Banks & Businesses in Netherlands Adopt Latest Financial Technologies

Physical representation of virtual currency, Bitcoin. Oct. 10, 2013 (photo: Antana / Flickr via Compfight)Physical representation of virtual currency, Bitcoin. Oct. 10, 2013 (photo: Antana / Flickr via Compfight)


Compared to the United States, Europe is always ahead in terms of adopting the latest payment and financial technologies. In 2014, The Guardian reported that America is ‘a decade behind Europe’ in terms of adopting the chip and pin cards that have reduced data theft, due to the former’s strict regulatory rules. Today, European countries, especially the Netherlands, are keen to adopt the latest fintech.

In this post, we want to highlight the latest payment and financial technologies implemented by banks and businesses in the Netherlands.


Contact and contactless machines

According to the information shared by Worldpay, countertop payment terminals remain the ‘most widely used payment method’ by most businesses and retailers worldwide. These machines are also able to accept contactless payments that reduce customer waiting time as well as process requests faster and more secure.

Apart from the countertop machines, here are the other kinds of card machines that businesses leverage:
1. Portable card machines
2. Mobile card machines
3. Contactless payments


Bitcoin and cryptocurrencies

In June 2015, Cryptocoinnews reported about International Monetary Fund (IMF) Director Christine Lagarde’s thoughts on Bitcoin and its groundbreaking technology. Lagarde said that banks and financial institutions shouldn’t worry about Bitcoin, Blockchain, and other cryptocurrencies – rather they should challenge them to strengthen their security processes, to offer people the most secure and fastest peer-to-peer currency exchange. Three Dutch banks (ING, ABN Amro, and Rabobank) have already announced that they are experimenting with Bitcoin and its technology as a way to improve their payment systems. But, many banks and financial organizations remain cautious when it comes to accepting the cryptocurreny as issues regarding its security remain a hotly debated topic.


Voice-activated online banking

We all know what Siri can do, but now a Dutch bank has announced their latest innovation for online banking that allows users to access their digital bank accounts through voice activation. ING Netherlands released their new mobile banking app that comes with voice-activated log-in to fight banking fraud. In a featured post from the Daily Mail, the same application will also have an option to use the fingerprint recognition (Touch ID) on Apple devices.

“Thanks in part to the inclusion of biometric applications, we are able to make banking faster, smoother and easier for our customers and improve access,” said ING internet & mobile marketing manager Jeroen Losekoot. “This allows them to have greater control over their finances.”

The Netherlands remains one of the top adopters of financial technologies, not only in Europe but also across the world. New fintech innovations are set to initiate huge developments in the financial industry. What other financial technologies do you expect to see next year?

Photo Credit: antanacoins via Compfight cc