Open Banking is coming. Customers will be able to move accounts between banks with ease. Your sticky customers suddenly won’t feel so stuck. And once switching banks is as easy as switching mobile providers, customers will be on the move. You need to give them reasons to stick. The biggest difference between the banks who flourish and flounder in this transition will be user experience. And this will come down to the sophistication of your digital banking software.
Just transactions and transfers won’t cut it any more. What else can you give customers who do all their banking, thinking and planning on devices and via apps? Time to start thinking like a digital native.
Raise the bar before customers slip away
Digital banking is the norm. According to a May 2018 Roy Morgan poll, more people in Australia use mobile banking (46.5%) than visit branches (45.1%). Internet banking is the second most common channel (54.2%), with ATMs are out in front at 83.4%. The most significant increase in the 12 month comparison was in mobile banking.
It’s a standard expectation to see your transactions, do transfers and pay bills via an online or mobile interface. Almost every bank and financial institution now offer this. And beyond pricing and brand, there really isn’t much of a difference between the products banks offer.
So, how will banks stand out from one another in a post-Open Banking landscape?
How will customers decide which bank to move to?
It’ll hinge on the quality of your digital banking software experience.
Sandstone’s market-leading digital banking team have delivered exceptional digital banking platforms for dozens of banks and financial institutions. So we know a thing or two about what makes good digital banking software.
Our suite of digital banking solutions are 90% ready to go, with the final 10% simply customisable to your banking systems by our Sandstone team. Our solutions are quick to market, exceed customer expectations and give you the control you need over your own digital banking environment.
Whether it’s our mobile app, desktop digital banking environment or our sophisticated personal financial management solution, partner with us to exceed your customers’ expectations and carve out your point of difference.
The power of personal financial management
Open Banking will put the power in the hands of customers. What else do customers want to be in control of? Their personal finances. Banking is one thing but assisting customers to identify and reach financial goals, giving them tools to assist is a way to make an impact. The Sandstone Personal Financial Management solution brings powerful insights into the digital banking experience, right into the hands of customers.
When transactions go through the system they are categorised by an algorithm. We then use these insights to augment the user experience and play back to them information about their banking habits. You can also tap into this wealth of information by analysing their transactions and cross-selling other products and services. For example, you’ll be able to see if a customer is planning a trip or considering a large new purchase, such as a home or car, and then deliver timely marketing messages for relevant products and services.
Harness Open Banking and leap ahead
Don’t fear Open banking, or just work to be compliant. Be proactive and take advantage of the new flexibility.
You can do this by investing in your digital banking software with Sandstone Technology. We’ll help you retain existing customers and attract new ones with our suite of digital banking solutions.
Ready for your best yet digital banking solution?
If you’re still worried about the approaching Open Banking deadlines, our recent whitepaper – How to thrive in a post-Open Banking Australia – delves deeper into how your bank can flourish in this fast approaching and disruptive industry change. CLUE: Investing in your digital banking technology is a key part.