The Role of Digital Innovation in Consumer Banking Solutions

 Technology is fast disrupting the entire business value chain in the banking services space reshaping the role, models, and competitive environment for financial institutions and the markets.

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Long queues and particularly long waiting period for just about any transaction was normal.

Any entry only reflected after more than 24 hours as information went to data centers in batches at the end of the working day.

However, over the next 40 years most banks chose to create a Centralized Online Real-time Exchange or Environment (CORE) to manage their operations, thus giving rise to Core Banking.

In India alone, the number of public sector bank branches with core banking implementation went from 79.4% in March 2009 to 90% in March 2010.

All over the world, the numbers are closing in on cent per cent.According to US-based research and advisory firm Gartner, core banking system (CBS) is basically a back-end system that performs banking transactions on a daily basis and updates accounts and financial records.

It is essentially a bank’s nervous system that if affected can change the bank’s operations drastically.

  Core Banking solution is one of the primary growth factors of the banking industry .

It helps every bank to deliver tailor-made solutions to their customers with enhanced customer experience.

Its primary goal is to enhance customer convenience/ service and focus on minimizing operational cost.

It includes networks of branches, which enables every customer to avail banking services and complete their transaction at a lesser duration from any branch.

This concept helps the banks to become a one-stop solution all the financial needs of their customers.

It helps to increase employee efficiency and reduces the chances of error and fraud.

National roaming still not a thing

according to research by consumer charity Which?

An analysis of 650 areas found the worst affected spots were rural Scotland and Wales.

The most poorly served city-based constituencies were Rochford and Southend East in Essex, South West Devon, and Romsey and Southampton North in Hampshire.

Each of these constituencies had less than 80 per cent coverage with all four operators.

did not provide any more detail about the research or reveal its methodology, although said it was based on an analysis of Ofcom data.

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It is also expected to register a 12.3% CAGR during the forecasted period, 2018 to 2025.

The rising adoption of the internet and smartphones for cashless payment is driving the market growth of payment security.

The segment of fraud detection and prevention held the largest share and generated revenue of USD 8.07 Billion in 2017 owing to the implementation of several strategies like customer analytics, behavioral analytics, big data analytics, and governance for marketing purposes.

On the other hand, the segment of encryption solutions is anticipated to witness 12.8% CAGR on account of its cost-effective nature as compared to other solutions.

Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/global-payment-security-market/request-sample The key driving factors responsible for the growth of Payment Security market : The POS-based platform segment dominated the global market in 2017 on account of its features like low transaction fees, faster settlement, and secured transactions.

Also, increasing consumer interest in online payments, convenience, and ease of online shopping is projected to drive the growth for this segment in the upcoming years.