Banks prepare for consumer shift to a digital wallet

Banks prepare for consumer shift to a digital wallet
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A new banking app to be launched by NAB at the end of the year will allow customers to start using their credit cards the minute they are approved.

Taking advantage of contactless payment advances, the new technology will see the card details immediately uploaded to the customer’s phone so that they can begin making payments of less than $100.

“NAB is absolutely focussed on improving the customer experience, and our new App will give customers more control of their cards so it better suits their individual needs,” NAB Executive General Manager of Consumer Lending, Angus Gilfillan, said.

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Although the concept of using your phone to pay for purchases isn’t a new one, having access to the credit before you receive a physical card in the mail is a first.

The move is a sign of the times with banks seeking to widen their digital offers for customers in order to keep their business.

Other Big 4 banks have invested in updating their technological offering such as ANZ’s partnership with Apple Pay and Westpac’s move towards artificial intelligence customer service.

But it’s not just the Big 4 who want in on the action with smaller banks and non-bank financial institutions realising the need for quality digital banking systems in attracting customers.

Macquarie Group have lead this charge, seeking to roll out a consumer transaction app that can predict upcoming bills and expenses based on the information it picks up from past transactions.

The app would allow for customers to search their previous transaction records to see how much was spent on different items using natural search terms like “groceries” and even slang like “Maccas.”

This increasing focus on creating banking apps that are user friendly and go beyond simply displaying a bank balance shows just what it will take in the future to meet customer’s expectations.  

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