Where Digital Meets Relationship Banking
May 7, 2020
From money lenders in ancient Babylonian temples, to the great Medici Bank of Renaissance Italy, and founding father Alexander Hamilton’s national bank—it is clear the way we bank has transformed over the course of history (Investopedia). Today, banking has evolved even further with the advent of digital banking.
Digital banking refers to the digitization of bank functions and products. It can be anything from the bank app on your phone to the full implementation of a behind-the-scenes environment for bank clients and employees. Not only do these automated processes save time and reduce costs for banks, they also attract new clients and give banks who have embraced the technology a competitive advantage.
This transformation in banking practices started when banks began offering services such as bill payment and account transfers on their websites, otherwise known as online banking. Eventually, this practice evolved into mobile banking, which offers banking services from the user’s smartphone or other device. Digital banking has come to encompass both online and mobile banking, as well as any banking feature that is digitally available to consumers via the internet.
However, physical banking branches are still essential for a number of reasons. Concerns over digital security, handling large transactions, troubleshooting issues or answering questions, and being able to converse face-to-face with the relationship manager who is responsible for your finances are all reasons why physical branches will never truly disappear. A survey conducted by PwC found that 62% of respondents still felt that banks should have a physical location to visit, although they do intend to visit those physical spaces with less frequency (The Financial Brand).
Whether you prefer to do most of your banking face-to-face, or use online and mobile banking applications to manage your finances, the digital transformation of banking will affect the way you handle your money. Today, it is possible to snap a picture on your smartphone of a check, and have it deposited without having to visit the ATM. You can pay for nearly anything with a mobile wallet. Money can be transferred between accounts without having to interact with a single person. In a world where we can do so much with mobile devices, it is important to remember the value of personal relationships.
The Bank of Tampa strives to connect modern technology and digital banking to the personal relationships that drive our business. We have integrated digital payment methods such as Apple Pay, Samsung Pay and Google Pay for your convenience. We have also revamped our online and mobile banking platforms this past year with a new look and feel that is sure to improve navigation and usability. In the face of technological advancements, the one thing that hasn’t changed is our dedication to the client experience and building a personal relationship with all who bank with us.