Is mobile banking keeping up with the digital banking revolution?

If one compared 4000 years banking history to the average human life-span, digital banking would have just started making unintelligible noises and mobile banking would be barely a month old. Yet the digitisation of financial services has led to a shift as extreme as the introduction of digital money or the development of central banks. Today most people have no need to physically visit their banks and can conduct transactions electronically. This has created a range of opportunities and challenges that will transform the banking industry in the coming years.

According to the The Cisco Internet Business Solutions Group (IBSG), Gen Y and Gen X are increasingly adopting new devices and online channels for financial purposes. 40% of Gen Y customers prefer using Personal Finance Management (PFM) tools to manage their expenses and savings, and are more inclined to interacting with a financial advisor on video chat, compared to boomers.
With customers buying financial services online, most banks have revamped their digital presence to simplify access to their products. The use of integrative technologies and game-like interfaces enables a more seamless end-to-end experience for customers with their bank. Another major source of investment has been in the area of big-data analytics which assists in suggesting relevant products to customers and fraud detection.

The ubiquity of mobile systems implies that within the next few years, most financial transactions will be via such devices. This will lead to a huge expansion of the customer-base of banks since mobile internet requires much less user infrastructure. The challenge for the banks is obvious: creating simple, unified and secure end-to-end platforms, which can handle huge data and traffic with little or no downtime.

Mobile banking offers more transactional features as opposed to the full menu of services. However, the list of services available through mobile banking will increase in the future, ultimately encompassing all of the banks’ offerings. This requires a paradigm shift in security architecture (WAP based interactions do not have firewall protection) and creation of platform independent applications. Further, the banks have to present themselves in a new light to an audience much of whose social and professional lives are conducted virtually with the physical location being irrelevant. Making the mobile banking platform a scaled-down version of the bank’s webpage is not the solution.

This scenario has opened up an avenue for development of full mobile banking by new players. More such innovative applications are the order of the day, if mobile banking has to realise the full promise of the digital banking revolution.

As mobile banking dominates the market, banks need to keep up with digital banking developments in this competitive market. They should look at adopting new banking technologies and integrating advanced transaction banking platforms. Get to know about a high-speed banking platform which provides an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single platform.

Find out more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products, from Corporate Banking Exchange, Customer Onboarding, Payments Services Hub to Liquidity Management.

Adopt New Banking Technology To Tune Into Your Mobile Banking Customers

Digital Banking Sibos

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Want to Process Transactions worth $Billions and achieve a STP Rate of Over 97%? Here’s how…

Consider this. Your company just landed a big international deal and a multi-currency transaction of a substantial amount needs to be processed.  After hours of filling out various forms, the banker states that the payment will take up to three weeks to process! Frustrating isn’t it, especially in this digital age where everything happens at lightning pace at the click of a button or rather ones “fingertips”?

However, this is a story of the past. With increasing expectations of high transaction process speeds and efficiency, new banking technology is being introduced in the payment and securities industry. In this digitized and automated world, corporate customers expect their bankers to be up to date with technology and provide speed, efficiency and security, in order to be able to transact seamlessly beyond boundaries.

The Evolving Landscape of the Payment Industry – Straight-Through Processing (STP)

With a dynamic change of pace in payments and foreign exchange, emerging multicurrency offshore systems, and with focus on liquidity in clearing systems and managing risk, corporates are compelled to be competitive in a complex environment. They demand tight control on their working capital and expect seamless, secure, transparent, automatic and electronic transaction processing.

As financial institutions find ways to provide that exclusive customer experience and at the same time reduce costs, automation of processes seems to be the perfect solution. Straight-through processing is the end-to-end automation of the payment process, and involves minimal manual intervention. STP solutions are widely being adopted by financial institutions in order to:

  • Lower costs
  • Improve processing speeds
  • Reduce manual errors and redundancy
  • Streamline operations and increase efficiency
  • Ensure security and transparency in transactions

Why STP Solutions are the Way Forward

In order to capitalize on the rising business potential of e-collections and payables, corporate customers need to find a solution that is robust, scalable and has a future-proof platform that supports both transaction and file based processing with a high degree of STP.

Corporates need to find an advanced STP platform which has best-in-class security features, cost efficiency and payment performance capabilities. Transaction processing on a channel agnostic platform should be combined with flexibility to meet changing customer needs, regulatory reforms and operational arrangements.

