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Regulators are now beginning to accept the applications of fintech, and banks are expected to witness a lot more competition in the near future. Digital banking is one of the most significant and growing trends in fintech, from PayPal to Square; fintechs are focused on creating a product to meet the convenience of the people. Banks are targeting young and engaged client base by creating products that build rapport with their core values. A new savings product entirely dedicated to a natural person was launched by CEC Bank, namely the Subsequent Savings Deposits in which the deposits are made in RON for twelve months.
On the launching date, the annual interest is two percent per annum for the deposits made at the Bank cash-desk. The deposits made through other channels, the bonus interest inclined is 0.25 per annum. Minimum of RON 500 must be deposited on the depositing date, and all the deposits following will require the user to make a minimum of RON500 each. After maturity, the deposit term may extend to meet the date of liquidation. The bank will not charge any withdrawal fee on the maturity date of deposit; the amount is guaranteed according to the laws by the Bank Deposit Guarantee Fund. Subsequent savings Deposit is expected to give natural person flexibility in saving with competitive interest rates. This new saving product will help the bank build loyalty among the existing customers and bring in new customers. The product helps in the appropriation of available cash of the customer. At the banks’ cash desk deposits can be done or it can be done at more than 1000 territorial units of the bank.
Customers are more engaged on digital platforms but still, they crave for a real conversation that can resolve issues, provide guidance, and make life simpler. Banking solutions aim to provide the best customer experience. The banks that still follow the traditional approach and don’t offer the latest and conventional banking solution to its customer will fall behind- not only in customer experience but also in sales. AI in banking will boost engagement and provide hassle-free service to customers