Consumer banking customers are demanding a world-class digital experience. Whether from the coronavirus or the rise of personal financial management tools and tax prep software, expectations are high, and banks must deliver. Having the right technology helps institutions become partners to customers, meeting them where they want to be met. This includes scalable solutions like document imaging products, loan exception tracking, and more – all while optimizing conversions and costs.
Personalized Banking Experiences
Consumer banking solution accustomed to high-functioning digital tools in other areas of their lives are looking to banks for the same convenience and functionality. Yet, they often feel frustrated when their bank doesn’t live up to expectations. To meet customer demands and drive loyalty, banking organizations must offer hyper-personalization. They must translate customer data into tailored advice and financial plans for each individual. The best way to do this is by leveraging client profiles that unify data across systems and software so associates can serve customers on an individual basis.
Banks must also offer instant access to their checking, savings, investment, mortgage, credit card and other accounts. This is particularly critical for remote services during a crisis, as the COVID-19 pandemic illustrated. By offering omnichannel solutions such as mobile and online banking, chatbots, and self-service options, banks can make it easy for their customers to get what they need. This will improve their satisfaction and loyalty rates.
Integrated Banking Ecosystem
As technology leaders like telecommunication providers and retailers (IKEA acts as an ecosystem orchestrator for its customers’ home finance services) gain more influence in individuals’ daily lives, the pressure to innovate streamlined, digital banking experiences grows. This puts banks in a difficult position: their core banking solutions must meet regulatory compliance, be scalable and future-proofed to keep up with new back-office technologies and customer demands. The solution is a platform-based approach that provides consumers with one central hub for a variety of financial and lifestyle services, with each service leveraging their existing account balances and linked to their underlying bank accounts. This allows for a more holistic value proposition, improving customer loyalty and global value per customer.
Powered by pre-integrations to an ecosystem of next-gen fintechs, the solution delivers flexible integrations and a configurable banking platform for both customers and employees. This allows financial institutions to deploy updates faster and create a more integrated experience in-branch, online or across mobile channels.
Choosing the right core capital cube requires a careful needs assessment. Look for one that enables a personalized customer experience while providing the necessary scalability and reliability. A strong front- and back-office solution ecosystem is essential to empowering bank employees. This includes a CRM that offers data-driven insights, and security systems that can leverage predictive analytics to protect against fraud and threats.
Our digital employee apps provide a seamless, customer-focused banking journey, allowing your customers to quickly resolve their questions and issues – at a lower cost for your business. Backbase Digital Lending also makes product applications easy for your customers, boosting adoption of self-service and reducing reliance on branches. This can help you to deliver higher customer satisfaction, increased revenue and better service. This is how you build loyalty and long-term relationships. This is how you thrive in the digital economy.
Self-Service & Automation
Retail banking services help individuals manage their finances and save for the future by offering a range of financial products including savings account, checking accounts, credit cards, money transfers, insurance, investments and more. While banking services were traditionally available at local branches and provided onsite customer service, today they can be accessed through the internet or smartphone apps.
Banks that offer self-service have a unique opportunity to streamline and automate many repetitive processes, reduce pressure on live support channels and deliver on digital customer expectations. However, a successful implementation requires the right technology and the right content. Most important, it is essential that your organization acts as a single, seamless, unified enterprise in order to empower customers with an effective self-service experience.
As the financial world undergoes a rapid digital transformation, modern consumer banking solutions play a pivotal role in enhancing financial wellness. These innovative tools, fueled by advanced technology and personalized services, empower individuals to take control of their finances, manage investments, and achieve their financial goals with ease. In an era of convenience and connectivity, these solutions are reshaping the landscape of personal finance, making financial management more accessible, efficient, and empowering for everyone.