NEW REPORT: Why Indian Banks And Iris Biometrics See Eye-to-Eye

As banking becomes more digital, more financial institutions are turning to technological solutions to bring more customers on board.

Several banks are rolling out banking solutions that are specifically focused on winning over millennial customers as they come of age and join the marketplace as adults. Some millennial-focused banking solutions include financial tools to help users manage their money and meet their financial goals. Other companies are offering game-oriented money management solutions that allow users to create challenges aimed at making smarter financial decisions and boosting their savings.

The March Digital Banking Tracker highlights the ways several banks are investing in technology and innovation to bring consumers more efficient banking solutions.

News from the World of Digital Banking

Companies are introducing a slew of banking solutions — from chatbots to voice recognition technology to iris scans — that are changing the way consumers interact with their bank accounts.

Several European FinTech companies are deploying chatbot tools to help their customers manage their finances. In the U.K., Plum is offering a personal savings account assistant that runs on Facebook Messenger and helps consumers identify sums of money to transfer to savings accounts. Meanwhile, Spanish company imaginBank released its own chatbot that offers users special promotions for nearby venues. According to a recent survey, 87 percent of banks either have chatbots implemented or have plans to implement one, so it’s fair to expect that more banks will launch their own chatbot systems over time.

Other companies are looking to enable customers to perform certain banking tasks using voice commands. Santander just introduced voice recognition functionality into its mobile app that allows its U.K. consumers to transfer money, check balances or send funds to a contact. Other institutions, including D3 Banking and Starling Bank, are either offering or investigating how to integrate smart devices like Amazon Alexa or Google Home to perform certain banking tasks using voice prompts.

While some solutions providers are allowing customers to perform certain tasks with their voices, others are seeing the potential to reinvent banking in the blink of an eye. In India, a new iris scan system is being used to rapidly verify customers’ identities. But these solutions are doing more than quickening the pace of authentication. By offering a faster, more convenient verification process, banks are also able to welcome more consumers into the digital banking system. To dig into how technology is functioning as a welcome mat for bank customers, PYMNTS recently caught up with Narendranath Mishra, head of agricultural and inclusive banking at DCB Bank Ltd., for the Tracker feature story.

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About the Tracker

The PYMNTS Digital Banking Tracker brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with the rankings of over 150 companies serving or powering the digital banking sector.