Could banks one day be fully digital?

Since 2020, 30% of traditional banking customers are already digital, which makes it clear that even so, millions of bank users still need to become familiar with the use of apps and online purchases. In the case of entities such as BBVA and Banco Santander, the figure rises to 60%. As for investments in R+D+i, they represent 8.5% of the innovations en casa invested by the big Spanish banks.

The post-pandemic news has made it very clear that transformation is vital for all financial institutions. They have woken up from the lethargy of using paper and the primer to enter a world of software development that in many cases is not strong and therefore it will take time to succeed in creating a fluid and functional experience. Necessary for your conversion to a digital bank. 

The EU has detected the need for digital transformation and is supporting the fintech ecosystem with sandbox approval by country in order to speed up implementations. Of course, on many occasions, traditional banking is far from a fluid user interface and from being up to the task.

What are the improvements of digitization in a fully digital bank?

We don't want to spend the time we spend on social networks in the bank, let alone waiting to do paperwork that doesn't deserve a trip to the office, let alone continue contaminating for something so routine and automatic. Below we list which are the improvements that you perceive when being a digital user. 

1. You forget to queue.
2. You forget about an ATM, why use bills anymore?
3. You do not need to go to any physical office.
4. Your financial advisor with a call or chat.
5. Your smartphone is now your wallet. Safe and fast money.
6. Quick transfers and Bizum-like tools.
7. Increase in innovations that are incorporated quickly.
8. Improvements in savings efficiency.
9. Control of expenses, visual and intuitive.
10. One-click investment, purchase and sale of assets in real time.
11. Valuable information to make decisions.

There are endless fintechs that are concrete solutions that digital banks they buy, absorb or generate agreements to have them in their mobile applications. with the new digital banking users gain agility, an agility and security that is full of facilities, the most important to save time in simple procedures.

A future of electronic money, secure and full of constant improvements.

The large corporations of Silicon Valley have adopted the means of payment to close the virtuous circle with the user, something brilliant, some have even created their own currency. It is clear that all the advances are being regulated and that there are regulations that allow us to take advantage of the innovations of the fully digital banks.

Differences in the user experience in digital banking

1. Contactless payment at the click of a button and with face ID or touch ID. And with a code on purchases over €50 in the EU.
2. Between users of the same entity, there are instant transfers without commissions. 
3. Security in purchases. PSD2 affects all entities equally. Transaction security increases with it with the combination of at least 2 security factors (password plus fingerprint or SMS plus FaceId, for example).
4. blocking and substitution free virtual cards at the click of a button 

At Fazil we believe in the future of electronic money, safe and full of constant improvements. That is why we invite you to join this neo-experience.fully digital bank, without conditions or commissions and start managing your money and your payments from your mobile. Very easy.