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Digital Banking Wish List

Posted by Eric Brandt on Tue, Dec 20, 2016 @ 11:12 AM

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Editor's Note: Last month in celebration of Thanksgiving, we wrote about Digital Banking Features that We Can All be Thankful For. From shopping, to ingredients, to Santa, lists seem to be a large part of the holiday season. As we celebrate the holiday season with loved ones, we made a list of our own and put together our Digital Banking Wish List.  


This is the time of year for lists. There are shopping lists, lists of people coming over for a holiday meal, and, of course, the big guy in red has his list of who was naughty or nice. Being geeks, our list has to do with technology: specifically a list of digital banking features we would like to see in the future. Read on and let us know if you would like to add anything to our list.

1. Voice Activated Banking

Imagine you're just getting ready to head out to dinner and remember last minute that you forgot to transfer money from savings to checking to make sure you can cover the night out. As you check the mirror one last time, you say to the empty room around you, "Alexa, transfer $150 from savings to checking." Voice-activated services such as Amazon Echo, Google Home, or Apple's Siri are gaining in popularity and so too are their capabilities. Many consumers feel having the ability to manage finances through one of these services would be virtually priceless. Give the way most people feel about banking, easier is always better. Voice-activated banking fits the bill in this regard - if you can get over shouting to no one in particular.

2. AI Financial Planning

For most of us, managing our financial health is not something we are willing to spend time doing. Because of this, many people get into financial trouble of one kind or another. What if we could get a financial management plan customized for our situation and goals without having to lift a finger? As AI becomes more reality than fantasy, many people in the financial services industry are considering how to apply it in just this way. The Millenial generation, in particular, has expressed the desire for their financial institutions to help them better manage their money. For this tech savvy group, AI would be particularly attractive - as long as the AI interface did not sound too much like mom and dad. 

3. Touchless Payments

Mobile payment platforms such as Apple Pay and Samsung Pay have now been around for a while but are hardly taking the world by storm. A key challenge to adoption is the fact that the payment process still requires far too many steps. Now envision a payment process where as you approach the register, the payment app on your phone is detected and a simple PIN# or thumbprint is all that's needed to complete the transaction. No more digging through your bag or fumbling through screens to open the app, just a simple one-step confirmation process. Of course, you[ll want to have the ability for a nuclear option should you leave your phone on the plane.

4. Automated Business Loans

For many small business owners, time is of the essence. When a small business needs money, one of the last things that an owner wants to do, or has time to do, is go to the bank and go through the long, drawn out process of getting a loan. For a small business owner, haveing the ability to log in, fill out a short application, get approval and have the cash in an account within hours would seem like magic compared to the typical way underwriting these types of loans is typically done today. This is another area where AI is being used to shortcut the risk and limitations associated with the traditional tools of the trade such as credit bureaus, financial audits, etc. Sadly, too many financial institutions won't see the importance of these small businesses until the owners of these operations have moved to FinTech companies to get the services they require.

As technology develops, it continues to make our lives easier. Our wish list only touches on a small number of what may be on the horizon in the digital banking space. Help us complete the list by sending in your wish list.

Happy Holidays!

Topics: digital banking, AI, Voice-Activated