Innovation in banking often arises in customer-owned banks or mutual banks. They are able to respond rapidly to tech developments, a feature that other banks might lack. Innovation is driven by customer need – and in this case, the customers are the ones making decisions.
Whether there is demand for a specfic app or the need to alter the way loans are provided, innovative technology can provide precise solutions.
While the actual product (in this case a loan) might not change, innovation in the service might bring tremendous benefits to the bank’s customers, and therefore to the bank itself.
Technology can, for example, enhance service functionality with a mobile app. The app could function as the primary customer interface, addressing everything from the loan application itself to managing the repayments.
It is no surprise that customers value user-friendly, efficient services. This is often the main selling point, and a clincher when a customer is choosing a service.