The Importance of a Flexible Digital Banking Platform in Today’s Competitive Market
Every financial institution is unique, and much like any other organization, requires flexible and scalable solutions to remain competitive. With consumer behavior changing and most transacting from outside the branch, it’s critical for banks and credit unions to deploy digital banking solutions that are customizable and future-proof to ward off attrition from traditional institutions and digital challengers, alike.
As your bank or credit union looks to new digital banking platforms, consider these points for a sustainable, scalable roadmap that meets today’s challenges and tomorrow’s goals.
Start with an Open Platform and APIs
Customization and scalability are key considerations when evaluating a digital banking platform, making an open solution that leverages APIs an important consideration to ensure integrations to third-party solutions is feasible and simple for a complete digital ecosystem. Customers and members stay in-solution and engaged with capabilities that make the application sticky, such as personalized campaigns and marketing, gamification, PFM and financial wellness tools, and personal insights. Leverage pre-built configurations and APIs to expand functionality and remain competitive.
Meet Specific Goals with an SDK
An SDK allows even more flexibility for customization and to meet specific institutional goals, as well as with account holders who are becoming increasingly more digitally savvy and demanding tools that mimic in-branch services. The ability to keep up with new versions of vendor partner solutions is also critical, and should be done quickly. To meet these needs, banks and credit unions often require changes to an off-the-shelf product, but when leveraging an SDK, can make custom alterations and augmentations without affecting the base offering. In many cases, institutions are forced to rely on their solution providers to create and implement these custom efforts, but with an SDK, modifications can be done in-house and without specialized IT teams.
Intuitive, Simple UI/UX
The importance of the user journey reveals itself through the customer and member experience and is critical to your solutions’ effectiveness. Workflows are key and should be simple and intuitive across a unified online, mobile, and digital platform. Your account holders want access to the same capabilities across all devices – don’t leave them stranded.
The digital banking space is rapidly evolving, and if the past decade is any indication, will look unrecognizable in the next five years. Future-proof your institution by planning ahead.
- Does your digital banking provider offer a true partnership approach, with documentation, training, and support that your employees can rely on?
- Consider the technology underneath your platform - is the code easy for your team to work with?
- Can you add new functionality to your digital banking solution, integrate to additional third-parties, and address unique goals with customizations?
- Does your digital banking offering integrate seamlessly with your core banking solution and third-party applications for interoperability, data transparency, notifications, and more?
Learn more about Alogent’s unified online, mobile, and digital banking platform, NXT, with integrated capabilities for consumers and businesses. Its single platform employs the most rigorous security and permission-based framework to protect banks, credit unions and their account holders – without compromising user experience. Built from the ground up on a modern tech stack, its open and API-based platform is scalable and configurable, paired with hundreds of pre-built configurations to leading industry solutions. NXT’s added SDK offering allows for even more flexibility and customization to address unique institutional needs and goals, and its robust out-of-the-box features allow for a fast go-to-market, including its personal financial management (PFM), personal insights, gamification, and SMB tools.
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