Over the years, smartphones have become a significant part of our lives. Our smartphones are always usually near us, and a mobile banking app on the device can help us quickly take care of a wide range of upsetting tasks whenever we wish. The COVID-19 pandemic and the ensuing lockdown helped to further bolster the reliance on the internet for most of our needs, including our banking needs.
The impact of technology on traditional banking has been something of a mixed outcome. On the one hand, not all mobile banking apps work well. You could become exasperated with a digital banking experience, especially when you keep going back and forth. Even the best ones will encounter outages now and then. As banks add in more features, navigating the apps can feel unnerving, sometimes. It’s not always obvious what feature is available or where it’s located within the app.
On the other hand, cutting-edge technology and evolution in the FinTech sector have completely altered the way banks function today. It has made banking simple, convenient, and fast for users by digitizing most of the banking operations.
In our opinion, smartphones are surely a win-win for both banks and users.
Finacle is a core banking solution that enables banks with digital banking functionalities. It helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions, and ubiquitous automation.
According to a study of the top 1250 banks in the world, those using the Finacle Core Banking solution have a 7.2 percent lower cost-to-income ratio than those who do not.
Finacle is a game-changer in the banking industry, and CWG is actively deploying the Finacle Core Banking Solution to African financial institutions.