There have been numerous advances made in the technology industry in the past few years and these have significantly impacted the banking industry. Because of these advances, the expectations of consumers have soared to all-time highs. This means that businesses need to find ways to meet these growing expectations in order to remain relevant.
The companies that are best able to take advantage of these technological advances are the ones that will meet client demands and survive. One of the most common demands is for faster online banking. Banks that are looking for ways to increase the speed of their online banking should keep a few pieces of key advice in mind.
- Overhaul the Infrastructure of the Banking System
One of the first steps to improving the speed of online banking is to improve the infrastructure of the banking industry. While most people may not associate the physical banking infrastructure with an online presence, the two are intimately connected.
For banks to process payments made at remote locations, they rely on an online connection that communicates what happens at satellite sites to the banking headquarters. This is often where the slowdown of consumer payments starts. It simply takes too long for banks to relay information from satellite locations and cash machines to the consumer’s actual bank account.
If banks are looking for a way to improve the speed of their online banking system, they shouldn’t neglect their infrastructure. It is vital to make sure that these satellite locations have the appropriate wiring, server speed, and internet reliability to perform at the highest level. For everyone’s speed to increase, the banks themselves need to make the first move.
- Think About Mobile Banking
Online banking is no longer just about desktops and laptops. Now, almost every bank has a mobile app. In fact, they need to have a mobile app to remain competitive in the industry. Many banks would be surprised to learn that these mobile apps actually constitute a large amount of the banking that people perform. Because most people have their phones in their hands at all time, they actually use their mobile app frequently.
As banks start to realise that their mobile apps are used heavily, they have increased the number of tasks that these apps are able to perform. This only further encourages people to use the app. For banks to improve the speed of their online banking, they need to consider the mobile side of online banking as well. Communicate with software producers and cell phone providers to talk about ways to improve both the internet connection and the cellular data connection to expedite the performance of mobile applications.
- Take Advantage of Faster Payments
Banks are looking for ways to streamline their online payments as a way to increase speed. Too often, banks have their payments processed in large batches at the end of business days. What this means is that people wind up waiting several days for their payments to be processed by their bank.
People need to have access to these funds to pay their housing costs, shopping bills, and utility bills. Banks need to start processing bills in real time and something that offers just that is called faster payments service. This is a service that uses a different type of software called BACS that processes payments in real time. Many people who use this service have noticed that the speed of payment processing takes just a few hours instead of a few days. This kind of jump in speed is unprecedented and represents a boom for banks.
- Overhaul the PIN service
Banks prioritise customer safety with the PIN; however, this represents an old and outdated security system that exists on top of numerous other encryptions. This old service is simply too obsolete to match the technological prowess of the 21st century. The PIN system relies on old technology that hasn’t sped up with the rest of the industry and has been slowing down the industry for years. Banks who are looking to increase the speed of their online banking should consider a different security system, such as a touch system, to improve their online banking efficiency.
These are only a few of the ways that banks can increase the speed of their online banking. Ultimately, banks need to take advantage of all tools at their disposal. By taking advantage of the technological advances, banks will be able to maintain a competitive edge on their competition and retain the business of their loyal customers.