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The Dawn of New-Age Banking Technology with WebRTC

Perhaps there is no other business industry that defines the very idea of marble lobbies in high-rise office structures’ more than the financial industry consisting of revered banks and financial firms.

In fact, the appearance of skyscrapers, well-polished desks, and professionals in suits are considered the signs of a reliable and secure financial institution. The need to maintain such stellar reputation has been the cornerstone of standard banking practices. This stable appearance of the bank is aimed to let people think of banks as nonrisk-takers who rarely experiment with new or cutting edge technologies.

But underneath what seems as the safest business strategy, leading banks and financial agencies are actually the true experts at leveraging customer service for better banking experience through technologies. They are also the type of people who consistently look beyond the boundaries for business innovations and better service solutions that drive sales and profits.

The Running Technology of Internet Banking & Mobile Banking

During the history of banking, we’ve seen the shift from conventional banking methods that involve clerks and service staff to the birth of machines such as ATMs.

Banking technology also got a major facelift with the application of mobile access and internet usage. As digital infrastructures are geared towards customer convenience, it’s become such a common method for users to adopt internet banking and mobile banking as their priority choices.  

 

[source: slideshare.net]
[source: sharingvision.com]

 

This remarkable transition is not without its difficulties. Given the nature of its business, the financial sector is continually faced with challenges in protecting its customers’ data. It’s critical that it remains one step ahead of cybercrime threats that constantly manipulate networks or loopholes to gain access to customers’ bank details.

So now that banking technology has established its modern standard practice, one question remains: how does it aim the next level of banking experience, particularly for the millennials who accounts for the majority of the market now?

The Future of Banking Experience Lies in Video Communication

According to recent research from Deloitte, trust is the major banks’ biggest asset.

Trust is irrefutably the key thing that convinces customers to save and invest their funds with a selected institution. For this reason, 2 things are for certain in the future of banking experience: a technology with air-tight security system and an innovative customer approach for that extra gain.

Enter WebRTC – the Real Time Communication technology that offers not only live customer assistance through live video and chat but is supported with data encryption for a solid security system.

And this is not just a digital fad that’s still in the talk. In early April 2017, the world’s first truly mobile-only bank aka Atom Bank was officially launched. It’s designed to minimize if not eliminate the need for bank visits through its innovative features, such as allowing access via biometric identification, using face and voice recognition instead of passwords.

[source: independent.co.uk]

Through the technology of WebRTC, banks will be able to offer live guidance or product sales through their websites, ATMs and mobile banking apps. Since WebRTC-powered communications are integrated into The Web or mobile app directly, banks are able to inch so much closer to their customers and offer banking solutions through live video or chat.

 

With analysts estimating that over six billion devices will be WebRTC-capable by 2019, expect to see more of WebRTC technology in personalizing the customer experience in more businesses, including the financial sector.

Are you involved in wealth management firms, banking systems, or other financial institutions? It is time to update and get on board with the latest digital trend that no business can ignore. Get in touch today at [email protected] and let’s get to the next level first with Qiscus.

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