How to build a unified digital banking and customer engagement platform
VeriPark’s new e-book – Digital Banking and Engagement – reveals how banks can deliver seamless customer interactions across all touch points. As our Chief Sales Officer, Barry Frame, highlights, the key findings also include how banks can simplify their business processes. For your free copy of the e-book, simply follow the link at the end.
From fragmentation to unification: Enhancing customer experience in digital banking
We know banks face many challenges, from rising consumer expectations for digital services, to intense competition from FinTechs, and revolutionary regulatory initiatives like Open Banking. Many traditional banks also tell us they are struggling to keep pace with new FinTechs because technology is not their primary domain. Although they are investing in digital services, limited in-house capabilities and resources often hamper their modernization attempts.
At the same time, around 70% of financial services leaders say that their top priority is to excel in customer experience (CX), which is an admirable aim. However, delivering that depends on the banks being able to create a seamless digital banking experience. Whereas, in many cases, the fragmented nature of large financial organizations tends to lead to siloed digital strategies and underlying processes that further complicate the customer experience.
Here at VeriPark, we think banks need specialist external help to make the transition to a truly integrated digital future. I’m confident that our technology assets, talented people, and extensive experience means we are well-placed to help banks solve many of these modernization problems. Our new e-book sets out some of the guiding principles behind our approach – you can get your free copy below – but here is a summary of the key insights.
The four principles of building a digital banking platform
1. Enhance Customer Engagement
VeriPark can help with this because we take a unified approach that minimizes friction by prioritizing seamless customer journeys over isolated channel interactions. This approach doesn’t just improve the customer experience, it also strengthens and simplifies compliance procedures. That’s because it enables a centralized administration to configure and standardize rules and mandates across channels and processes.
2. Leverage Analytics and Intelligence
Our advanced technology platform doesn’t just provide exceptional functionality for online and mobile banking, loan origination and CRM. It also uses machine learning and AI to tailor individual customer journeys according to individual user preferences. This increases opportunities for cross-selling and up-selling as well as enhancing the CX.
3. Use Open Banking and Ecosystems
VeriPark has a deep understanding of the changing global regulatory landscape. It combines this knowledge with an evolving ecosystem of APIs. These enable banks’ DevOps functions to configure and rapidly integrate new services that exploit opportunities such as Open Banking.
4. Innovate Product Portfolios
VeriPark's unified digital banking and customer engagement platform enables banks to offer innovative product bundles and attractive pricing strategies. This can reduce barriers created by internal business unit silos, minimize development efforts, and create a new cohesive customer relationship.
Meeting customer expectations
As well as the above principles, we have found that the best digital banking and engagement platforms integrate many, if not all the following key elements.
- Digital onboarding
- Digital sales agent
- Digital lending (loan origination)
- Digital servicing
- Digital payments
- Digital collection
- Digital offboarding
Ultimately, all the above should be brought together under an overarching, omnichannel, experience management system that provides a 360-degree view of all customer interactions.
Read our success stories to see how it can be done.
Our new e-book goes into all the above points in more detail. It also provides real life examples of how forward-thinking banks and leading financial institutions have successfully implemented digital banking strategies. Their case studies reveal how they blended VeriPark’s four core digital banking solutions to accelerate their time to market and build a competitive advantage.
Follow the link below to get your free copy and find out how our Customer Engagement, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions can help you provide a consistent scalable customer experience across all physical and digital touch points.
Thank you for reading.
