How digital banking engagement platforms benefit online banking?
Online banking is one of the most popular ways in which customers of bank carry out their transactions. Studies have shown that more than 50% of users prefer to transact online. One of the ways by which a bank can enhance mobile banking usage is by providing customers greater control over their online banking experience.
The use of digital banking engagement platforms can help them achieve this. Such a platform available online would help a customer to manage his online bank much more effectively.
What is digital banking engagement platform?
Digital banking engagement platforms are a great way to enhance the digital experience for customers. This digital experience would be a part of the online or digital strategy of banks. This would help the banks engage with customers in a way.
This enables the bank to interact with customers based on analytics, digital sales and marketing, and a single view of customers, products and services. All this would be provided by the digital engagement platform.
A digital banking engagement platform is nothing but a way of delivering digital products and services to customers in an effective as well as efficient way. A digital experience plays an important role in online banking. This is what such a platform would try to provide bank customers.
Need and importance of digital banking engagement platforms
When bankscreate a digital banking strategy, they must keep innovation at the centre stage of such a strategy. Such innovations in the digital banking service ensure that the best quality of services would be provided to customers in an effective way.
This would involve offering faster and seamless transactions. A digital experience that would make the customer feel delighted should be what banks should be aiming to achieve.
If a digital banking engagement platform has to be successful, then it needs to address the following requirements:
Flexibility
Flexibility refers to ability of the platform to accommodate various kinds of channels and touch points. For instance, a customer may use a mobile phone to access banking service. Another may use a laptop. Again in mobile phones, it could be an Android phone or an iOS operating system. The digital experience provided should be platform independent and the software should be flexible to accommodate various touch points.
With the advent of new technology, smart watches and voice assistants are also being used. A good digital banking engagement platform would support all these channels. New channels and touch points would be added as and when technology is updated. The platform should be flexible enough to accommodate these technological innovations.
This is what ensures that customers have a great digital experience. For a platform to be effective, the experience provided to the customer must remain consistent.
Upgrade customer experience
A digital banking platform must have the ability to provide innovative solutions for customers that are out of the box in nature. These solutions should address all the needs of customers. An engagement platform would need to be in constant touch with the customer to understand their need and blend it with what is happening in the market.
When a customer uses a digital banking platform, he would expect a great digital experience on a continuous basis. In order to achieve this, the customer experience needs to be upgraded. This can be done effectively by providing new features to customers on the platform.
This could ensure handy widgets, workflow, etc. When a digital platform can also provide services that support origination, on boarding, collections, and digital sales and marketing, then banks can truly ensure a continuously upgraded and updated customer experience.
Use of Analytics
Online banking generates lot of data. This data comes whenever the customer logins to the software or app. Each transaction provides data that can help a bank understand how the customer is using the bank’s services. Banks can perceive the data that they get as an opportunity to enhance their services and customer experience.
An effective digital banking platform would allow banks to make use of data analytics to enhance the experience of customers.They can also use the platform to effectively upsell as well as cross-sell their products and services. They need to thus look at a platform that provides innovation and is able to churn out information. Latest advances in Artificial Intelligence allows banks to do this much more effectively.
One point access
Digital banking platforms must provide a single point for access and control for a customer. Various technological innovations can be done to make this happen in reality. The various systems used across banking can be all integrated together so that it provides a one point access point. This can be used by the customer to have a great digital experience. Control is another important aspect. Customers would like to be in control of their banking experience A good banking engagement platform would ensure it is provided.
Shifting Control to Customers
Providing complete control of the banking experience ensures that customers can engage with the bank in the way of their choosing. They can use the website or the mobile apps to engage with the bank and interact in a convenience way. This helps to promote a good customer relationship that can be beneficial for the bank.
So, while creating a digital banking engagement platform, the importance of control cannot be underscored.
Security
One of the major concerns for customers, when it comes to online banking is security. The fear of data loss, hacking, and fraud makes many customers think twice before transacting online. The banking platform must therefore have sufficient features and functionalities to provide a secure banking experience. This ensures that the customer trusts the platform and would continue to use it.
Banks can make use of digital banking engagement platforms to provide a secure and better digital experience for customers. This would help them to develop a better relationship with the customers, which can be highly beneficial for the bank.
