Brim Financial CEO and Founder Rasha Katabi offers insight into how the landscape is changing
Time and again technology advancements continue to enhance the way banking is done. From ATMs to electronic statements, the future of banking has always evolved with the progression of technology. The changes to banking in the last few years have been ever-changing and continue to push the envelope when it comes to providing customers with the easiest way to manage their money. There are several advancements that are shaping the future of banking, here are a few that are making the most significant impact.
Mobile banking shaped for the consumer
Brim, a Canadian financial technology company, is one company creating customer-centric credit cards that have progressed with the fintech demands. Brim Financial has entered the market at a fast pace, offering innovative technology with a focus on their mobile application. The focus being that mobile-first is where the industry is headed.
No longer are people receiving mail statements but are now able to access anything they need from their phone or tablet. This has been a steady trend in the banking world, where banks are no longer a place you can only access 9 a.m. to 5 p.m. or even a place you have to go to have your banking done.
Digital banking is now mainstream.
Brim has embraced this idea with their product that encourages users to operate through its mobile app. This includes being able to change security features from their phone, access their digital marketplace and use the uncapped points system they offer at any time — all from your smartphone.
“Consumers today are demanding financial solutions that are flexible, match their changing lifestyles and deliver the most value possible, both in the sense of rewards and features. At Brim, having a consumer-centric focus paired with building our own tech platform from the ground up, has allowed us to fulfill the need for mobile-first, rewarding and hyper personalized experiences,” said Rasha Katabi, CEO and Founder of Brim Financial. “From uncapped point earning potential with Brim Marketplace to unrestricted point redemption, we allow our members to redeem their points on any purchase made in the world, at any time. We offer our users tremendous value from a loyalty and rewards perspective.”
Their credit card is also compatible with Google Pay, Apple Pay, Samsung Pay among others. And these systems aren’t just for smartphones, but also wearables, like Apple Watch or Samsung watch. It was reported that wearable pay will grow in the U.S. from $3.1 billion in 2015 to $50 billion in 2020. Creating compatible systems with credit cards and technology is a requirement in today’s banking world. Tailoring these systems for the consumer is all about creating a convenient way to bank while using the technology of today.
P2P making it easy to exchange money
One of the most notable advancements for banking in recent years has been the increased usage of person-to-person services like Paypal, Venmo and Zelle. In 2018, a report found that consumers moved more than $172 billion in funds to other people through their banks. This is a significant movement away from direct communication with your bank and instead gives the consumer an easier and quicker way of sharing money instead of writing or depositing a check.
A focus on security
Remember the days when we had to wait our turn for a bank teller to deposit a check or withdraw cash? Technology advancements have now shaped the way we deal with issues with our banking, especially when it comes to security. A quick phone call with an AI system can put your account on hold or can direct you to a customer service rep who can fix the problem all from the comfort of your home, but that’s not the only way solution to providing customers with premium security features.
Credit card companies like Brim have taken it one step further, providing self-service security. For example, any user from the Brim app can turn off international spending if a card is lost or online spending if your card gets hacked. Not to mention immediate notification by email and text if any suspicious activity is detected. The process of protecting your money continues to be simplified for the consumer.
“With recent technological advancements and the shift to mobile-first, security is of utmost importance,” said Katabi. “We give our member the ability to lock their card in real-time, and block only foreign or online transactions while still being able to use the physical card in person. Members can also choose to receive instant purchase notifications allowing them to closely monitor all activity on the card. All Brim features including card lock and purchase notifications are conveniently available in our app, giving our users access where they want it.”
Security breaches were a large concern in 2017 and the banking world adapted. Cybersecurity Ventures projected that global spending on cybersecurity products and services from 2017 to 2021 will exceed $1 trillion. That’s why many financial companies, like Brim, have a state-of-the-art encryption code on their credit card and require a two-factor authentication, adding another layer of security.
As a new generation of credit card users and bank account holders enter the market, the demands are high to develop easy-to-access, user-friendly mobile banking apps and security features for the tech-savvy Millennials and Generation Z. These advancements continue to shape the banking world, with a complete fluidity of development.