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Flexible Development Platforms Are Vital to Meet Rising Banking Customer Expectations

Mobile is fast displacing other modes of banking like the physical branch, kiosks and web solutions. The current generation shops online, does thorough research and comparisons across online stores before making a purchase decision. A sizable percentage of youngsters are starting to avail banking services; hence banks need to be agile and use robust yet flexible development platforms to meet the rising customer expectations. A Juniper study has predicted that around 1 billion people would use mobile handsets for availing banking services by 2018. For banks, the option to reduce physical branches yet improve banking experience for the customer is too attractive an offer to forego.

 

The above points don’t mean that you must focus on the mobile channel alone. Millennials are looking for convenient banking options, depending on their mood to make purchase decisions. Hence, it is of vital importance for organizations to provide a consistent experience across platforms and devices. In the banking industry, this liability is more as there are many touch-points to engage the customer, from branch to kiosk/ATMs to bank agents to website and mobile apps.



Next Generation Banking Products

Let’s consider the example of a millennial starts to fill an online account opening form on his mobile phone while travelling. He suddenly realizes that one important document is on his desktop and he will have to fill up the remaining form via web.  Imagine the horror he goes through when he reaches the website and finds that he must fill up the same form again or the fields in this form are different. Or another instance where a customer is notified that they have a free locker available through customer care only to be turned down at the branch. Options are plenty and an unsatisfied customer won’t think twice about switching to another bank, hence banks must be very careful in providing a uniform and seamless experience across all the channels.

 

All the different channels are integrated to existing core banking systems and any new feature or module must be tightly coupled with this core banking system. Loosely integrated channels would translate to a bumpy customer experience, having a direct impact on the revenue and customer retention. Multi-channel banking solutions help IT teams manage apps easily, ensuring seamless experience across all digital properties. With a hybrid application, any changes or minor modifications can be easily handled by modifying one piece of code, instead of affecting the change at multiple locations.

 

Nowadays, many banks are relying on visualizer tools to build their banking solutions. Drag and drop technology for rapid form creation, point and click backend integration helps in quickly deploying solutions with a singular, unified view for the customer. Being agile and flexible to changing customer needs is the need of the hour for banks to move towards a customer-centered experience. Moreover, the data collected across channels can be used to push relevant offers to customers.

 

Streebo has developed a breakthrough low code automation platform, Digital Experience Accelerator, for accelerating omnichannel banking application development. Streebo’s mobile banking app development expertise has helped banks around the world transform their digital and mobile offerings, increasing customer engagement and driving revenue.

 

Is your bank looking for a flexible yet robust omni-channel solution? Learn how Streebo can help provide an omni-channel banking solution for your bank: https://www.streebo.com/aboutus/contactus

14 March, 2018

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