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Digital Banking: An opportunity to stay ahead of the curve

Remember those times when we used to buy everything with debit and credit cards? We were always puzzled about which card to use. To make the decision, we usually looked at the offers: earn 20 loyalty points on credit card payment or an additional 10% cashback on debit card payment. Now, through digital banking, we will have one less thing to think about.

Digital banking is displacing traditional IT department operations, business models and financial strategies across all industries. This applies equally to banks and financial institutions to take advantage of innovative solutions and digitization.

Until the pandemic hit hard, banks operated branch-based services and protected personal relationships with customers. The pandemic reshaped the payments industry and has made it possible to embrace the new digital world to offer new and efficient services to customers.

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What is?

How does it work?

Pros vs. Cons

ECS Fin helps you

What is Digital Banking?

Digital banking is the integration of traditional banking services with internet technology and mobile devices.

A growing number of companies and banks have taken steps to limit banknotes and redesign their infrastructures to accept real-time payments.

Currently, 46 countries rely on instant payment schemes and half a dozen countries have announced that they will implement real-time payments before the end of 2023. Instant payments, fast cash, immediate payments, faster payments or real-time payments; wherever you are in the world, there is probably a term for this network.

It is an undeniable fact that real-time payments are driving the payments industry faster than any other payment initiative.

Online Banking + Mobile Banking = Digital Banking

The exposure of online banking has enabled consumers to access banking services and features via the bank’s website without setting foot inside a brick-and-mortar bank. Users can check the account balance, pay their bills, and apply for a loan or even credit card through an online banking portal. Now, you don’t need to visit an ATM or even a branch to withdraw your money to pay bills; you can tackle your personal financial transactions when it’s most convenient for you, irrespective of place and time!

On the other hand, Mobile Banking refers to the act of employing mobile devices such as smartphones or tablets to carry financial transactions. These applications are usually proprietary, which holds your banking details. Designed to be used anywhere at any time, mobile banking applications consist of pertinent banking functionality like bill payment, funds transfer, and mobile check deposit. Bank managers also use this application to let their customers know about fraud detection and low account balance.

Mobile devices are gaining popularity in the market, banks and financial institutions are adopting this technology to give the most satisfying services to their customers. Now, online banking and mobile banking are offering incredible banking services to the customers, which were only available inside the physical bank branch. Embrace 24*7 access to the bank account and avail below-shared services via mobile phones or website:

Digital Banking Services

Digital engagement: a blessing or a curse?

With branches being closed, consumers and banks had no practical option but to start implementing digital channels. Now, approximately 50 percent of consumers interact with the bank through mobile phones or websites. This sudden increase is a blessing for both the consumers and banks. Customers are getting an experience that blends efficiency, the convenience of digital features, and speed with human engagement.

However, consumers’ switch to digital could be double-edged for the bank providers. The lack of human interaction poses the risk of loosening the emotional connection with the customers.

The best and ultimate solution to push away all worries is to offer differentiated and excellent customer services. Though it is challenging in the banking sector, all the services and products are similar.

So, empower the experience!

Make your products unique with amazing features that hold the pulse to stand out from the crowd. Never ignore your old chunks of customers. And last but not least, start bringing a human touch to the digital world to build and maintain trust with customers.

In this publication we tell you how:

Let’s Make Digital Banking More Humane

How ECS Fin can help you?

ECS Fin’s Digital Banking Platform offers a flexible and scalable architecture for banks to adopt a digitally-first banking model. We also provide a unified customer experience across retail and corporate customers, helping banks stand out from the crowd.

As stated above, customers and banks need new technology to reinvent the business from every nook. ECS Fin digitizes business workflows and processes in the middle office and back-office and integrates portals, mobiles, phone banking, IVR, APIs, and future channels.

What’s more? Our operating model helps optimize end-to-end processes with innovative capabilities, support compliance, and duplicate checks and launch new products and services to customers using intelligent data.

Ultimately banks and Financial Institutions can reap the benefit of their digital transformation efforts and present an opportunity to become the primary banks of their customers.

Embrace the new digital world with ECS Fin!

Take a look of our Blog:

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