presence to the offline world.”

Since banks can no longer take walk-in or even drive-through customers for granted, managers want to do their utmost to maximize the opportunity. businessfortoday This is where modern banking differentiates itself from our parents’ bank. Modern banking crosses the digital divide to connect to customers in new ways, ways that provide information and ways that provide services.

Here are four examples that demonstrate how digital signage can improve the customer experience and better meet growing expectations.

Cross-Selling Financial Services – The common task of cross-selling financial services typically falls on tellers’ shoulders, which is not the best game plan for positions that have high turnover. Fortunately, digital signage provides a platform that can prime customers’ interests and create awareness before having that conversation.

Customer Experience – Modern banking can facilitate better customer experience by reinforcing the brand-and the atmosphere-that makes the client better informed and more inclined to accept additional services. cashbackhut This can happen through customer engagement with both bank employees and interactive media, bolstering services that directly address and fulfills customers’ needs on the spot.

The Internet has simplified so many aspects of life and made many daily transactions instantaneous. It can be easy to take these seemingly small conveniences for granted sometimes. How often have you hopped on the Internet, logged into your online bank account, and transferred money instantly from your savings account to your checking account to splurge on new clothes or pay for an unexpected expense? Going to the bank is no longer the chore it once was. Now the bank comes to you. newsonforex It’s on your laptop and your smartphone and stays open 24/7 as long as you have an Internet connection. From saving trees and customers’ time to reducing overdrafts and identity fraud, online banking has streamlined the way most people manage their finances today.

While e-banking cannot provide every service that physical bank locations and real live bankers can, it comes pretty close. fastcashways With a username and secure password, bank customers can access their accounts through their bank’s website and view balances, authorize transfers, order checks, view loan statuses, and receive and review monthly statements. Many bank sites even offer the option to chat instantly with a customer service representative. Through this service, customers can skip the long lines and wait times at brick-and-mortar banks and have questions answered in a timelier fashion.

Another bonus of going paperless is sustaining the environment. Every time a bank customer opts out of monthly paper statements for e-mailed versions, countless trees are conserved. investor-hour Also, the fuel used to transport the paper is saved, and carbon emissions are drastically reduced. Making this small switch has already had a significant positive impact on the environment.

Finally, the conversation about online banking isn’t complete without addressing mobile banking. Now, you can open an app on your smartphone to access your bank account. royalearn This technology is already the norm for millennials and will undoubtedly be how most people bank in the near future. Through a bank’s app, customers can instantly access their account balances, make transfers, and even cash checks. To deposit a check, customers can simply snap a photo of each side of an endorsed check, and the funds will appear in their account as soon as the check is authorized.

Retail and private banking is no longer the traditional one we know. It is now faced with a stiff competition given new kind of emerging competitors. thebusinesssuccesslibrary Technology has transformed the industry so much that it has caused changes in consumer behavior and even expectations. This has forced the banking sector to reconsider their business models and technology they use. Gone are the days they could dictate to customers what they want.

This leaves them with very few solutions; to either change their way of approach or ship out. On changing, it is not the employees, unless it’s really necessary. They have to change the way they offer retail banking software solutions. This is the only new way to maintain market position while meeting customer demands at the same time. At times a bank may opt for private banking software because they need to customize it in their own way. It is indeed a good idea but has to consider with great care the safety and efficiency it has. businessideaso Many companies offer private banking software solutions along with other services like BPO and consulting services. Go for the one that gives the most reliable tools for financial and banking establishments.

Whether retail or private, these banking software solutions provide the banking institution with rich end-to -end functionality and ability to streamline their operations. This enables them to provide personalized top notch services to their wiser clients. Backed up with passionate expert consultants, innovative automation led services; no bank will ever be shipped out of business. They will experience loyal clients like never before.

Due to their modern nimble core and great analytics, banking software enables you to provide convenience to your clients and even how they can manage their own finances. It has a single platform that distributes digital and assisted data across all channels. businessfortoday The software gives you unlimited reach to your clients now, tomorrow and even in the future. This will make you understand their needs before they even voice them, and come up with the best way to meet them. The retail or private banking software is mostly characterized by their ability to do all or even more of the following;

• Investment portfolio management
• Overseeing transaction
• Placement and investment portfolios
• Full accounting
• Client security custody management
• Electronic commerce solutions
• Mortgages
• Islamic banking systems
• ATM technology

That aside, the software you choose should address your banking technology as a necessary and a must have feature. You do not want to be buying it every time and changing them frequently also. If possible, ensure it deals with how to regulate market challenges facing the industry today. An intelligent one should foresee the future too. cashbackhut Finally, it must bring out differentiation to cut you from other competitors while keeping operational costs down and profits up.

