[DIGITAL BANKING] 18 MUST-HAVE FEATURES THAT MEET CUSTOMERS’ NEEDS
The underlying trend of today’s technology and lifestyle is simplicity and convenience. And that is exactly what digital banking is all about — make banking fast and simple.
There is a rapidly growing demand for independent digital banking solutions, especially in metropolitan areas, capital cities. Consumers have turned to non-cash payments via the internet and smartphones to help them fulfill their needs in a safe and convenient way.
So how can you get started or enhance your existing digital banking strategy? This article brings you 18 must-have features of a digital banking system.
What is Digital Banking?
Here’s a visual equation that sums up (literally) digital banking:
Online Banking + Mobile Banking = Digital Banking
Online banking means accessing banking features and services via your bank’s website from your computer. You may log into your account to check your balance or pay your electricity bill. You can access additional banking features, such as applying for a loan or credit card, at many banks via your online banking portal.
Mobile banking means using an app to access many of those same banking features via mobile devices such as smartphones or tablets. These apps are proprietary, issued by the bank where you hold your account, and usually use the same login information as your online banking portal.
Together, online and mobile banking create the digital banking umbrella, giving people access to banking wherever they may be—or, in some cases, wherever they’re graced with secure Wi-Fi and strong cell signal.
Trends in Digital Banking Services Technology
Banking is quite a conservative niche. However, with digital transformation, even the financial services caved in to the popular demand and convenience. The idea of building a digital bank is to move the traditional activities and services to the web and reduce or remove the need for an individual to be physically present in a bank.
Going digital helps the banks meet the increasing expectations as well as the trend of transactions on electronic devices of customers, simplifying processes, processing procedures, improving competitiveness, cut down the costs. First of all, let’s learn about the trends and technologies used in digital banking.
18 Key Features to build a Digital Banking System
Online banking is the future and it’s important to build high-quality digital banks and online financial services. How can you do that? Let’s discuss all the important details you need to know and keep in mind when starting a digital bank.
1. Personal Money Management Dashboards
Personal money management dashboards are created in a way which can be easily customized to different audience segmentations. This delivers amazing and personalized user experiences.
- Personal money management dashboards are targeted to different customer segmentations.
- Customers can fully control their dashboard: add or remove the functional widgets and create their own customized dashboard by adjusting.
- Personal preferences is recorded for every device so as to easily navigate to customer’s personal dashboard, which can be optimized for relevant devices.
- Display actionable insights and marketing campaigns for each customer.
2. Products & Transactions
All-inclusive list of transaction – from numerous accounts and products and the capable searching abilities. Allow clients to search for any transactions through multifunctional filters and approach to any transactions in the most detailed way.
3. Consistent Money Movement
Types of transaction are combined to create a seamless user experience, which allow to remember transactions/payments, process scheduled transactions and centrally manage all these payments.
4. Centralized Account Management
Our ready supporting allows banks to integrate multiple accounts from the third-parties and start to widen payments, promote the success of Open banking effort. Ensure the compliance with Revised Payment Service Directive (PSD2), Account Information Service Provider (AISP) or Payment Initiation Service Provider (PISP) standard. Join the open banking revolution and ensure endless customer journeys.
5. Personal Finance
Predictive money planning abilities enable clients to follow up expense, visualize cash activities and how they affect the liquidity. Provide a better understanding for customers about the inflows and outflows of money.
6. Plans & Goals
Support customers by manage existing accounts, enable customers to make plans, manage budgets and saving targets through a fully-incorporate and intuitive interface.
7. Service Management
Provide new clients an easy register process to form their clients experience from the beginning. Incorporate with Know-Your-Customer (KYC) services and Anti-Money-Laundering (AML) services to accelerate the process.
- Enable clients and staffs to shape products in an intuitive and convenient way.
- Make use of mobile devices to scan and upload important documents apart from friction.
- Link to KYC/AML services (credit verify, identity verify,…)
- Channel switcher – protect the interaction context and client data across channels.
- Gather, tackle digital and electronic signatures.
8. Centralized Information Management
Centrally manage alerts/notifications, allow customers to communicate safely and securely. Our solution protects sent and received messages using common security types for digital banking transactions.
- Easily connect to the existing customer contact center or front-office support platform.
- Secured mail/message can be used for any type of queries, including account and transaction queries, product information or transaction error explanation.
- Centralized information management will be integrated directly with Notifications and Smart actions, allows customers to receive notifications of successful/failed/scheduled transactions, account balance changes or an increasing in daily limits,…
9. Adjustments & Notifications
Our solution provides notifications which can be customized personally. From that, banks can manage and create relevant notifications and suggestions at the most suitable time.
10. Smart Banking
Smart banking means using more and more smart approaches and smart personal financial managements which allows customers to identify what are the smart actions helping them to automate manual tasks and providing smart context knowledge to improve their financial status.
11. Bill Payments
Bills are arranged together in one place. Customer can keep track and pay bills efficiently without any confusing. Our solution provides bill reminder function which can remind users to pay bill on time, refrain from late payment fees and penalties. Whenever due dates are coming, customers will be notified.
12. Term Deposits
Allow customers to easily setup and create their check deposits on smart-phone at anytime and anywhere. Easily capture the transaction receipt to ensure success for first-time users, improve a higher usage and rating.
13. Card Management
Provide self-service products to help customers manage multiple cards (debit card and credit card). Integrate Middleware system in the back-end. Improve customer experience and minimize customer support queries.
14. Deposits & Loans
Display the overview of all deposits and loan accounts, simplify loan processing and approvals. Fully understand the entire picture of deposits and loan agreements.
15. Profile Details
16. Seamless Security
Provide strong authentication at the transaction time, evaluate risky situations to enhance security of data and transactions.
- Centrally manage identity to provide, update and take back granted access permission.
- Quickly adapt to security and authentication policies based on user context and devices. Increase ability to acquire multiple authentications in case of risky situations.
- Single login, easily access into many functions with only one identity.
- Easily integrate with other identity management and authentication systems.
17. Address Book
- Integrated with the address book for easy payments.
- Seamless connection to mobile devices and social networks.
- Offer P2P payments through Email, phone number, or social profile details.
18. Atm/Branch Locator
- Full view of nearest ATMs/Branches.
- Integrated with Google Map that allows easy navigation.
- Advanced search and filter options, based on opening hours and services.
View more: Case Studies
Ready to get started with your digital banking strategy?
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