OnPath Credit Union

Most recent advancements in consumer-facing banking products are being driven by technological innovation. The widespread adoption of online and mobile banking tools has enhanced the banking experience for all consumers. Account balances and monthly summaries are now accessible with a tap on your phone, increasing convenience while reducing the amount of physical mail you receive.

Other features, like peer-to-peer payments through Zelle, have further reduced the need to write physical paper checks. While banks are unlikely to completely eliminate checks for checking accounts, they continue to become less relevant each year.

One of the most impactful future advancements in checking accounts may be the increasing use of biometrics and touchless payment options. Most consumers can already use their fingerprint of facial recognition to access their accounts on their mobile device, but this technology could be integrated elsewhere to make accessing your accounts and making payments easier.

Enhanced mobile features may also allow banking customers to handle more tasks on their own without needing to visit a branch in person. While the way checking accounts function has remained relatively unchanged in recent decades, how consumers interact with them and access their funds is evolving, leaving fewer barriers between people and their savings.

Will AI Change the Banking Industry?

Yes, AI has already changed the banking industry, but the visibility of advancements is likely to increase in the coming years. The most obvious consumer-facing change has been in customer support.

Many people become understandably frustrated with chatbot customer service due to limited functionality, rigid inquiry options and low-quality responses.

AI-powered chatbots are far superior on every metric. They are better able to understand user requests, which allows banking customers to ask specific questions instead of only being able to choose from a handful of set prompts. These new chatbots can create unique and detailed responses that sound just like a human. Although the generative AI chatbots aren’t yet superior to experienced human customer service representatives, they are much more competent than earlier versions.

AI has the potential to handle much more than basic customer support. It can be used to generate relevant real-time alerts for customers using savings and checking products, like notifying an account holder if they exceed their budget in a specific spending category.

AI-powered tools might also be able to provide money management advice, like informing banking customers about their eligibility for higher-yield savings products or assisting with the transfer of funds to different accounts to maximize yield.

They also hold the potential to greatly enhance account security capabilities. Bank AIs may be better able to spot suspicious activity in advance and avoid false positives that lead to inconvenient account lockdowns.

Some banks are also beginning to integrate consumer-facing budgeting tools into mobile and online banking platforms. Banking customers can access more detailed spending insights, categorize and track expenses and leverage various goal-setting features to enhance the benefits of their budgeting efforts.

Increasing Integration of Tap-to-Pay / Contactless Pay

More and more debit and credit cards are being manufactured with contactless chips, and more businesses are beginning to integrate compatible terminals at checkouts or providing hand-held versions to workers, like wait staff in restaurants.

Although it might seem like a little thing, contactless pay offers a variety of benefits ranging from superior security to the speed and ease of using a debit or credit card. Contactless payments also reduce the wear on cards and can help prevent premature card replacement.

Take Advantage of Cutting-Edge High-Yield Checking Accounts in New Orleans

OnPath Federal Credit Union members have access to a host of advanced account features and perks, including those enrolled in our High-Yield Rewards Checking. Learn how you can maximize the yield on your savings by becoming a member or calling us at 800.749.6193.