You may have noticed that there is a lot of marketing and promotions done by banks nowadays. But what is a cord blood bank exactly? Well, it is a medical bank where doctors extract the hematopoietic stem cells (HSCs) from the newborn umbilical cord and can be preserved indefinitely. You can bank the blood in a private or a public one and can be used later on to treat diseases and illnesses. newsonforex This may sound like a wonderful medical breakthrough, but there are many myths about private cord blood banking making the rounds. Let us have a look at these myths and break the misconceptions clouding the minds of parents-to-be.

1. Can It Harm My Baby Be Harmed?

Collection of this is in no way harmful to the baby or the mother. The blood that is discarded after birth normally is collected and stored at bank.

2. Private Cord Blood Banks May Send Our Baby’s Cord Blood for Research

This is a complete myth as private cord blood banks give exclusive accessibility and control to what you store. fastcashways They charge you annually for storing this and will give you access as and when you require it in the future. Unlink public banks wherein the blood may be sent further for research purposes.

3. Choose Any Bank, They Are All the Same

Wrong. Private blood banks have to follow stringent norms in terms of quality, cost, location, and need to be FDA-approved and AABB-accredited. However, not all private ones have DA approval and AABB-accreditation. Those who have both, have high annual storage fees and better facilities to store your baby’s cord blood for a longer duration.

4. It is Always Better to Store Cord Blood in Private Banks

Many to-be parents often think storing their baby’s cord blood in private banks is better than donating it to a public bank. If your family has a history of certain diseases and disorders, then choosing a private blood bank may sound logical. However, there is no such history and you don’t even know if you will ever need to access the stored this, then donating this to a public bank is a wise decision.

5. You Can’t Treat Your Child With His/ Her Own Blood as it May Be Diseased Itself

This statement does not hold much ground as autologous transplants have been in use for more than a decade. investor-hour Use of one’s own stem cells has helped in the treatment of many diseases ranging from neuroblastoma, lymphoblastic leukemia, etc.

6. This Blood can Remain Viable Only for 10 Years

Current studies have shown, stem cells stored for about 24 years remained viable without any decrease in viability or proliferation. It is even claimed by cryopreservationists these cells can be stored indefinitely in a controlled environment.

7. Cord Blood Banking And Ethical Issues

According to the Indian Council of Medical Research (ICMR), there are certain issues related to the self-use of blood as promoted by such banks. royalearn The ICMR guidelines for stem cell research (2013) states there is no scientific basis for preservation of this for future self-use. Thus, this practice is not officially recommended and any use other than bone marrow transplantation apart from clinical trials is termed as a medical malpractice.

The type of services offered by a bank depends upon the nature of the bank and the country where the bank operates. The services provided by banks usually include checking accounts, saving accounts, and investment advice.

The main function of most banks is directly accepting deposits from the general public and providing check facilities for withdrawal purposes. thebusinesssuccesslibrary The provision of the check facilities differentiates banks from other financial institutions.

Lending money to companies, individuals, the government, and other financial institutions is the second major activity of all types of banks. businessideaso Banks play a vital role in the capital formation of a country through saving and investment functions.

 They pool the savings of the small investors and general public and utilize the funds by investing the companies or the government.

Banks also render services like facilitating money transactions such as wire transfers and cashiers checks, issuing credit cards and debit cards, and provisioning safe deposit boxes for the storage of valuables. businessfortoday Modern banks also provide sophisticated services like online banking, project financing, leasing, merchant banking, and personal banking. 

Online banking relieves the customers from time-consuming paper based banking transactions with the help of information technology. Personal banking provides technology-enabled and customized banking products like phone banking and Internet banking.

Banks may undertake merchant banking activities like managing issue of shares, their allotment, and the collection of share amounts on behalf of joint stock companies. cashbackhut Currently, most customers enjoy the benefits of ATMs (Automatic Teller Machines) where they can withdraw money from their accounts at any time.