Ask the Experts: Payments Modernization and Branch Transformation for your Bank or Credit Union
Ashish Bhatia, VP of Product Management for Payments, recently sat down to discuss payments modernization projects and branch transformation. In a time of continuous change, banks and credit unions must consider ways to maximize internal resources and investments, reduce costs, and deliver consistent but unique user experiences across all channels - just a few important considerations for a sustainable future. Ashish leads Alogent’s Payment Solutions Team.
- How does an institution know when it's time for a payments platform upgrade and what are some short-term results they’ll see once implemented?
Talks of modernization should begin long before banks and credit unions realize their offerings no longer meet market demands. In addition to addressing customer and member-facing requirements like UI, user journeys, or specific features, back-end workflows and infrastructures are equally important to consider. Fragmented workflows, siloed data, increasing maintenance costs, and disparate environments for each line of business are all tell-tale signs that it’s time to refresh your infrastructure.
In addition to decreased overhead costs at the bank or credit union, users will enjoy a seamless UX regardless of where or how they transact, while internal teams will benefit from a consistent, single environment that allows new solutions to launch quicker, addressing market gaps and gaining added levels of data insights. Other quickly realized benefits include enhanced efficiencies and more streamlined workflows, like the elimination of batch processing and the need to exchange files between applications due to a common infrastructure.
- Although not the same, branch transformation is often linked to modernization efforts, and both can appear daunting. What are some common misconceptions?
The words “transformation” and “modernization” are often mistaken for large, costly overhauls. A branch transformation does not mean a conversion to digital-only solutions, and although remote banking is critical to meeting user demands, upgrades to the physical branch and back office are equally important. Platform modernization projects affect both user-facing and institutional infrastructures – brining a lower cost of ownership and less overhead as commonly associated with older, legacy solutions.
- Speaking of the branch, how has the branch experience evolved over the last few years and why is there a need to transform?
Over the last several years, many customers and members have traded branch visits for digital and remote channels, favoring self-service over face-to-face. However, account holders still prefer transacting in-person for higher value and more complex transactions, or when they need advice. This behavior is driving banks and credit unions to refresh the branch and make it a retail destination that delivers optimal levels of service and builds institutional loyalty. Updates often include overhauling the physical flow and layout of the branch itself, as well as incorporating ATMs, kiosks and tablets where visitors can perform more simple transactions. At the same time, employees are often cross-trained as roaming tellers and greeters to deliver optimal customer service and assist. A branch transformation is a win/win for the institution and its account holders, overhead costs are reduced and full- and self-service solutions blend for more seamless services – both on the front end, as well as in the back-end infrastructure.
- With customers and members transacting more often from outside the branch, how can financial institutions drive meaningful engagements from afar?
It’s important to incorporate solutions that leverage data into a bank’s or credit union’s larger payments infrastructure. These data points, like user behavior data and financial profiles, hold a goldmine of information that can improve efficiencies and be applied to user journeys across the institution, increase personalization and conversions, and enable more effective campaigns. With access to this cross-channel information, employees also benefit from quick access to data linked to their specific role, impacting product and service effectiveness and an institution’s overall success.
Unify is Alogent’s patent-pending single API platform that simplifies image acquisition for banks and credit unions by bringing full- and self-service capture together under the same device-agnostic model. By treating every document and check the same, regardless of how it is captured, Unify’s centralized framework delivers a consistent user journey, increased productivity, and a lower cost of ownership. Scalable for institutions of all sizes, gain quick access to business intelligence and data analytics through a centralized database and reporting dashboard.
Learn more. Schedule a discovery call and demo with Alogent's team of payments experts.
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