digital banking

Differentiate Your Financial Institution with a Single Digital Banking Platform: Why Uniformity is Key

It's expected these days that your institution will offer a digital banking platform, but the user journey delivered is what truly separates your bank or credit union from the rest - reducing friction and boosting engagement with a complete ecosystem of companion capabilities for both consumers and businesses. This then begs the question, with distinct market needs for each persona, why are financial institutions now refreshing their digital banking solutions with a unified platform under a single product umbrella? Let’s take a closer look.

  1. Unique platforms often create a challenge of providing a consistent user experience across the consumer and business banking realms. If the UI/UX of each platform differs, it can dilute your brand and make account holders feel as if they are banking at two different institutions. With a unified platform for consumer and business banking, account holders benefit from a single interface and user journey. This efficiency is particularly valuable for account holders who frequently manage both personal and business banking with the same institution.
     
  2. Staying competitive in the rapidly evolving digital banking landscape is crucial, but the challenge lies in speed to market and technical expertise. Managing specialized development teams who build, test, and roll-out new features in siloed environments are often costly, as well as drive an additional wedge between the unified UI/UX noted above. Although each platform can still adhere to its own development cycle and roadmap, streamlined IT and development efforts will help achieve institutional goals and meet account holder demands. Having a single, unified consumer and business banking platform enables financial institutions to lower their total cost of ownership, while still being agile in developing and deploying new features and capabilities.
     
  3. Improve flexibility and interoperability across your entire digital banking channel with a single platform. Data holds the power to streamlining user journeys, as well as to reducing friction from one device to another. Eliminate roadblocks or potential internal siloes by removing the need to manage independent platforms that essentially don’t exchange easily with one another. With a single solution across your consumer and business banking channels, remove friction and gain quick access to data intelligence that can be leveraged on an enterprise-level.
     
  4. Making your solution “sticky” by keeping users in-solution is important to mitigate attrition. Although users would manage individual credentials for consumer and business banking, all possible tools needed can be found under a single umbrella solution, like payment capabilities, money transfers, alerts and wellness advice. Companion services further boost engagement, empowering account holders to manage their entire financial ecosystem through a single platform. Be a one-stop-shop for consumer and business banking needs.  

Why Change Now?

Industry analysts, software providers, bank and credit union leaders alike are talking about the shifting needs of today’s banking market, with a core focus around organizational changes that meet user demands and improve internal efficiencies. A key link to addressing these goals is to upgrade your digital banking platform – enabling a modern digital experience for all account holders, while simultaneously lowering operating costs and alleviating IT strain on your financial institution.

NXT, a Turnkey Unified Digital Banking Platform for Consumers and Businesses

NXT is a unified online, mobile and digital banking platform that marries consumer and business banking functionality under the same solution umbrella. Its turnkey, out-of-the-box capabilities and hundreds of pre-built configurations to industry leading solutions keep users engaged with companion capabilities. Combined with built-in marketing and branding, NXT leverages data driven insights and user behavior data that can be paired with built-in analytics and user insights to stay ahead of market needs and user demands. 

Solution eBook: consumer and business banking features and benefits

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