The digital banking transformation involves turning traditional banking services into online instantly accessible platforms for customers. The goal is to provide a positive user experience with omni-channel banking solutions that allow customers to access their financial information easily. Whether it is an online bank statement designed to save paper and provide extra security to the end user, or allowing customers to send a payment with secure authentication APIs in place. This evolution to online banking has been on the horizon for a while. So how can your business stay on top of the changes in the industry? To answer this question we will have to look at some of the major issues currently facing banks:
Common Issues Facing Banks Before The Digital Banking Transformation
- Poor Customer Service – Customers expect a certain standard and speed to customer service in the digital era. Customer service is so important in this industry as there will be many rivals ready to snap up any unsatisfied customers. Fast responses to situations, accurate communications, and expertly crafted online banking features. All of these are expected in the digital banking transformation.
- Out Of Date Legacy Systems – Many banks are dealing with legacy systems that are ineffective in the modern era. Whether it is out-of-date customer communications software, or differing information being stored in locations, this can result in errors in the service that banks provide to customers.
- Difficult Customer Onboarding Processes – With these outdated legacy systems it can often be a challenge for traditional banks to onboard new customers. Whether it is approving loans or mortgage applications, these tasks can usually take weeks if not months to gather information, and conduct checks. The digital banking transformation will simplify these processes for banks and customers.
- Bad User Experience (UX) – The key to maintaining and gaining new customers is to provide a quality UX. With efficient mobile apps, secure online banking services, accessible company/customer updates, AI chatbots, and more you can show your customers that you value their time and the experience that they are having with your bank.
So how can the digital banking transformation help with providing a better customer experience?
- Accessible Communications – Proving your customers with their preferred communications in an accessible manner will help to set your business apart from the competition. The option to choose preferred platforms and the level of company updates received will encourage more and more email sign-ups. This comes as part of the omni-channel banking transformation that many banks are trying to implement.
- Improved Employee Efficiency – With the opportunity to change up your traditional legacy systems for up-to-date modern solutions, you will find an improvement in employee efficiency. With easier access to information, solutions, and the ability to communicate with customers via email updates or online chats. Your team will be able to approve customer requests and find solutions to problems much faster. This means a more positive customer experience overall.
- Less Room For Human Error – With the automation of various processes you will find that there is much less room for human error. For example, Sefas offer auditing management software for all of your outgoing communications. No longer will small human errors or out-of-date compliance be an issue. With auditing software, you can instantly approve and prepare your communications for distribution on a broad scale.
- Efficient User Experience – The most important element of the digital banking transformation, is the improvements that it has brought to the user experience. Customers can now securely access all of their financial information online. They can instantly send money across to trusted payees with authentication and secure APIs.
How can Sefas support your business with the omni channel banking transformation?
Sefas provides a simple-to-use customer communications management (CCM) system that supports your employees in providing the best user experience (UX) possible. You will easily be able to design, audit, and send your customer communications. By creating set templates which are all audited before being sent securely, you will be able to spend more time focusing on the quality of your customer communications. With our hybrid mailing system you will be able to send these perfectly crafted and audited communications with ease. To find out more about our CCM software solution and how it can make your communications strategy easy to manage, please get in contact today.