What Does My Ideal Digital Banking Experience Look Like?

 

My ideal digital banking experience would look like this: 

• A simple and seamless approach to sending money internationally. Currently, most banks charge high fees to send money abroad, also it can often take several days for a “normal bank transfer” Therefore, ideally we would be able to send money abroad directly from our smartphone without paying extortionate fees, and the transfers should be instant. Currently, I often send money to Ghana and other African countries to my friends and family using World Remit, which is a great platform however, sending to a bank account abroad often takes two working days. The fees are low but I would prefer it if I had the ability to send money abroad from one place instead of using multiple apps. 

• Obviously, when it comes to sending money abroad, security is a major issue therefore, it is vital that biometric security measures are put in place.  

• Completely bypass passcodes and other annoying words and phrases and focus on biometrics instead and voice recognition. 

• Pop-ups that remind you of your savings goals. Every so often you set a savings goal, you might be trying to buy a house or something like that. You have your savings account set up for that, you can’t actually touch the money but because you have set a savings goal for a certain time period, the account tells you when it looks like you are overspending and recommends that you reduce your spending by a certain amount in order to pay more money into your savings for your house. 

• Inbuilt financial advisor, gives you straightforward advice as to where to invest your excess money. 

• Cryptocurrency investment capabilities, I know that some banks are leaning towards this or entering into this terrain however, I have not yet seen it on my digital banking platform. I currently use Luno and Blockchain, I have connected my crypto accounts to my bank account. However, it would be great if we could transfer cryptocurrency to other bank accounts as opposed to using multiple platforms for this. 

• Should be able to speak to an advisor directly through the banking app something like voice messaging. You go through security like you would normally, either biometric or they ask you relevant security questions, biometric might be more secure though. Then you get quick and straightforward answers without having to call the bank or message them on Twitter or in the worst-case scenario, you have to go into the bank and deal with the issue. 

• You should also be able to open another bank account with the same institution through your digital banking app. My current app allows you to open a savings account but nothing else. 

• No more physical cards, you use your mobile banking app to pay for everything instore and online. For safety, each time your banking app generates a new code number specifically tailored for your payments. Like a virtual card with a few unique numbers, when you buy something in-store, you swipe your phone, and to authorize the payment, you need to use your fingerprint. Online payments work in the same way, you buy something online, and to authorize the payment through your virtual card, you use your fingerprint or possibly a code and it goes through. Therefore, you don’t have a static card number that people can steal. 

• You should also be able to generate full bank statements using your smartphone. Instead of statements that look like digital statements. Currently, I can only do this with the desktop version however, you cannot do it with the smartphone version. This would be helpful for when you need to provide financial proof, you can just log in to your banking and the bank statement can be sent to the company using some kind of password system that means that it is secure. 

• Provide you with financial literacy content every day 

• Access to a financial advisor through your digital banking application. Someone you can speak to remotely 

Would The Solution Be Feasible With Current Technology? 

I think it should be because we are already using biometrics to access banking, but codes are also still being used. Also, with online transfers, for example, some banks provide the customer with something that looks like a calculator, and they use that to type in a specially generated code to authorize the payment. Therefore, I think that they should be able to offer a system where people pay for things online using a unique card number that has been generated for that specific purchase. This already exists in the form of a virtual payment card however, I have not seen this in the standard banking system, especially with biometric capability. 

Access Preference 

I would prefer to access my digital banking through a smartphone. I find myself getting anxious when I have to access it via my laptop. Smartphone access with biometric capability, no passcode at all, ever. I guess this would mean that laptops and desktops would need to offer biometric tech, I believe some already do. However, the banks could provide a fingerprint pad for desktop and laptop access. 

Financial Wellbeing 

A seamless digital banking experience with financial advice and features at my fingertips would certainly enhance my financial wellbeing. Because I often feel anxious when I think about all the aspects of my finances that need to be considered each day. I have so many different apps on my phone for different things, it would be great if financial advice, crypto, and instant international transfers could be featured in the digital banking experience to eliminate the number of apps that I need to use on a regular basis. 

Financial Advice 

Financial advice is information that helps to boost financial literacy, laid out in a simplistic and easy to assimilate way. I think for those who are already financially well-versed it might not be so important. However, for those of us who need extra help when it comes to that, it is vital that it is conveyed in layman's terms. 

 I would feel very comfortable receiving digital financial advice however, I would much prefer to speak to the advisor via a voice chat service as opposed to a type chat service. I would much prefer digital financial advice because it eliminates the time spent going to the bank. Speaking on the phone can also take time if you have to wait for an advisor. However, through a digital chat service, I think it might be more efficient. 

What is Missing From My Current Digital Banking Experience? 

At the moment I feel like there needs to be more financial advice available. I also think international transfers need to be simplified and made cheaper. I notice that you can use online banking to send to Europe and America however, African and most Asian countries are eliminated. You often have to call the bank to make a transfer to Africa and it is expensive to do so. I think with proper security measures in place, it could work. 

I recently started using a platform called Remitly that allows me to transfer money worldwide at a low cost. I prefer this to World remit but I would much prefer sending money directly through my bank without having to use a separate payment platform.