The new services will draw on the Apex Group’s extensive experience in managing deposits, custody, and banking solutions for institutional investors, asset managers, family offices, corporates, among others. This innovative digital banking solution aims to simplify the opening of multi-currency accounts involving cash balances across 18 key currencies, facilitate spot foreign exchange transactions (FX) handling, and manage external transfers in 33 currencies.
Customers will be able to oversee their day-to-day business activities, including global payments, FX requirements, and monitor cash flow with the aid of automated money market sweeps via a unified online dashboard.
With this new solution, users can easily open bank accounts and enhance their online security through two-factor authentication. They will also be able to execute flexible real-time transactions in various currencies using preferred payment gateways such as SWIFT, SEPA, ACH, and Faster Payments.
Apex Group emphasizes that its new secure platform incorporates advanced technologies and processes to minimize human error, costs, and time associated with traditional banking methods amid the growing trend of digital banking post-pandemic.
The evolution of digital banking
During the COVID-19 crisis, the global market for digital banking is anticipated to expand from an estimated USD 12.1 billion in 2020 to a revised size of USD 30.1 billion by 2026.
Digital banking has gained significant traction and it is expected that small business owners and consumers will continue to increase their digital engagement with banks in 2022. Digital banks leverage artificial intelligence (AI) to automate back-end operations such as administrative tasks and data processing, allowing users to manage account deposits and transfers remotely.
Customers are increasingly empowered to track their financial activities through mobile apps. Small business owners and consumers expect digital banking services to provide more than just traditional account offerings; they look for reliable tools and resources that help them understand and improve their financial well-being, such as providing an overview of their spending habits.
Benefits of digital banking
The reimagined banking experience focuses on client-centric objectives with a primary emphasis on self-service functions. This enables clients to initiate and modify payments, resolve disputes, and adjust account settings directly within the app.
According to the Citizen’s Banking Experience Survey, 86% of enterprises and 90% of customers utilize digital banking channels for services. Real-time data analytics help predict client needs and drive timely actions that address issues efficiently. These insights are utilized to personalize products tailored to individual customer preferences rather than relying on generic ‘next best offer’ schemes.