An ideal platform is a high-speed banking platform that provides an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single platform.

Get know more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products, from Corporate Banking Exchange, Customer Onboarding, Payments Services Hub to Liquidity Management.

 

Process transactions worth $billions

Achieve higher STP rates

Create an exclusive customer experience

With a robust on-boarding STP platform 

SIBOS

Know Your Digital Banking Customer

Know Your Customer

By 2015, digital banking is predicted to overtake branch banking as the preferred channel, according to the report, ‘The New Digital Tipping Point’ by PwC.

In this digitally frenzied environment, majority of the population is immersed in some device or the other, be it laptops, mobiles or tablets. It is important for banks to utilize innovative banking technology and understand the new age digital banking customer.

Digital Banking Customer – Segmentation by Generation 

There are interesting characteristics of each generation from Baby Boomers (Hippies, Yuppies), Generation X (Lacthkey Kids), Generation Y (Millennial Generation), and Generation Z (Digital Natives) to the future of Generation Alpha (Google Kids).

According to the PwC research, ‘The New Digital Tipping Point, Generation Y or the ‘Millennial Generation’ is 20% times more likely to consider using mobile or online banking than Baby Boomers. They are characteristically tech-savvy, brand loyal and consistently choose their primary bank when planning to buy new banking products.

With Generation Y being the segment that embraces technology and digital communication, banks need to focus on this group and build a primary customer relationship with them.

Give What Digital Banking Customers Want

Many banks have been following the trend of “show us your transaction history, and we will tell you who you are.”  This approach of understanding customers no longer truly applies. While it is important to know customer behavior, it is more important to understand why they transact the way they do and how they wish to interact with banks.

To understand digital banking customers, you need to know what they want.

Digital banking innovation has evolved as technology companies are focusing on creating software that is more customer-centric. Currently, there are three areas of focus that banking companies need to consider when understanding the customer:

  • Banking Technology – In order to ‘know your customer’, you need to provide exclusive interactions the way customers want, whether it is through mobile or online channels. New banking software programs should include customized features based on user profiles, preferences, online behavior and value added services.
  • Security – Digital banking should embed robust technology that provides security and protects information and communication. Security systems should protect users’ devices and the IT infrastructure of banks as well.
  • Private Banking – As the next generation of digital customers begin to dominate the market, private banks need to rework their strategies and adopt new technology. Customers extensively use new channels, devices and platforms to transact, find out about other financial products and write reviews. Banks need to keep up and engage customers through various channels and build a strong relationship through customization, personalization and customer-centric products and services.

Digital banking technology and products should be built based on a strong understanding of the digital customer behavior and preferences. In order to create a customer-centric experience, banks need to adopt new and advanced banking technology.

Find out how you can capitalize on the digital banking wave in this year’s annual conference of SIBOS, where iGTB will be showcasing its global transaction banking products, from Corporate Banking Exchange, Customer On-boarding, Payments Services Hub to Liquidity Management and more.

Create a Customer-Centric Experience with Cutting-Edge Banking Technology

Read more about the Top 3 Trends in Digital  Banking

SIBOS

3 Ways to Use Predictive Analytics for Customer Centricity in Transaction Banking

Customer Cetricity

Customers’ expectations have undergone a 360 change. They no longer expect real-time service and information. They expect companies to predict what they need. Predictive analytics technology has become a game changer in utilizing big data and business intelligence to enable companies make better informed decisions. 

 

Ride the new wave of Predictive Technology Using Big Data Analytics

Regulations are ever changing

Volumes are ever expanding

Competition is ever growing

Customer demands are getting more complex

Financial crimes are getting more sophisticated

In this M2M (machine-to-machine) market, real-time service, action and decision making is required to provide exclusive service and products. In the business banking space, challenges such as increasing transaction costs, higher liquidity requirements and managing decreasing margins make it inevitable for enterprises to adopt predictive analytics.

More Insight, Less Hindsight – Personalize with Predictive Analytics

To keep up with the new man-and-machine interaction, adoption of innovative business approaches is necessary. The core essence of predictive analytics is focused more on insight rather than on hindsight.

