The Key banking challenges in the age of the Customer

Do you think digital transformation has brought banking challenges or opportunities for development and growth?”

Banking is transforming from being based on motor-and-brick shapes to incorporating information technology (IT) and big data, together with highly specialized human capital. There is a fall in customer service, however.

Our research highlights four fundamental causes of failure to deliver:

The Key banking challenges in the age of the Customer

Resistance to adapt to the changes that threaten the status quo

Complex legacy IT that hinders digital banking progress

Inadequate data architecture system to support digital propositions and journeys

Critical talent gaps, such as the digital customer experience, data, and analytics teams

Financial institutions bear the challenges of delivering compelling, innovative intertwined with emotive digital propositions that elevate the human experience to meet the expectations of this new normal.

0 %

Attrition driver is a poor banking app

0 %

Fall in ATM services over two years

> 0 %

Of customers say they will switch from cash/check to digital payments

Common banking challenges faced by customers

Last week, one of the big banks in Latin America faced big transactional problems. Apparently, the errors didn’t show only on the bank’s application and virtual pages; some ATMs were not throwing the withdrawn money but were deducted from the accounts.

Similarly, a few customers of India’s largest private lender turned crorepatis for some hours, all due to a technical error. Initial reports indicated that Rs 13 crore each was deposited in 100 accounts, totaling Rs 1,300 crore.

Over the last decades, banks emphasized making in-person services for their customers, but now digital channels are re-imaging the experience.
We’ve identified these pain points as consistent themes:

Inconvenient self-administration tools:

Sometimes, it becomes a really daunting task for customers to update or manage their credentials without hitting the branch or calling the customer service representatives. One fintech is solving this issue- ECS Fin's Payments is a well-organized transaction processing system that can manage and control the entire range of payments, messaging, and connectivity.


The payments processing industry has grown like an unplanned city over the years. Some applications offered by banks don't really help as customers want to relish the real-time notification whenever they make a transaction. Fixing this hassle, IMS Payment Solutions is made, which is the 100% reliable, high-performance, fully accountable application.

Fragmented experience:

No real connection between the employee channel and user self-service leading to fragmented experience across different channels. In order to make the experience more integrated, IMS Payments provides notifications through all digital channels.

Generic insights:

Dearth of guidance to operate the application as bank's applications are not customized per customer relationships.

Table stake digital banking features: Solving banking challenges

Many fintechs and incumbent competitors recognize these common pain points of customers. ECS Fin didn’t only work for these main issues but also identified the various stages of moving money, commencing from inception, internal control, enrichment, creation, validation, subscription by interested parties, and multiple responses.


Integrated management tools backed by dashboarding capabilities


Real-time spend notifications as transactions occur.


Advanced access and security to help prevent lockouts.


Basic spend insights offered via spend analytics dashboards.


Real-time access allows customers to organize their money as they wish.