There are even chances that people just swipe their favorite color card to resolve this issue! (Not certainly true, but I did it!) All these things just spurred the confusion of using the right card for the right transaction to earn maximum benefits offered by the merchants or even card issuers. Finally, this pain point has been considered with the AI-driven one card and app solution. This innovation helps users to enjoy the benefits of using banking services. That’s what we call Digital Banking!
Digital banking technology is uprooting traditional IT operations, business models, and financial strategies across all industries. This is equally inevitable for Banks and Financial Institutions for leveraging innovative solutions and digitization alongside the rest of the world.
Until the pandemic hit hard, banks operated the services in-branch and protected personal relationships with customers. This pandemic has reshaped the payment industry and let people embrace the new digital world for new and effective customer services!
What is Digital Banking?
It’s the digitization of the conventional banking operations that were just readily available to the customers inside the branch. Fortunately, the power of digital banking has transformed all banking activities. Now, customers can access banking functions through mobile applications and even websites empowering virtual cash transactions at a wide swath of places.
The digital banking term has incorporated online and mobile banking services under one shelter. Here’s a visual equation.
Online Banking + Mobile Banking = Digital Banking
The exposure of online banking has enabled consumers to access banking services and features via the bank’s website without setting foot inside a brick-and-mortar bank. Users can check the account balance, pay their bills, and apply for a loan or even credit card through an online banking portal. Now, you don’t need to visit an ATM or even a branch to withdraw your money to pay bills; you can tackle your personal financial transactions when it’s most convenient for you, irrespective of place and time!
On the other hand, Mobile Banking refers to the act of employing mobile devices such as smartphones or tablets to carry financial transactions. These applications are usually proprietary, which holds your banking details. Designed to be used anywhere at any time, mobile banking applications consist of pertinent banking functionality like bill payment, funds transfer, and mobile check deposit. Bank managers also use this application to let their customers know about fraud detection and low account balance.
Mobile devices are gaining popularity in the market, banks and financial institutions are adopting this technology to give the most satisfying services to their customers. Now, online banking and mobile banking are offering incredible banking services to the customers, which were only available inside the physical bank branch. Embrace 24*7 access to the bank account and avail below-shared services via mobile phones or website:
- Account Services
- Loan Management
- Saving Account Management
- Bill Pay
- Money Deposits, Withdrawals, and Transfers
- Applying for Financial Products/ Services
Digital engagement: a blessing or a curse?
With branches being closed, consumers and banks had no practical option but to start implementing digital channels. Now, approximately 50 percent of consumers interact with the bank through mobile phones or websites. This sudden increase is a blessing for both the consumers and banks. Customers are getting an experience that blends efficiency, the convenience of digital features, and speed with human engagement.
However, consumers’ switch to digital could be double-edged for the bank providers. The lack of human interaction poses the risk of loosening the emotional connection with the customers.
With the vaccines being jabbed in many countries, banks are left figuring out how much this new digital demand will stick around. What will happen around post-pandemic? Or perhaps, if a post-pandemic is also a digitalized one, how can banks maintain a human connection with their customers?
The best and ultimate solution to push away all worries is to offer differentiated and excellent customer services. Though it is challenging in the banking sector, all the services and products are similar.
So, Empower the Experience!
Make your products unique with amazing features that hold the pulse to stand out from the crowd. Never ignore your old chunks of customers. And last but not least, start bringing a human touch to the digital world to build and maintain trust with customers.
How can ECS Fin help?
ECS Fin’s Digital Banking Platform offers a flexible and scalable architecture for banks to adopt a digitally-first banking model. We also provide a unified customer experience across retail and corporate customers, helping banks stand out from the crowd.
As stated above, customers and banks need new technology to reinvent the business from every nook. ECS Fin digitizes business workflows and processes in the middle office and back-office and integrates portals, mobiles, phone banking, IVR, APIs, and future channels.
What’s more? Our operating model helps optimize end-to-end processes with innovative capabilities, support compliance, and duplicate checks and launch new products and services to customers using intelligent data.
Ultimately banks and Financial Institutions can reap the benefit of their digital transformation efforts and present an opportunity to become the primary banks of their customers.
Let them through Cards and Embrace New Digital World with ECS Fin!