Macropay Review: Digital Services that Changed the Banking Industry

In this Macropay review, let us look at the strides the banking industry has taken and the services through which current financial technologies are built on.

Banking in the 20th Century

Banking is one of the oldest industries. Though the core operations remain the same, the adoption of modern technologies, albeit slowly, has made the banking experience efficient and quick.

The first evolution in banking happened in the early 2000s when internet banking took over and then again in the early 2010s with the introduction of mobile banking. The trend continued, and now the industry is constantly evolving with the rise of payments and fintech firms.

Neo Banks Are Here

The traditional brick-and-mortar banking branches are slowly vanishing with the rise of neo banks. These banks do not have any physical branches and operate completely through internet and mobile banking.

Neo banks, which are also called challenger banks, have already taken off in the past few years. These new-age banks have seen an influx of customers and are popular among tech-savvy customers.

Most of the popular neo banks are considered fintech startups. Established banking giants took notice of this booming industry and many have launched branch-less digital banking services to remain competitive.

Digitisation of Services

Banks around the world are now focusing on digitising existing services. Artificial Intelligence-based services have also started to replace several human-intensive banking services. This helped improve banking services to become more efficient.

More specifically, digitisation is taking over the automation of know-your-customer (KYC) services through AI-enabled chatbots and automated complaint resolution systems. It is indisputable that a digitised service has become the first point of contact for most customers in all industries.

The Future with Open Banking

With open banking, traditional banks are sharing their customers’ personal and financial data with 3rd-party service providers. This service is helping technology companies use the banking data and come up with innovative products and services that continuously revolutionises the banking industry.

Though open banking can be seen as a promising future of the banking industry, it is important to understand that the sharing of customer data needs consent. Further, a proper data usage policy is needed to protect customers and fintech providers alike.

How Can Macropay Help?

Macropay has been in the fintech space since 2013 and has helped countless companies digitalise their payment systems.

We understand the changing banking industry. With our in-house experts, we are able to help both new and existing companies integrate financial technologies into their business.

To start a conversation with our experts, email us at support@macropay.net or get in touch with us here.