Ask the Experts: Key Topics Shaping the Digital Banking Landscape
We recently sat down with Aditya Chilukuri, VP Product Management, to talk about key topics shaping the digital banking landscape. With more than 20 years of global experience in product strategy, development and go-to-market, Aditya leads Alogent’s digital banking suite.
- Everyone talks about the “user journey.” Why is it so important and what types of digital banking tools or capabilities empower the user journey?
Aditya: A simple and powerful user journey maximizes engagement and eliminates attrition. Today, this means a solution that prioritizes and delivers a premium, frictionless experience from any channel or device. Digital banking platforms that provide an open, flexible architecture render a simple, secure journey by enabling banks and credit unions to integrate added capabilities and further customize their application to meet specific needs. With a solution that supports the needs of its users, a streamlined user journey and consistent UX with feature-rich consistency across all platforms drives engagement. Pre-built integrations, like those offered out-of-the-box by Alogent, further enhance digital ecosystems with branding, marketing and complementary services that meet dynamic user demands, further growing institutional loyalty.
- Another popular term is “data.” What role does data play in the digital banking arena?
Aditya: Data is an invaluable resource for any bank or credit union’s sustainable future. By leveraging intelligent data processing via agile technology stacks to capture and aggregate data from all acquisition channels and touchpoints, digital banking platforms become more than a means of self-service – they become the heart of a financial institution’s digital ecosystem. Pumping lifeblood throughout the enterprise, digital banking platforms with intelligent, data-backed capabilities work to analyze user behavior, patterns, and trends that affect profitability, organizational performance, and operational efficiencies. Data enlivens user journeys with targeted, personalized, and consistent messages across all digital channels. At the enterprise level, FIs benefit from actionable business intelligence that helps drive strategic decision making.
- Why is it important to offer complementary solutions within a digital banking platform?
Aditya: Offering complementary solutions drives engagement and customizes experiences unique to a customer or member’s user data that helps them to understand and build upon their own unique, authentic financial narratives. With spending, savings, and engagement tools backed by artificial intelligence and machine learning capabilities, digital banking platforms better engage users with a means of personal financial management (PFM) and even wellness advice. By including companion services and apps like payments, lending, bill pay, small-to-medium sized business (SMB) tools via prebuilt integrations, customers or members are empowered to manage their entire personal finance ecosystem at their fingertips. As a result, banks and credit unions elevate their digital services, while developing a newfound understanding of their individual account holders that reinforces their trusted relationships, keeping them within their existing ecosystem of products and services.
- How does consumer and business banking functionality complement a digital banking platform?
Aditya: Over the last decade, most investment capital has been allocated into consumer digital banking, especially around mobile solutions. With digital platforms, banks and credit unions have a unique opportunity to extend similar services to their business users as well, keeping them in-solution with the same user journey and interface, deepening relationships by accommodating the diverse, dynamic needs of their entire user base and under the same product umbrella. With a unified digital platform that extends both consumer and business banking functionality, customers and members have a convenient, single platform tailored to meet all their individual needs. Businesses and consumers alike benefit from digital capabilities that help them manage their personal and/or professional lives, including: Remote deposit capture (RDC), data-driven insights and analytics, wire transfers, P2P payments, personalization and marketing capabilities, document management and e-statements. By delivering all-things digital with online and mobile banking in a single, centralized location, financial institutions reduce overhead and maintain a competitive edge, while driving meaningful user engagements.
Learn more about future-proofing your digital channels with NXT, a full-featured consumer and business banking platform that prioritizes the user journey and lowers the cost of ownership for banks and credit unions.