Here are some recent developments and examples of the latest facilities being offered to customers:
(i) Digital Banking: Digital banking can help customers' needs to be able to access banking services including account creation and registration (onboarding), making payments, e-commerce transactions, applying for loans, investments, to financial management easily, quickly, anywhere and anytime.
(ii) Contactless Payment: Contactless payment is a secure payment method using a debit or credit card, smartcard, or another payment device by using RFID technology and near-field communication.
(iii) Personalised banking: Personalised banking focuses on delivering unique experiences to customers based on their financial needs and preferences outlined by behaviours. This personalised approach goes beyond the one-size-fits-all approach of traditional banking services.
(iv) Instant payment: Instant payments are set up so that the money reaches the recipient's bank account within seconds, which means it's not possible to retrieve the money via a clearing process.
(v) Open banking: Open banking allows customers to share their financial information securely and electronically with other authorised organisations, such as fintech companies, payment providers, lenders, and other banks.
(vi) Blockchain: Blockchain technology is a decentralised, distributed ledger system that allows for secure and transparent transactions between two parties without the need for a trusted intermediary.