by Sebastian Krahe
October 26, 2017

Modern banking services: What do they have to offer in order to succeed?

The traditional banking sector is keeping up with today’s constantly changing technology landscape. It is growing rapidly with an increasing understanding of diverse customer’s demands. This has been strongly supported by the development of smart technology and over the years has helped create new tools such as online banking.

As a consequence, this constant motion has shifted the industry from traditional banking with ATMs and plastic cards to modern banking solutions on the smartphone which work real-time. Nowadays, banks offer customized services, implement innovative strategies and continuously expand their portfolio of services and tools.

 

But what are the must-haves for a modern banking solution?

From our experience, we can break it down to these 5 key success factors:

1. Completely mobile

A good banking solution has to work on the smartphone from any location. No matter if riding on the train to a business meeting or sitting on the couch at home – customers should be able to check their accounts anytime and get overviews of all transaction by simply using their mobile phone.

2. Entirely digital

The days of manual signatures or personal attendance required for identification are numbered. The complete banking process has to run fully digitally. Convenient services such as video identification for registration are key features for a modern banking solution.

3. Accessible to everyone

A full-fledged account for everyone regardless of age, origin or income. Every customer should have the opportunity to create an account for money transfer and standing orders without time consuming credit scorings and background checks.

4. More than just banking

Banking solutions are not only for basic banking activities. A modern service should take a step outside the box and offer added value by including features such as peer-to-peer (P2P) transactions or “Barzahlen”, a German cash payment solution where you can pay bills in cash at your local supermarket.

5. Worldwide acceptance

As simple as it may sound, it is essential for a state-of-the-art banking solution to work worldwide by including a digital and physical credit card that is universally accepted. The service should not only allow the user to withdraw money from ATMs but also ensure global payment at the point-of-sale and online.

The 5 must-haves of modern banking solutions? Be mobile, digital, accessible, versatile and accepted worldwide

When combined, these aspects add up to a lot of requirements for a banking service. A solution that brings it all together easily in one app is bankomo. But before getting into details of its features, let’s have a closer look at how this modern and easy-to-use banking solution came into being.

(c) bankomo

 

bankomo: an answer to modern banking requirements

In only 10 months, in an innovation partnership with ReiseBank, Wirecard created a smartphone account solution for users with a high level of mobility and an affinity for the online world, at the same time offering easy access for so called “unbanked” people. In practice, this means adults who don’t have a classic bank account because of their immigration background or the lack of a banking infrastructure in their home countries.

Due to its low access barriers, bankomo allows everyone to create an account. Credit checks or minimum incoming payments are no longer necessary. To apply for an account, all you need is your smartphone and a passport or identity card.

Within a few minutes you open an account via video identification and can use it with an intuitive app which can be downloaded for free at the Google Play Store and Apple’s App Store. Alternatively, users who prefer can also use bankomo with a web user interface on their desktop computers.

(c) bankomo

 

bankomo’s core characteristics: mobile, easy, secure

No matter if the user wants to transfer money or check the current account balance – with bankomo, all banking transactions can be easily handled via smartphone anywhere, anytime. In addition, bankomo includes a Mastercard which offers a prepaid-based payment option for online shops and other locations accepting Mastercard.

Also traditional banking services such as money transfers, direct debit and cash withdraw at one of the 300 ReiseBank ATMs across Germany are possible. In addition, if users prefer they can also use the 90 ReiseBank branch offices, centrally located in train stations and airports – which means that bankomo connects the digital world to the real world.

(c) bankomo

But there is even more: Do you want to borrow or advance money? No problem, within seconds you can send money to colleagues and friends who also own a bankomo account. The P2P money transaction within the app allows you to send money in real-time from your bankomo account to any other account. All you need is the email address or mobile phone number of the respective bankomo user. IBAN typing is no longer necessary.

(c) bankomo

 

Another aspect: a modern digital banking solution can also include further features – let’s take Wirecard’s payment solution boon as an example: In the near future, the app will not only offer peer-2-peer transactions, but also provide flexible overdrafts and virtual credits. This demonstrates how one app can combine a variety of payment and banking services.

 

Conclusion: The formula of success is offering the full package

 In order to make payment and banking services even more appealing to users, it is all about offering digitalized value-added services for everyone all the time.

Services such as bankomo take this into account and provide a full digital payment ecosystem by bundling all features in one app and adding further international payment solutions.