The Art of Seamlessly Connecting Financial Services

The increasing integration of money into the digital world isn’t one without controversy. Many people still prefer to use physical money for various reasons, and the lack of familiarity or access that some people have to the internet might risk leaving them behind financially.

The way that money has evolved with the digital world has led to a more cohesive experience – money is now being closely integrated with the services where people might look to spend it. This could raise concerns about ethics or security, meaning that the way it has to be done needs to be carefully considered.

For the Spender

Even if you don’t feel as though you’re someone who has your eggs spread across too many baskets, you might have multiple bank accounts with different providers, savings accounts, and maybe even investments. Your money and potential earnings could be spread thin, and that can make it difficult to keep track of all of them.

There are many apps that can help you to keep track of these – such as those which aim to keep a concise list of your investments, as well as dedicated banking apps for your accounts.

Even this might be too spread out for some people – but grouping the apps together on your phone can help you to check them all at the same time, allowing you to develop an understanding of them as aspects of the same whole.

For Businesses and Services

Those who arguably benefit the most from digitally integrating financial services into the wider web want customers to spend money on their brand. Streamlining the experience of spending so that it’s as simple, seamless and streamlined as possible provides the customer with a preferable process, but it’s the businesses who often benefit the most from this.

Take the use of an open banking platform, for instance, seamlessly connecting the customer with the third-party provider while the information from their bank is securely shared in the background.

The benefits that this does provide to the business are numerous and varied. It gives them a more direct involvement in the process while also providing them with a clearer insight into what this means for wider spending habits with their brand as a whole. However, the fact that it can also be framed as a positive for the customer makes it especially valuable.

For Banks

The banks themselves need to keep up with this digital progression. It has always been the case that customers have so many options with whom to store their money that banks need to be as appealing as possible.

While saving options and interest rates are still prime considerations, they also need to think about how accessible they are in the digital age – how they consider the connective tissue with the wider digital world.

New banks that have emerged might do this through being entirely online themselves, such as Starling or Monzo, while others put work into making their app the primary to experience what they have to offer.