Today the world has been made be a global village. The times when banks could not give you an account because you cannot afford the minimum account balance are long gone. Today if a bank wants to continue surviving in the current market it has to embrace the following ideas or else perfect substitutes will be found for what they offer.
Recently I went to my bank to ask them if it is possible to access my account from my desk at the office. I registered, and if you cannot access yours, then you’re being dragged behind. People need to access money at any point in the livelihood. Their bank executives should think this as an opportunity to grow the market.
The emergence of M-pesa especially in the Kenyan market has triggered a lot of development in the sector of personal banking. There is a future use of mobile phones, and this is essential for all banks to adopt. Entrepreneurs today need money readily convertible and secured in their hands, and therefore most people will tend to keep money in their M-pesa accounts.
Social Media Presence
For sure this is an important aspect of today life. People tend to avoid being together physically, but they are together on their social media accounts. This is a place where any bank can harvest clients especially when banks utilize internet banking. I do not see anything wrong with a bank employing staff that will be given targets to recruit clients online. This can create a competitive edge for any organization. Direct sales representatives online can be hired to bring business to them.
It is possible to ignore these trends with security concerns but a company that will utilize these platform they are likely to be present in the future.