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.

Read This Next

reviews"Great tool to expedite customer service"

The most helpful thing about Lightico is the fast turnaround time, The upside is that you are giving your customer an easy way to respond quickly and efficiently. Lightico has cut work and waiting time as you can send customer forms via text and get them back quickly, very convenient for both parties.

"Great Service and Product"

I love the fact that I can send or request documents from a customer and it is easy to get the documents back in a secured site via text message. Our company switched from Docusign to Lightico, as Lightico is easier and more convenient than Docusign, as the customer can choose between receiving a text message or an email.