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Internet Use to Access Bank Information
Advantages include paying bills online, transferring money to other banks/persons, and viewing transactions to balance the checkbook. -
Mobile Banking was Introduced
Advantages include cost reduction for the bank(s) and the customers, looking at transactions, transferring money, depositing checks using the camera on the mobile device, checking account balances, and contacting customer support. -
Voice-over-IP (VoIP) for Customer Service
Not only does VoIP minimize costs, it also supports a better customer service experience, and increased productivity for the employees. -
Chatbots - Artificial Intelligence (AI)
Advantages of chatbots (AI) are reduced fraud, ease of use, immediate customer support, and the availability of 24x7x365 support. -
Social Media Presence
Advantages of social media allow banks to understand what products and services the customers want, finding new customers, keeping in touch with customer feedback, and checking out the competition. -
Big Data and Analytics
Assists in detecting errors and/or fraud in real-time, identifies customer behaviors, assists in remaining compliant, helps with budgeting, and aids in customer retention. -
Robo Advisors
Advantages include offering lower fees than a human investor, re-balances customer portfolios due to market changes, and lower minimum investment requirements than a human investor. -
Video Bank Tellers
Advantages include longer support hours without the use of on premise staff, more customer savings per transaction, reduces costs for the bank to build on customer relations, allows customers to perform all of their banking needs in one location. -
Self-Serving Kiosks
Advantages include allowing the bank to make software changes remotely, solely focuses on the customer experience, customer fees are eliminated, and transaction options cost the customer 50% less than using an ATM. -
Cardless ATM
Advantages include not having to carry around a card to use an ATM machine, easily access the ATM using a chip in a cell phone, send money to anyone, the consumer does not need a bank account to use the ATM, which meets customer demands, account registration set up, and second level security features.
