Modular Digital Banking
The digital revolution in banking is much more than just shifting from conventional banking to digital banking. This has given various opportunities to modify the methods of bank’s interaction with its client. In a nutshell, it is a shift from a product-centric approach to customer-centric approach. A lot has happened in the digital space of banking. Despite such hefty reforms, experts are still anticipating some drastic & revolutionary changes in banking domain in the coming decade.
Modular Digital Banking: A Game Changer
Modular Digital Banking reform is a thought beyond digitizing the front-end interface. It has to be efficient enough to pursue the transformation by preserving traditional infrastructure, the back end system & cultural aspect of a bank.
Banking organizations operating on the digital core can quickly reduce costs, streamline & automate processes & implement newer changes. The new open banking environment has significantly become compatible with domains like blockchain & artificial intelligence. The new age clients are finding the undemanding & straightforward digital platforms more appealing to do banking.
The digital shift of banking domain demand changes in all the aspects integrated into its structure:
Here client can expect the seamless experience to transact on digital platforms. Basic requirements like fund transfer & new account set up have to be hassle-free. All the transactions should have the flexibility to function on multiple set-ups such as desktop, tables, mobile, smart-watch & kiosk.
Digital modular banking helps the client to gain personal banking experience. It does some background behavior analysis & offers a customized interface to the customer.
➢Digital Communication Management
This feature improves the banks to deliver to customers the right message at the right moment – securely and cost-effectively.
This feature helps the banks to launch orchestrated multichannel campaigns. It completely manages & launches marketing campaigns across levels. Right from smart segmentation combining individual deals with behavioral patterns, to complete control of all content and communication channels.
➢Virtual Assistant for Banking
This remarkable feature of modular digital banking has changed the face of banking. It can support bank customers with real-time query assistance. For more complex products like SME & Corporate banking, the virtual assistant utilizes artificial intelligence.
The modular digital banking set-up helps with business-oriented real-time analytics to monitor transactional services as well as marketing and sales activities. It also tracks customer behavior and transactions in real time and reacts consequently.
This function uses predictive analytics to boost sales and retain customers. It Improves customer service and helps in targeting across all channels, including non-digital ones.
The modular digital banking will carry just one last thing from the legacy & that is a Bank Account. This structural alteration will connect alternate providers on a vast platform. From which the client will be empowered to pick & choose the vendor of his choice. However, while moving quickly on the digital banking journey banks will have to be on top of the game with robust infrastructure & tough defense mechanism.