Brands like Amazon and Walmart have set a new standard for how customers, especially millennials, expect to buy things. They are trained that if it’s not simple and convenient then they’ll not do it. Such standards apply to banks as well.
Online abandonment rates for products like deposit accounts, credit cards, and loans average 85%.
Customer hates friction. Standing in line, holding on a phone, or having to sign endless documents. All they want is to focus their time and energy on the activities they value. Even such a primitive onboarding stage like opening bank account pose multiple challenges:
On top of that, the existing clients are required to go through the same multi-stage process. Mobile banking was called to reduce such friction, and probably your bank already made an app for onboarding.
In 8 out of 10 cases banks already have access to 90% of the information they require from clients to fill in during registration.
But, let’s face the truth, when it comes to real business needs, there are still old-school problems: papaerworks, delays, and countless verifications. All because you haven’t changed the underlying architecture of your processes and banking software.
If your goal is to bring digital transformation to your bank and increase sales through the online channel, then the software is your new challenge. You are required to implement a solution that provides exceptional experience inside your banking structure and, of course, works perfectly across phone, laptop, branch, and call center.
Most banks struggle to make such software for their products. It takes 12 to 24 months to build a digital capability for one financial product. Plus, 6 – 9 months to make changes and adapt those products.
Delivering omnichannel digital sales capability is complex because banks are trying to build customer experience system on top of their core systems. Problems you may face during development:
In such cases, even powerful players choose to rely on existing software products instead of creating their own.
For example, PayPal has selected Temenos’ T24 core banking system to support its financial needs.
But there is a way to tip-toe such heavy redevelopment. We are talking about integrations of separate services or existing software that would communicate with your core infrastructure or take over parts of the functionality.
It may seem that things haven’t changed much since the internet banking was invented. Mobile banking requires the same functionality and set of features as it happened with online banking.
Although, there are some unique core features you need to implement into your mobile banking to make it better than simple internet banking.
On top of that development of mobile banking app require exceptional proficiency of specialists to address the bank’s need for agility. The design for mobile devices should provide banks with the flexibility for an extensible ecosystem that is intuitive and rapidly addresses business changes.
There are multiple benefits a CRM system can bring to your financial institution. Obviously, you will take most of it is you’re from retail banking or dealing with loans. But, even if you’re from risk management sector or from investment banking, you might find CRM helpful too.
Benefits of CRM for Banks:
The main challenge you’ll face while developing a CRM for banking is a consolidation of user data. You’ll need to surface all the information that takes place across your enterprise in one common interface.
Quite often our new banking clients have several applications, some legacy, some best-of-breed, some cloud-based. Thus, quite often we have to go through several applications to get a complete view of the customer profile.
Data sources we can aggregate into your banking CRM:
Whatever your data sources are – we can extract and structure information from them and make a complete mapping of the customer flow over you financial products.
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