Banking is often seen as a traditional industry. After all, it’s been around since the first known form of currency emerged. But banking has always innovated, and the current pace of change is at another level.
The financial services industry is committed to digital innovation, redefining how banks operate and the services they offer to their customers. From paper banknotes and cheques to contactless debit cards, apps and bots – this is just the start.
So, let’s dive into three key banking innovations to watch out for in 2022.
- Biometric cards
With a wave of a debit card, watch or phone, contactless payments make it easy to buy anything from a coffee to a car. This trend has been accelerated by the COVID-19 pandemic, as people looked to more hygienic ways to reduce physical contact points and spending caps skyrocketed.
Though contactless technology is nothing new, breakthrough innovations provide an extra element of authentication. For example, EMV biometric payment cards are embedded with a fingerprint sensor, enhancing security and making it possible to increase spending caps on card payments. With various deployments of these new payment cards underway, look out for them becoming mainstream in the very near future.
- Green banking
Banks need to rethink their offering to align with customer concerns, as is the case for green banking. A conventional bank becomes a green bank by shifting its core operations towards sustainable technologies and environmentally friendly lending.
In fact, Forrester* predicts that the top ESG product and service launches in 2022 will include “green loans and mortgages, and checking accounts with sustainability and carbon-tracking features.”
Banks are gradually overhauling their digital infrastructure and adopting blockchain innovations to address cost and operational challenges. Blockchain technology is a system of recording information that makes it almost impossible to change, hack or cheat the system. As such, blockchains increase the security of digital transactions and remove the potential for errors and fraud. It’s an opportunity that banks can no longer afford to ignore, as blockchains are used to store cryptocurrency, which is often defined as the ‘future of money’.
At Turner Little, we have acted as banking intermediaries for many years and have strong relationships with several UK banks. We can introduce you to both corporate and personal bank account opening, helping you gain banking facilities with some of the world’s leading onshore and offshore banking organisations. To discuss your unique requirements, get in touch with a member of our friendly team today.