Technology changes the three phases of the bank

After the popularity of data technology and mobile communications, banks ushered in changes. A report from MIT points out that what is going on now is the third technology innovation for banks. The first two focuses are on the front end of consumer experience, and this time a new bank will be born.

Progressive change

It has been a long time for new technologies to enter the bank, but in the beginning it has always penetrated into the existing business in a gradual manner. The change has been small and even surfaced.

In the mid-1970s, Citi began experimenting with automated teller machines (ATMs). The development of Citi was led by John Reed, chairman of MIT, and drastically changed the retail banking business. The success of ATM has also become a benchmark for corporate innovation.

The idea at that time was very simple, that is, the use of machines to handle such transactions as cash withdrawals and payment deposits. The revolutionary aspect is that banks previously had business hours restrictions, such as 9 or 5, which is very inconvenient for those who have jobs. In the 1950s, most American families had only one person to earn money to support their families (usually husbands), and housewives could handle these bank transactions during the day. However, with the social changes, more and more women have entered the workplace, which has led to no one to go to the bank during business hours. The application of computers in banks also allows bankers to understand which time period has the greatest demand and ultimately allows the ATM machine to be born. From 1985 to 2014, the number of ATMs in the United States increased from 484,000 to 524,000.

Internet banking began in the 1980s and was led by Citi, Chemical Bank, France’s Minitel, and the UK’s Prestel, but it wasn’t until the 1990’s that the Internet became a real concern. Tools such as browsers also make it easier for users to make transfers, reconciliations, and electronic bill payments.

Although the start-ups of online banking were all traditional commercial banks, the rise of the Internet still allowed Internet banks to emerge. The most famous was NetBank, which was established in 1996.

Mixed Bank

The second wave of changes represented by NetBank, whose key words are mixed. These online banks use front-end systems to better acquire customers and market them, but they are still constrained by traditional mid- and back-end infrastructure, risk models, and even personnel structures. And such hybrid banks often rely on traditional banks as backers.

The Simple Bank established in 2009 has many innovations, simplifying account management and saving costs, but the back end still belongs to U.S. United Bank. Simple can be seen as an internet banking front desk. It can issue cards and provide services, but the money is in United Bank of America. The source of profit is the difference in interest rates for deposits and loans, as well as the fees charged for credit card purchases.

Other hybrid banks are Fidor, Atom, LHV Pank, and DBS Digibank. They will use dedicated IT infrastructure. The construction cost will be 60-80% lower than that of traditional banks and the maintenance cost will be 30-50% less. The total number of people is also A lot less, only 10-15% of traditional banks. Among them, Atom is the first mobile banking company in the UK. It operates only through applications or websites and became the first mobile banking bank to obtain a banking license last year .

However, these hybrid banks still use the central database, cloud storage and the original user data protocol, which can only be considered as the transition of a fully digital bank.

Digital Native

New technologies will allow financial services to interact more frequently with consumers, especially the 2.5 billion consumers who do not fully enjoy banking services globally, and 45 million SMEs. From the perspective of credit, the bank’s customers are mainly large and medium-sized enterprises and individuals with credit records. They pay less attention to small and micro enterprises and new generations. However, this does not mean that these people have no financial ability, but the banks understand them. Too little.

Digital banking is also particularly attractive to digital natives (mainly after 90 and 00). They rarely use traditional banking services and all operations are expected to take place on the mobile side. In terms of security, future digital banks will abandon central data storage and use encrypted distributed data systems instead. This change is not only to facilitate the use of digital wallets, but also because of the need to protect personal biometrics and other data.

The MIT report pointed out that the future data bank should use the latest technology in all aspects, including encryption algorithms, distributed general ledger technology, and artificial intelligence. Only digitalization in the back-end can make the new bank more efficient and flexible.

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