Digital-only banking: Open up a new world of business | ECS

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Digital-Only Banking:
Open up a new world of business

What is your experience with your current bank? Surprisingly, the first picture that flashes up in our head is long waiting lines, the paperwork behind the deposit or withdrawal process, and poor cash visibility. And how regularly do corporates have to submit a variety of documents to run multiple accounts? With rising customer clamour for superior digital-only banking experience, the demand for anywhere, anytime, frictionless banking has intensified. Services such as financial integration, self-service machines, online banking, and 24-hour access have changed many traditional banking structures.

Digital-Only Banking: New hot spot

Digital Banking has become inevitable in advancing the financial goals of banks and financial institutions- offering a wide array of payments such as domestic payments, international payments, e-Wallets, and Bill Payments with real-time banking experience.

New entrants such as Zenus Bank in the US and Zand Bank in UAE, backed by (the IMS suite of solutions) are starting to provide some of the best-selling features of digital banking, which include:

Bill payments

Pay or transfer money internationally quickly

Protect profit from local currency fluctuations

Give a superior, faster and cost-effective service for money management, transfers, and payments (ACH, SWIFT, VISA, P2P)

Peeping into the account balance by sliding the application bar's login screen

Signing up for a new account by simply adding minimal information and uploading photographs

Instant connection and fast integration with external source systems

Multi-client, Multi-branch, Regional and Departmental Support

Multi-language, time zones, and user access schedules by location

Why is Digital-Only Banking looming?

Digital-only banking is not convenient and straightforward for the next-gen customers but also offers a superior experience by analyzing consumers’ needs using geo-related insights. Virtual high-speed banking services just a few click away. Convenience, enhanced customer experience, and speed are the critical factors driving customers’ inclination toward the digital banking wave. Many governments are relaxing regulations to encourage the entry of new entrants- neo banks, challenger banks, or fintechs.

Foundational blocks of
Digital-Only Banking capabilities:

There is a slew of transformation programs that, if not addressed soon, can hinder their acceptance in the future.
Banks are also required to work on these foundational blocks to leverage the right technology and ecosystem solutions to:

ECS Fin Approach to Setting up a Digital-Only Bank

ECS Fin provides its flagship solution, IMS Suite, which has been a proven solution for over a decade with the highest STP rate. IMS solutions are designed to empower banks and financial institutions to accelerate their digital transformation goals. We at ECS Fin always look forward to enhancing our client’s digital experience with all possible arenas for reducing the costs of operations and risks.