The digital transformation of the forms of money and how it is exchanged hailed the demise of traditional banking methods and some credit unions. Unless significant changes are made for the online world to embrace their transaction methods, they will be ignored, as there are money transfer services that provide faster and cheaper transactions.
Don’t get left behind
Legacy systems are fast changing to implement artificial intelligence, yet some financial institutions still lag behind the need of the times. The focus should ideally be on increasing revenue by enhancing the customer experience payment, but there are times that the priorities are not directed towards digitalization nor the user-experience.
A cashless society
Anyone that accepts and sends payments for income must take the time to study the possibility that most countries will follow the lead of Sweden to become a cashless society. To step into the future, there should be no debate and budget should be made for the digitalization of payment systems. Most digital strategies for mobile transactions are easy to implement, and it aids in making the flow of financial transactions much faster and trackable.
The online world evolves fast, and most people know that they should have access to digital payment methods for them to transact with efficiency and ease. When it comes to choosing what credit union provider or bank to use, the decision might be based on the capacity of the app. It is no longer sufficient for the app to be able to show the transaction history or account balance. There has to be more, such as the option for advanced payment services.
Archaic payment systems include that of international bank-to-bank transfers and some wire transfers. International bank transfers travel at a snail’s pace and cost a lot. To travel from one country to another would even be faster, such as taking a plane from Japan to Korea, as the sender will arrive in a few hours when the remittance will take days.
To start the process of digitalization, anyone that has the requirements must have the capacity to open their financial accounts online. It is possible to get a virtual account for US dollars or Euro for receiving local SEPA and ACH payment transactions. People no longer want to go to a financial institution, wait in line, and fill out forms, as there are online money services companies that’ll enable them to open virtual accounts that’ll save them time and effort.
The design should be user-friendly and if possible, one that makes the person feel satisfied with the transaction. Instructional material like easy-to-understand tutorials and short videos must be available. The taps, swipes, and keystrokes should be made as user-friendly as possible. If the user finds it difficult to use an app or a website, the person will no longer want to deal with the company.
Digitalized payment infrastructure
There are other concerns that people have when it comes to money transfers. Funds should be moved from different banks instead of just interbank. There should be the capacity to pay for more bills payment and recurring payments online. These are just a few of the concerns, and there are a lot more that must be addressed to build a digitalized payment infrastructure.