The banking sector is notoriously known for its conservativeness and slow tech advances adoption. But it seems that the stigma is slowly disappearing.
Ranging from robust online banking solutions to fully digital banking services, banking services are trying to catch up to where the markets go; there's a long way to go, however.
The challenges are not only in the form of technology adoption, but also in the form of disruption in thinking. It's quite understandable that centuries-old banking system is having difficulty when forced to adopt new thinking, technology, organizational structure, etc. - and this happens to all banking services, from consumer loans to offshore banking.
But changes need to be done, one step at a time. And this particularly holds true for offshore banking.
Offshore banks, typically known for the excellence in online banking services, are taking further steps in tech adoption that – all in all – will allow them to be more efficient and effective in running the business, which can mean better productivity and customer service.
For offshore banks that are well-versed in online banking services, the next logical step would be mobile app technology adoption.
While mobile banking has been around for some time, the services are limited to accessing your account information and doing transactions. But not anymore.
A game-changing offshore banking app
In a press release, Harbor Financial Services (HFS) – an offshore financial service provider serving clients worldwide - announced the launch of the world's first Offshore Banking Mobile App.
The free app, released on November 24, 2015 on iTunes, is not purposed to accessing account information. Instead, the app is purposed as an information portal for everything offshore banking: Clarifications on various myths and misconceptions, as well as information on safety and security concerns.
The double-benefits of the offshore banking app
Here's what other offshore banks should learn from HFS: The mobile app is actually serving two major purposes.
Firstly, the informational content is purposed to educate app users on everything they want to know about offshore banking from an objective point of view.
Generally speaking, the information offered by the app includes everything you want to know about Swiss banking, private online banking, offshore corporations, offshore banking can's/can'ts or do's/don'ts, and so on.
Secondly, the app serves as a tool for potential banking clients to act upon what they've learned about offshore banking: Prospects can create a fully-customized offshore banking package according to their plans and available budget.
Users can choose the features based on their preferences via multiple-choice questions, and will receive a custom-tailored plan for their offshore needs, including the price. Users can then act on the suggestion by purchasing the package right from the app, print it out to purchase it offline, or simply save it for reviewing it later.
Lessons learned: What does such app mean for offshore banks?
HFS' pioneering the app launch means that other offshore financial services – including offshore banks – can gauge the interest of users, as well as the effectiveness of it in educating potential users, as well as acquiring new offshore clients.
If you are an offshore bank in, say, St. Vincent and the Grenadines (SVG), you might want to consider launching an app that's offering information relevant to your services and solutions, target market, and other information that can attract new signups. This is a win-win approach that can only benefit both the bank and clients.
So far, according to our observation, the app is well-received by the market. At the time of this article publishing date, the app, accessible via iTunes store, received a perfect 5-star rating from 15 reviews.
To learn more about the app – or download it – go to iTunes: https://itunes.apple.com/us/app/offshore-banking/id1059716550?ls=1&mt=8