Retail banking, also known as consumer banking, is the typical mass-market banking in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs).
Most consumers use local branch banking services, which offer onsite customer service that satisfy the banking needs of retail customers. Though local branch sites, financial representatives offer financial service and customer advice. Moreover, financial representatives are the lead contact for underwriting.
Fintech and retail banks have complementary strengths which should be leveraged to make a better central financial experience for customers. Banks offer capital and deep customer bases while fintech excel in innovation, agility and exploiting new technology.
Fintech firms are sprouting all over the world and they have come up with Robo-advisers, online wealth advisors, mobile banking, improved and fast payments , easy and inexpensive transfer of money. Consequently, fintech has positively impacted the customer experience in retail banking.
FOLLOWING ARE THE 2 INNOVATIONS IN THE LATEST STARTUPS OF RETAIK BANKING INDUSTRY:
1. PEOPAY: PeoPay is a mobile banking application provided by Bank Pakao S.A., representing the first application in Poland to take advantage of biometrics in transaction confirmations. It allows customers to pay abroad in foreign currencies and enables online shopping to be paid for directly from the phone. It also enables payments in all contactless terminals in Poland and abroad.
2. PLINK: Plink from Bancolombia is the gold award winning analytics and advanced intelligence solution that brings together merchants and consumers, providing value to both based on the vast amount and richness of data Bancolombia has on Colombian consumers and retail businesses, and their analytics and AI capabilities.
Latest FINTECH Startups 