Is Your Digital Banking Solution Doing Its Job? Four Tips to Make your Digital Banking Platform Work for You
Originally published on CreditUnions.com, Aditya Chilukuri, VP Product Management, shares tips to maximize the effectiveness of your digital banking solution.
Even before the pandemic, remote banking through mobile and online channels was trending upward – members depositing checks, transferring money, and checking their balances. This shift in consumer behavior accelerated over the last 18-months, putting a spotlight on digital banking capabilities and their importance in the credit union’s larger technology ecosystem and member-facing solutions.
Although branches are reopening and will always have their role, digital banking reigns supreme. It’s no longer enough to “just” enable basic transactions or balance lookups – members want to sign out of their apps and browsers with a similar level of customer satisfaction as when leaving the branch.
Is your solution doing its job? Read on to learn 4 tips to make your digital banking platform work for you.
- Prioritize user experience and engagement. Think of your digital platform’s UX like an employee at your branch –welcoming, engaging and building institutional loyalty through positive and personalized member touch-points. Consider your branding, color palette, and viewports. Maximizing engagement and eliminating attrition are directly linked to ease-of-use in digital banking solutions, along with best-in-class features that drive consistency across mobile apps and native browsers. When done well, a great UX should be transparent with intuitive, consistent journeys across mobile devices and desktops that keep your members engaged and feeling connected to the institution from afar.
- Make your solution “sticky” and keep users in-solution. Whether on their mobile devices or browsers, it’s important to deliver all of the tools needed for them to transact and engage – just like in person. Make it simple with everything needed in-solution such as payment capabilities, money transfers, personal financial management (PFM), alerts and wellness advice. Companion services like lending, bill pay, and SMB tools further boost engagement, empowering members to manage their entire personal financial ecosystem through the platform. Be a one-stop-shop so members don’t have to look elsewhere for their consumer or business banking needs.
- Leverage data to build relationships and loyalty. Even though your members are engaging from outside the branch, you can very successfully share personalized and targeted marketing campaigns. Focus on engagement and delivering value by leveraging the goldmine of information already at your fingertips – user behavior data and your members’ financial stories. Proper data utilization helps differentiate your credit union as one that knows and understands its members on a deeper, granular, and meaningful level. Through social media-like interactions of “clicks and swipes,” boost engagement and share information relevant only to them, including how-tos and education. This level of personalization builds relationships and trust, making members feel like more than just a number.
- Intelligently upsell and cross-sell. We’re used to social media apps and retail establishments suggesting new products based on what we’ve already purchased or previously browsed online. Banking should be no different. When personalized to members’ interests and their own financial profiles, campaigns promoting new products and services are warm and relevant. Leverage AI and predictive analytics to develop these hyper-focused marketing messages that virtually take the place of a branch employee who may suggest a loan consolidation to save money, or offer a pre-approved loan based on a recent purchase. This level of intelligence and gamification increases conversions through personalized experiences, extending in-branch engagements.
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