With new technologies, devices and channels used by customers, transaction patterns are not only becoming more complex, but constantly changing over time.  Predictive analytics uses business intelligence and big data analytics to provide companies with real-time, actionable intelligence to personalize their service and products.  Here are 3 ways you could use predictive analytics to become customer centric in transaction banking:

  1. Assess your customer landscape – Integrate customer experience across channels and deliver real-time insights to stakeholders in order to promote better informed decision making.
  2. Envision your future – Identify and define your future vision, how your banking products and services need to be offered and through which channels in order to sync with changing customer needs.
  3. Implement a phased transformation – Use a real-time banking data platform and social sentiment analysis to integrate new social channels in your multi-channel strategy.

Capitalize on a high-speed transaction banking platform

Innovative and new transaction banking platforms need to be adopted in order to respond to the changing landscape of customer demands, interaction and transaction patterns, and evolving expectations. iGTB’s Global Transaction Banking platform enables corporate customers to have all their transaction needs seamlessly integrated through a consolidated next generation portal for the corporate user, leveraging the Customer Business Exchange.

Capitalize on predictive analytics and use an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single, high-speed banking platform. Find out more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products, from Corporate Banking Exchange, Customer Onboarding, Payments Services Hub to Liquidity Management.

Get to Know How to Personalize with Predictive Technology 

SIBOS

Top 3 Trends in Digital Banking

 

op 3 Trends in Digital Banking

The digital era has changed the entire landscape of the banking industry, and has provided new opportunities to improve customer experience. Customers are increasingly using smartphones, tablets and PCs to access financial information and perform transactions.

With evolving technology and customer landscapes, it is important for businesses to keep up with the trends in digital banking:

  1. Mobile banking: The major trend in digital banking includes mobile banking. The average financial servicers witnessed a significant amount of audiences coming in exclusively from mobile platforms. Smartphones have facilitated quick adoption of technology, enabling simple and immediate transactions from phones.
  2. Omnichannel banking: Omnichannel banking has enabled customers to have a holistic transaction experience, while the bank can leverage a unified view of customers. Customers today can carry out their banking transactions from any place, at any time; be it a bank branch, a kiosk, an ATM, or phones, tablets and websites.
  3. Leveraging contextual data: individual user behavior is tracked and Contextual data is leveraged within digital channels, in order to customize the portal to the customer needs. Furthermore, online channels are optimized to up-sell campaigns. A seamless customer journey can be possible only when relevant information is collected and mapped as per the personal preferences of customers.

Banking strategies have changed over time to suit the evolving needs of various customers; with no room for ‘one size fits all’. Planning is integral to counterbalance device and platform differences.

In this digital world, keep up with what’s hot and happening. Expect the extraordinary and experience “Digital Banking 360” showcased by iGTB for the tenth consecutive year at the Sibos annual conference.

Are you ready to take banking to next level? Visit us at – booth H30. Schedule a meeting today!

SIBOS

Omnichannel Banking – Transformative Technology For Evolving Customers

Take a look around, there’s an interesting transformation happening today.
Customers are getting digitized
Whereas customer touch points are getting humanized

Welcome to the age of Customer 3.0. The type of customers who are not defined demographically, geographically or economically, but by their evolution to adopt new technology to meet their banking and transacting needs. To serve the evolving customer landscape, the omnichannel approach is the need of the hour.

The focus of the omnichannel approach is on contextual banking to create a holistic experience to enable customers seamlessly transact. The omnichannel concept of engagement banking refers to providing a single experience for banks’ customers across multiple channels. In this approach, irrespective of the channel chosen by the customer, the functions, services, capabilities and experience should be the same. The omnichannel approach also supports bankers on the go, by providing agility, flexibility and secure access to information and systems anytime, anywhere, through any device.

For instance, if a customer wishes to open a new bank account, the banking representative could use an app to fill in customer details, an e-signature could be captured, digital documents could be securely uploaded and verified, and a new account could be opened within minutes using minimal paper work. This is what omnichannel integration facilitates.

What is required is an intuitive, real-time omnichannel interface that uses transformative distribution technology to provide an exclusive business banking software to create that seamless experience that the customers desire.

At this year’s Sibos, iGTB’s core comprehensive products are being showcased, from Corporate Banking Exchange, Customer Onboarding, Payments Services Hub to Liquidity Management. All these modules are available, through intuitive real-time omnichannel interface, renowned Corporate Banking Exchange (CBX), powered by Canvas Technology – a transformative distribution technology.

Get to Know How You Can Engage ‘Customer 3.0’ with Omnichannel Banking

SIBOS