By Chad Butler, President & COO of Marygold & Co

The banking industry is rapidly changing, and fintech solutions are revolutionizing how we interact with financial institutions. The modern banking experience is about more than just financial transactions — it’s about convenience, security and style.

Customer expectations for banking experiences are higher than ever. When questions about financial issues arise, people want to receive fast and reliable answers, and standard banking resources aren’t keeping up with the evolution of our modern lives.

Many companies have already started offering digital solutions through mobile banking specifically to address these ever-changing consumer needs.

Before the current trend of offering financial solutions online, banks traditionally provided these conveniences only for those affluent individuals who could afford a private banker. The advantages of a conventional personal banker previously allowed only the wealthy to enjoy a high level of personalized service and wealth management. However, digital private banking solutions are emerging to help everyday people gain access to personalized financial management tools.

What are the benefits of a private banker?

Traditionally, private bankers were inaccessible to most individuals. Banks only have a limited number of resources at their disposal. So, while they offer a generic banking experience for the average person, they invest many resources into providing expert financial help for their wealthiest accounts.

Private bankers provide a personal connection to their clients that makes banking seamless and stress-free. Thanks to this close relationship, customers collaborating with personal bankers tend to get the best possible rates and terms and streamlined loan approvals. Any issues these customers experience can be fixed quickly via email or phone call, so there’s never a reason to wait in line to address a problem or get a question answered.

An essential service private bankers offer is wealth management, and there’s typically an entire team that can assist with any potential investment opportunities. Account holders can leverage these services to put their current assets to work in creating more equity for themselves, which is vital for long-term increased financial growth and generational wealth.

However, these services traditionally come with a steep price of admission. The qualifications for private banking can vary depending on the location, but someone typically needs at least $1,000,000 in deposits or investments to qualify for these services. Unfortunately, this massive “pay wall” has kept most of society from accessing these exclusive wealth management perks.

How the digital age is transforming banking and financial services

The difference in using a private banking service is like having a personal trainer versus going to the gym on your own. Individuals can do well alone, but making an educated decision requires much more effort and time. Instead of figuring out the details, an expert can streamline the process and provide focused guidance.

Before the rise of technology, a personal banker would have been considered a luxury. But as artificial intelligence, machine learning and other technologies progress, the rise in mobile banking solutions  empowers anyone — from an average Joe to the most wealthy person you know — to access a private banker anytime and anywhere.

As financial institutions continue to grow, banking service providers are finding ways to keep their customers happy and engaged. Because customers increasingly want services that make it easy to manage their finances from anywhere at any time, banking providers are increasingly developing better customer-focused technologies and offering mobile apps with innovative features.

While having in-person expert advice for your issue can be helpful, digital banking services eliminate the need for huge salaries, which allows fintech apps to offer low-fee services to their customers. Online services allow anyone with internet access to reap the benefits of a private banker. These benefits include goal-based investment advice, aggregate accounts management, customizable security functions and online payments and deposit options — all from the convenience of a smartphone.

The future of banking is now

Consumers expect a seamless connection between their online banking activities and financial tools in this digital age. They want a consistent, convenient experience across channels that is personalized to their unique needs. Banks and financial institutions have responded to this by investing in their digital infrastructure, including enhanced online banking apps that allow customers to manage their finances from wherever they are — whether at home, on the go or even in other countries.

Fintech solutions can also now leverage the power of AI to analyze your accounts, investment objectives and how you spend money, developing a more intimate understanding of your financial background than a busy private banker ever could. These digital solutions lower costs and increase access to previously exclusive services, benefitting a wider variety of people. With 24/7 access to exclusive financial services right on your smartphone, the future of banking is already here.

About Author:

Chad is the President & COO of Marygold & Co. He brings over 20 years of experience in card issuer processing/program management, banking and electronic payments industries coupled with a strong entrepreneurial background. Chad is excited to introduce a next generation financial technology (fintech) platform to the United States that redefines expectations.