Intelligence In Digital Banking: Things You Should Know About
Since 2008 Telecoming has been active in the mobile payment industry. The payment tech market is very interesting because of its impact on society and the economy and because of the creativity and innovation that it constantly demonstrates. Banks are key players in this industry with a lot to say. Their evolution and digital transformation are topics of interest for everyone. That is why today, we talk about digital banking in our blog.
The transition from traditional banking to digital banking has progressed over many years now and is still ongoing. However, it is unarguable that the world of banking and finance is already completely different from what it was like just a few decades ago.
With the power of new technologies, digital banking constantly introduces new ways for businesses, clients, and banking providers to manage finances. Here’s what you should know about intelligence in digital banking.
From mobile banking apps to e-bill payments
The popularity and ever-growing presence of digital banking are due to the increased consumer demand for more efficient ways of banking. From mobile banking apps to e-bill payments, digital banking is quite broad and includes all kinds of processes and tools that make these processes possible.
According to expert predictions, 80.4% of the US population will be considered digital banking users by 2025 (up from 2021’s 75.4%). The industry’s continued growth is mainly due to the innovative solutions created with the help of AI and machine learning, but other technologies are also used.
Digital Ticketing: an unstoppable trend
One of the most obvious ways to see just how much digital banking has already penetrated our society is by looking at other industries and how they use digital banking. In transportation, for instance, digital ticketing has become the norm, with many people using smart cards and digital tickets, among other ways of payment for public transportation. That being said, digital ticketing itself goes beyond just transport.
Edmund Dalby, an expert from the writing services reviews site Writing Judge, says, “Digital ticketing service providers allow businesses to set up their own events with exclusive digital tickets. This makes it much easier for customers to purchase tickets online and for businesses to accurately assess their metrics such as sales, attendance, and so on.”
Direct Carrier Billing as a real alternative
Direct Carrier Billing, or DCB, is another important term in the digital payments ecosystem. DCB is a mobile payment method that allows customers to pay with their smartphones. To put it simply, DCB payments are charged to the mobile phone carrier bill, an excellent alternative to the more traditional credit card payments.
Camille Brookes, an expert from the custom writing reviews site Best Writers Online, explains, “All you need for making DCB payments is your smartphone and your SIM card, which makes it incredibly convenient. You can buy all kinds of goods and services with DCB payments – streaming service subscriptions, travel tickets, in-app purchases, you name it.”
Keep in mind that DCB is different from other mobile-based payment methods. For instance, mobile wallets are usually tied to credit cards, but DCB payments can be made independently from banking infrastructures.
According to Roberto Monge, Chief Operations Officer of Telecoming: “DCB technology has become a major opportunity in the digital payments ecosystem. It presents a huge potential for different industries. Our technology simplifies the payment process and increases conversions. It doesn’t rely on banking infrastructure, so it avoids all intermediate steps, allowing a fast and secure purchase for the user”.
Artificial Intelligence is a key player
Artificial Intelligence plays a critical role in developing digital banking. There are many ways in which AI and machine learning benefit digital banking, but the key points to remember are:
Automation: Automation is, by far, the most significant advantage of them all, as it significantly simplifies many processes and shortens their execution time. Customer support can be provided more efficiently with the help of chatbots. Customer data is gathered and analyzed in large amounts for more accurate predictions and insights. Even testing is carried out with the help of AI to find possible issues and correct them before they become a bigger problem. Moreover, AI is also used in digital banking to prevent fraud by identifying and automatically managing suspicious transactions.
Usage: While not as apparent at first, the way AI enhances customer experiences and digital banking usage is impressive. With the help of AI, digital banking providers can improve their application UX and address any concerns customers may have – sometimes even before customers voice these concerns. Using AI also means that digital banking providers are ruling out the potential of human error when performing different tasks. This, in turn, leads to higher accuracy rates, fewer mistakes, etc. Likewise, AI extensions and functionality often allow better integration with other systems making digital banking feel more natural and comfortable for customers.
Frank Hamilton, a blogger and professional writing expert, has collaborated with our blog in this post.