Digital banking has become an integral part of the financial industry, and it’s only growing. The digital experience platform is a crucial component of any bank operations, which you can use to increase revenue for your business. However, before deciding to implement one of these platforms, you should weigh the pros and cons that come with each option.
We will discuss ten different platforms available on the market today to make an informed decision about which one best suits your needs!
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What are digital banking experience platforms?
Digital banking experience platforms are software applications that are used to increase the digital banking experience. They can be platforms or portals, which provide customers with a unique way of accessing their bank accounts online. According to research conducted by Accenture, financial institutions that implement these types of solutions will generate over $35 billion in revenue and cost savings combined by 2020.
This includes marketing campaigns for core products like credit cards, loans, mortgages, investments, etc., and cross-selling other services such as insurance (which require separate logins).
How can a digital experience banking platform benefit your business?
Many ways implementing one of these platforms could help your business grow its revenues.
• Increased revenues
Digital experience banking platforms can help you attract new customers and increase revenues by enabling marketing campaigns for core products like credit cards, loans, mortgages, and cross-selling other services such as insurance (which require separate logins).
• Increased loyalty and trust
Digital experience banking platforms can also help with customer retention by helping you establish a better rapport with your existing customers.
• Decreased costs
The implementation of one of these digital experiences in place could also lead to savings on the operational side, which might include any or all of:
- Reduced time spent on routine tasks such as updating transactions and statements through an automated workflow system
- Automating back-office functions like reconciliations that require significant employee input
- Reducing data entry errors from manual processes by having real-time access to account information.
The potential challenges of a digital experience platform
Although digital experience platforms provide many benefits to a banking institution, there are also some potential challenges.
• Cost
Implementing these digital experiences can be costly from both an investment standpoint and the time required for implementation and training employees on how to use new technology. In addition, maintenance fees may apply depending on factors such as the country where you’re operating or whether your bank is public or private.
• Implementation
Not only does it take time to research which platform would best suit your business needs, but there’s still more work involved after choosing one. Banks need to assess their current infrastructure and determine if they have everything needed in place before embarking on this endeavor. They must also consider what they will outsource types of services and what will be kept in-house. The more of the digital experience platform your employees do, the higher the price tag you’ll incur for maintenance and support fees.
• Time
Even though some platforms allow banks to make changes quickly depending on their needs, it still takes time and human resources to configure everything properly. If mistakes are made during implementation or bugs need fixing, this can further delay launch dates and prolong go-live periods.
• Technical risk
While large financial institutions have adopted many digital banking platforms, there is always a risk that your bank will not configure the software well enough to achieve its full potential.
The top digital experience banking platforms
1. Oracle Digital Banking Experience
The Oracle Digital Banking Experience is a comprehensive, end-to-end digital platform that enables banks to offer best-in-class customer experiences. Oracle developed the OBDX with the understanding that customers are looking for banking solutions to meet their changing needs.
2. Liferay Digital Experience Platform
With a focus on speed, efficiency, and agility in developing digital experiences, the Liferay Digital Experience Platform is based on open source technology which cuts implementation time by 50%.
3. Finacle Online Banking
Created by banking software company FINACLE India Private Limited, the Finacle Online Banking Platform is a comprehensive digital platform that has been proven to improve customer satisfaction and drive business growth.
4. Kony DBX
A comprehensive digital experience platform, Kony’s DBX Platform offers a full suite of tools for financial institutions to enhance customer service and operational efficiency.
5. nCino Bank Operating System
A comprehensive digital experience platform, nCino’s Bank Operating System is built on a unified API framework. It is aimed at helping financial institutions achieve business goals by bringing together banking, payments, and commerce.
6. Backbase Digital Banking Solutions
A complete digital experience platform, Backbase’s Digital Banking Solutions offers a range of APIs and solutions that you can use to add new revenue streams. Tools such as the “Digital Wallet Framework” allow financial institutions to provide customers with an entirely new way to the bank while still using their favorite existing channels.
7. NCR Digital Insight
With an emphasis on customer-centricity, NCR’s Digital Insight offers a range of products designed to increase profitability and efficiency across the entire financial institution.
8. Mambu
Mambu’s Digital Banking solution is a complete platform that allows financial institutions to provide clients with the ability to manage their finances through a set of web and mobile tools. It also provides an open API that enables the quick integration of additional financial services.
9. FIS Core Banking
FIS’ Core Banking solution allows financial institutions to provide clients with a complete range of banking solutions that you can access via traditional and digital channels. The platform features a front-to-back office capability and can be extended with a wide range of add-on modules.
10. TurnKey Lender
TurnKey Lender is a complete digital banking platform that offers clients the ability to access their accounts and conduct most of their financial transactions from one location. It features a wide range of innovative capabilities, has an open API for back-office integration, and can support any number of client channels.
Core features of a digital experience platform
Every digital experience platform is designed to provide additional value and ensure a superior customer experience. Here are some of the key features that you should look for in an ideal platform:
• Actionable insight
An essential element is the ability to receive real-time analytics on how customers interact with digital channels so you can adapt your service accordingly, address their needs more effectively, improve conversion rates, etc. This means getting access to metrics such as transaction volume per channel or time spent during every session/transaction.
The best platforms will also allow segmentation by age group, gender, location demographics (e.g., rural vs. urban), which enable targeted campaigns across specific groups of people who have similar preferences for using different channels for banking transactions.
• Customer/member-oriented processes
Digital experience platforms provide real-time insights for marketing and customer service by offering actionable information. It is possible to personalize the banking experience based on preferences and consider individual characteristics such as age or location to provide the most suitable products. Digital experiences will become more personalized over time, with benefits including increased cross-sale opportunities and improved member loyalty and satisfaction.
The need to provide customers with easy access has led banks towards an omnichannel approach where all online and offline channels must be synchronized. Banks can integrate their existing systems with third-party providers to offer customers the best possible experience.
• Open architecture
The best platforms are open and allow access to various other systems, including core banking system(s) through APIs while also providing data analytics capabilities. You can integrate it with any existing or new solution you may be developing, adding value to your team in terms of time-to-market for product development and overall user experience.
• Controlling every channel
Digital experience platforms should enable a consolidated view of all channels through one single pane – this includes online/mobile banking, phone calls made by customers, and kiosks where they transact face-to-face with a bank employee or machine. End users do not want separate interfaces for using different channels, so it is essential to provide a seamless experience.
• Deep behavioral analytics
Digital banking experiences should be designed to predict and anticipate members’ needs, thus providing customers with information on their preferred channels about how much money they have left before the overdraft limit kicks in or when their next insurance premium pay-out will happen.
Banks must also utilize this insight for targeted marketing campaigns based on customer preferences. Though APIs while also providing data analytics capabilities. You can integrate it with any existing or new solution you may be developing, adding value to your team in terms of time-to-market for product development as well as overall user experience.
• Immersive user experiences
The main point of such platforms is that banks must utilize customer insight for targeted marketing campaigns to enhance user experience. This is important as banks must understand the customer and their preferences to provide a tailored experience.
They can do this by integrating with existing systems and building custom solutions that integrate through APIs while also providing data analytics capabilities. This can be done to speed up development time and increase user satisfaction.
Conclusion
We have compiled a list of the top digital banking experience platforms to help make this decision easier. Which one is right for you? Let us find out by contacting JMR Infotech today!
