In an era where
digital banking is beginning to overtake the traditional way of doing things, it's important to have
digital banking
companies that you can depend on. Traditional banks are scrambling to keep up with
digital trends and in some cases going
digital themselves. In this blog post, we will review four of the top
digital banking companies.
Top Digital Banking Companies
1. Citibank: Adopts “Mobile First” Digital Banking Strategy
According to Citibank, one of the most commonly used applications in 2018 was mobile banking apps. As a result, rather than aiming to build mobile banking as a supplement to the internet and physical branches, the
firm adopted a new approach of developing mobile banking as its own
experience rather than as a compliment.
2. TD Bank: Upgrades Banking Technology
The pandemic's early warning signals played a key role in the TD Bank's transformation. The
firm rapidly enhanced its
digital platforms, putting an emphasis on expanding current technology rather than installing new systems.
TD bank was able to sustain high demand after following through with its plans. In order to prepare for possible branch closures, the
firm tripled the number of mobile deposits it could handle. A virtual assistant was also established to answer client queries. In its first week, the assistant handled over 75,000
customer encounters and freed up support personnel to concentrate on more complex issues.
Between February and April, TD Bank's initiatives resulted in a 30% boost in
digital activity in Canada and a 17% increase in the US.
3. BBVA: Offers “DIY” Transactions
Banco Bilbao Vizcaya Argentaria (BBVA) has gone even farther in terms of self-serve
digital banking. It now provides DIY choices for almost all of its
products and
services, up from just 50% two years ago. That means that
customers may conduct the majority of their financial needs without visiting a physical branch.
4. J.P. Morgan: Speeds Up Product Development
The
product development side of
digital banking is as essential as the
customer-facing aspects. AreaX, J.P's early-stage
product team, is in charge of moving from concept to operational prototype within 6–12 weeks. They can do so quickly because they prioritize creating the most basic version of the
product first.
The team determines whether the bare-bones
product is viable by testing it to see if it's worth investing more time and money. “While accepting failure may be difficult, failing fast and figuring out what went wrong early is less expensive than developing a bad
product,” according to the
firm.
Once a team decides a
product is viable, it passes it on to a larger group to build and perfect.
Key Takeaways to Bring to Your Bank
So, what can we learn from these top
digital banking
companies? Here are a few elements to consider.
Use Customer Data to Direct Digital Transformation
Use client feedback to guide your
digital banking transformation decisions, and determine which features to prioritize. Set
customer-focused indicators to measure the success of your efforts, as Citibank has done.
Create a Consistent Experience Across All Channels
Create mobile apps and websites that provide a similar
customer experience across your
digital platforms.
Customers will be more likely to learn new applications if the design and navigation structures are the same across channels.
If you provide
services in multiple nations, make your applications as uniform as possible. To ensure a single
experience, BBVA coordinates development across countries. According to the
firm, employing the same architecture for all of its offerings and locations reduces the time it takes to bring new
products and
services to market. It also means faster roll-out in new territories because the
digital platforms are already built.
Leverage Automated Customer Support Technology
By adopting a virtual assistant or
digital adoption platform, you may reduce the support burden on
employees.
Customers can quickly discover answers to their inquiries without creating a service ticket by using self-service support methods. This frees up your
customer care staff to focus on other things. It also reduces consumer stress. They spend less time on hold and have access to
digital channels to resolve their problems.
Invest in Lightico
Digitize and streamline your
customer-facing banking
processes with the help of Lightico. Lightico can help bring about a better, more robust
digital transformation through its
customer-facing suite of
digital interaction tools. Through Lightico, banks can leave the paperwork behind and transition to a
digital platform based on
eSignatures, eForms,
digital document collection, and automated
ID verification. Learn more
here.
