The 'David' Banks Are Now Offering Bigger Service like the 'Goliaths'
Small Banks
It is well-known that large banks throughout the world offer greater services to their customers. This better service is the result of the bank's wealth or capital obtained through operations. Today, many small banks are following in the footsteps of these big banks and even offer exceptional services to their clients. As far as the banking sector is concerned, the largest is not always the best. It takes creativity to be the best. Indeed, digitalization has helped to break some of the barriers to competition for medium and small banks, which allows them to take many of the same security steps as their large competitors. There are a number of medium and local banks that have used digital innovation to better serve their customers.
Let me guide you through several small banks around the world that offer great services for their customers.
United Overseas Bank (UOB) is one of them. China-based UOB was chosen because of the breadth of impressive online processes, including direct processing, fully automated account opening/billing, instant billing, personalization capabilities and personal financial management capabilities, and the use of structured and unstructured data from social media. The UOB Ltd.'s parent company in Singapore has formed a joint venture with Chinese financial technology maker supported by AI, PINTEC Holdings, to provide alternative digital credit assessment solutions to Southeast Asian financial institutions based on artificial intelligence, machine training and anti-fraud algorithm. This technology service has dramatically changed the appearance of their customers and greatly helped them with their simple banking services.
Meanwhile, Taishin Bank of Taiwan focuses on the experience and simplification of customer processes in its digital transformation, helping its clients save time and the bank reducing costs as well. Commercial transactions such as cross border transfers and deposit certification are now much easier. Taishin launched its digital bank Richart in 2016 and launched nearly 90,000 new savings account applications in a year. The first active banking application in Taiwan developed with an active method is Richart. This application offers savings accounts, credit cards, investments and loans in one application that is easy to use.
As one of the "David" banks, the Bank of Georgia has a well-designed website (iBank) and three mobile applications that meet different customer needs. The Corporate Banking site in Eastern Europe is equipped with a module to request treasury services, while mBank, a mobile banking application, allows customers to make transactions in one click. What's interesting about this mobile application is that the billing website can also be accessed by non-customers. Its features include Estimated Requests, International Transfers, and the My Finances section with personal financial management tools.
Türkiye Ìs Bankasi (Ìsbank) offers online features such as a single entry system, multiple country/currency implementations, WAP compatibility for mobile banking, fully automatic account opening, embedded processes and cloud computing. The development of strong and active fintech partnerships encourages innovation, and the bank's plan has developed a distributed ledger/cryptocurrency initiative and the use of big data that is appropriate for cross-selling.
In Colombia, in 2017, Banco de Bogotá (Bank of Bogotá) opened a digital laboratory that allows banks to open the country's first 100 percent digital savings account and develop an integrated customer experience in various channels. However, Banco de Bogotá has a clear strategy to become the best social media bank in the region. At present, almost 80 percent of products are offered through cellular channels. The bank also offers interactive features, such as bank branches and ATMs, virtual live chat assistants and instant bill payers.
Thanks to digital tools, the "Davids" can now compete with the "Goliaths" on an equal footing. These special banks are currently doing very well.
About the Creator
Osei Agyemang
https://www.oseiagyemang.com:
A passionate writer who creates exciting and innovative contents. Osei Agyemang is also a tourism fan who loves to travel around the world. He has studied Psychology and Journalism.
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