Financial market is volatile in Pakistan. Banking industry needs to pace up its game, in order to set new standards and achieve profitable goals. Banks need to target new market that is of millennials. Apart from catering and targeting other customers (read: older customers), it is about time that banks should focus on new generation by coming up with new services, techniques and marketing options. Technological shift has great impact on banking sector. In Pakistan, we have already witnessed biometric authentication, robots, artificial intelligence and other Internet of Things. Let’s explore some significant ways to improve the banking practices:
Better & Convenient Payment Options
It is noticed in Pakistan over the last few years that individuals have accepted the option of mobile payments. This is the prime reason why multiple tech firms have are encouraging the concept of supporting wearable devices for payments. Loyalty cards and coupons are just a few mere examples of this. It should be bank’s prime objective to satisfy the customers with this payment option and their needs should be met by all possible means. Enhancing the mobile experience for customers will be a stronger point for the banks as it will provide a new avenue.
Keep Millennials As Target Market:
Millennials go through the problems of money management. Yes, this is the fact and this should be examined or researched by the banks. Millennials are interested in saving money in the smart way plus they also want to pay bills on time, without facing the penalties. Many young entrepreneurs are finding ways to improve their banking practices. There are some who want to minimize and even cut-down the practice of visiting banks physically. They are more interested in managing their accounts virtually. So, let’s provide them with exactly what they need. All that needs is a little research from bank’s end.
Aim For “Personalized Solutions”
Banks are known for finest service providers to every class of the society. A little alteration can help banks big time to gauge more customers. This can easily be done with personalized solutions. These solutions can be provided as per the profile based on the usage style of the customer. There can be other things which might increase the potential of banking sector in current age. This needs to be further explored by all major banks and otherwise. Technology can take banks to the next level, provided it is smartly utilized.