Apex Group , a Bermuda-based financial services provider, has included a solution for institutional clients delivered by subsidiary European Depositary Bank . The new services will be based on the Apex Group’s experiences in the areas of depositary, custody, and banking solutions offered to institutional investors, asset managers, family offices, corporates, among others.

 The new digital banking solution is designed to allow customers to easily open multi-currency accounts involving cash balances in 18 key currencies as well as handle spot foreign exchanges (FX) and undertake external transfer of money in 33 currencies. It is also expected to help clients to supervise their everyday business dealings such as global payments, FX requirements, and control cash flow via automatic money market sweeps by using a single online dashboard. Users of the new solution will be able to open bank accounts smoothly and perform two-factor authentication to improve their online security.

They can also carry out flexible real-time transactions in various currencies through preferred payment gateways including SWIFT, SEPA, ACH and Faster Payments. Apex Group noted that its new secure platform will add new technologies and processes to minimise human error, cost and time required by conventional banking amid a growth in digital banking after the pandemic. The evolution of digital banking Amid the COVID-19 crisis, the global market for digital banking estimated at USD 12.

1 billion in the year 2020, is projected to reach a revised size of USD 30. 1 billion by 2026. Digital banking became more popular than ever in 2021, and there is an expectancy that small business owners and consumers’ digital engagement with banks will continue to accelerate in 2022.

Digital banks rely on artificial intelligence (AI) to automate back-end operations such as administrative tasks and data processing and allow users to make account deposits and transfers remotely. More than ever, customers are empowered to track their money habits from their mobile app. Consumers and small business owners expect their banks to go beyond traditional account offerings and provide reliable tools and resources to help them understand and improve their financial health.

This includes giving them an overview of where their money is and how it’s being used, available at their fingertips. Overview of digital banking’s benefits The banking experience has been reimagined around client objectives. Self-service is the primary focus, setting up intuitive functions so that clients can initiate and alter payments, raise disputes, and edit account credentials in-app.

The Citizen's Banking Experience Survey highlights that 86% of enterprises and 90% of customers employ digital banking channels for services. This improves engagements, using real-time data analytics to predict the motives for a client call and develop the relevant actions for resolving issues quickly. Besides, banks' data assets across their client relationships give insights into their current states, including their future needs and how to keep them satisfied.

These insights are employed to personalise and approve products before delivery to individual customers instead of offering rigid products using flawed ‘next best offer’ schemes. .