Why banks need to digitalize?

The Banking industry is rapidly changing and the biggest paradigm shift that has occurred is digitalization. If banks want to reclaim the financial innovation space and stay ahead with the competition they must offer friction less innovative services to their customers through a scalable yet a reliable platform.

Here are few reasons why banks need to change their current strategy and move on with the innovative trend.

Drive Innovation

Due to the high regulatory compliance legacy systems and risk averse internal workflows, banks make it difficult to align with the evolving technology and rapid innovations unlike other business industries.

Traditionally, banks, often constrained by product silos, rigid product suites, cumbersome internal workflows and legacy IT systems. As a result, their user experience has not evolved to customer’s expectation. In order to compete as an agile trend setter in the digital economy, banks need to form alliances with many service providers and tech companies in order to provide an end-to-end seamless services for customers driving innovation internally as well as externally.

Regardless of these concerns, many alternative methods or platforms have emerged in the market to fulfill the services of a bank without its involvement. To match the expectation of the customer and facilitate an extensive array of service, implementing an API management system can be considered as a secure and suitable solution ensuing a productive and customer centric service.

A Bank can open up its merchant portal for external business allies to integrate products and services allowing its customers to seamlessly connect through its bank app, allowing customers to perform banking transactions even through social media.

Customer Engagement

With a digital messaging gateway banks can reduce the gap between customer and bank by engaging them in industrial operations and various other situations. A digital messaging gateway enables customer engagement through digital media, allowing banks to gain the masses of customer insights on both transactional and behavioral patterns, which in turn can be used by banks to offer personalized solutions.

Our platform enables banks to deliver a digitally enriched customer experience, supported by personalized, customized and tailored offerings using customer personas, which cater to each individual customer’s direct needs. The customers will be engaged with banks using in App Push notifications, Web, Email, and 3rd Party Apps by the API connecting to banking channels.

The Customer Engagement Management (CEM) module is also integrated with our analytic module and in addition to service creation, data collated from customer engagement can facilitate optimum usage of distribution channel.

Partner Collaboration

To match the expectations and mindset of the new generation, banks should explore, embed and collaborate modern technology for both backward integration and forward integration. A modern bank can increase the engagement of partnerships from financial institutes, micro financiers, technology platform such as social cash transfer, lending, payment platforms, tech giants, retailers, etc.An API management tool will support a comprehensive set of API protocols and it is readily available to integrate any partner type from within or outside banking financial sector. Ultimately, customers can conduct banking activities on their own, securely and efficiently.