Li Yan, CEO and Founder
Revolutionary changes are happening in the banking industry. According to Deloitte, almost half the world’s population will be using digital banking services by the end of 2021. While technologies like cloud computing and artificial intelligence continue to evolve, mobile payment, mobile transfer, and e-bank accounts have already been the norm. Moreover, in the wake of the pandemic, banks are under pressure to meet new demands for remote and digital services, pushing them to adopt new technology and go digital and stay competitive. The digital trend is obvious and we are seeing more and more banks increasingly invest resources and efforts in digital banking. However, the question is: how to transform from traditional banks to digital banks? Is there a clear path to follow?
To answer this lingering question, Beijing-based Wiseasy was established in 2012 as a global digital banking and payment builder. Wiseasy explores the development and application of digital banks and payment technology services in the worldwide scope, based on smart financial terminals and payment services. By developing new technology systems and network facilities, Wiseasy aims to help transformational banks, developing acquirers and institutions, growing financial technology companies, and expanding mobile operators provide rich financial services to a wider customer base with lower cost and more convenience.
Li Yan, CEO and Founder of Wiseasy notes, “The development of digital banking starts from card and cash dominated society, and then will go through three major stages, namely the mobile payment stage, digital banking stage, and open bank and onsite finance service stage.” Further, he explains that the smart POS terminal plays a vital role in the transformation from card and cash payment to mobile payment, which changes the physical interface between a bank and its customers. The bank no longer depends on branches and telephone to provide services. Instead, a new network of smart POS terminals that are multiple-purpose and highly capable will deliver better service for consumers and work out cheaper for banks.
The development of digital banking starts from card and cash dominated society, and then will go through three major stages, namely the mobile payment stage, digital banking stage, and open bank and onsite finance service stage
For perspective, he cites the example of Fino Payments Bank in India, which is using smart POS terminals to expand their coverage, and providing banking services such as on-boarding, KYC, deposit and withdrawal to the rural population. For them, a smart POS terminal is a mobile bank outlet. Along with the high usage rate and wide scopes of smart POS terminals, mobile wallet and acquiring network-based agency banking solutions are being massively applied in the bank outlets, which ushers the digital banking stage. Of course, the Android-based smart POS terminals make it possible for banks to provide more services, which bring in the application of merchant loan and consumer credit solutions, followed by the open banking and onsite finance service.
When it comes to digitalizing banking operations, Li Yan comments, “Mobile wallet as the entrance of digital banking is the major channel to reach the unbanked population, for whom the mobile wallet serves as the bank branches and they will enjoy the services like account opening and payment.” In the offline scenarios such as the convenience stores and coffee shops, the deployment of smart POS terminals will form a shared network, where mobile payment users can do cash-in and cash-out. These widely deployed POS terminals set up the basic service network of digital banking. Finally, it’s about the using frequency—increasing user’s deposits and providing value-added services such as utility bills payment and financial products to generate continuous growth vitality in digital banking business.
Changing the narrative in an industry that is mired in the traditional service mode and system, backward technical level and terminal equipment, Wiseasy is well-positioned as a hardcore fintech solution provider to bring about fintech innovation to reshape the commercial data network, and create a complete new digital eco-system for entity commerce. With its headquarters in Beijing, along with branches, R&D, and production centers across 10 cities, Wiseasy is already creating ripples in the market with its digital banking and payment solutions.