The importance of Digital Banking

in the digital age

May 7, 2019 | Digital Banking

All banks and financial institutions have a Digital Banking platform these days. But does yours just cover the basics?

Or have you realised the fast-growing importance of this channel for your customers and your bank’s future?

Increasingly, it’s the channel your existing customers choose to interact with you in. And as the digital native generation reaches adulthood and the workforce, it will be the only channel they’ll use – to research, apply and use their banking products and services.

It’s time to get serious about Digital Banking

Your bank’s future depends on the importance you place on Digital Banking. How you prioritise its investment and how dedicated your teams are to incorporating Digital Banking into their strategic decisions.

Without a robust Digital Banking platform that can grow with you, respond to changes and opportunities with ease and deliver exceptional service to your customers, you’re at risk of falling behind your competitors.

Add Open Banking to the equation

When Open Banking begins its staged implementation from July 2019, your customers will have the power to change banks and their services – with the click of a mouse or a tap on their smart phone.

The barriers to moving banks will be gone.

So, what will make customers stay with you? Your pricing? Brand loyalty? You need to act now to ensure your customers choose to stay. And those banks who choose to focus on their Digital Banking platform are making the right choice.

Great expectations

Customers have great expectations of their Digital Banking platform. These expectations go way beyond just checking a list of their transactions or transferring funds.

It stands to reason you’re going all out to meet their expectations, right?

No?

Chances are your internal team is flat out as it is, just to ensure you’re compliant with regulations. They don’t have time to scratch themselves, let alone move beyond the absolute basics. If only you had an experienced partner on board.

A partner who could:

  • ensure you were compliant
  • easily integrate with your core banking system integration
  • springboard you into a Digital Banking future so you can always deliver an exceptional customer experience.

The vital ingredient

Is Digital Banking on the agenda at most of your bank’s internal meetings?

It’s not? It should be.

Ideally it should be one of the first items on every agenda, because it’s the vital ingredient to your bank’s future. As we’ve noted, your Digital Banking platform is increasingly the only place customers interact with your bank. Soon, it’ll be the only way you can communicate, cross-sell and upsell to them. And the only way you can add value to their experience with education and tools to empower their financial management.

Future-proof your Digital Banking strategy

It’s vital that you invest in a future-proof Digital Banking strategy. One that is focused on maximising and maintaining uptake of your Digital Banking platform.

And you need to get the whole organisation on board. Your Digital Banking strategy should be driven from the top down and permeate through every decision in the organisation.

It should be in your bank’s DNA.

Open Banking Opportunities

You know Open Banking is coming. But apart from ensuring that you’re compliant with all the regulations, have you considered the opportunities it offers?

It’s time to look at how you can harness the sharing of information that will come with Open Banking.

For example, at a customer’s request, you could be proactive and offer them bespoke deals, based on an analysis of their data.

To do this, you need:

  • an effective application programming interface (API) to enable secure and robust data sharing.
  • the strong foundation of an operational Digital Banking platform that is flexible enough to grow with you.
  • And, above all, an experienced partner.

A partner who knows the industry inside out. Someone who can identify new opportunities, and help you make them happen – from a solid base.

Without this someone, you could get left way behind in the rush for the opportunity market share by well-prepared organisations and new financial kids on the block.

It’s time to make positive changes

Is your internal team or Digital Banking partner really focused on your bank’s future?

Can they look beyond ensuring compliance with impending regulatory changes and consider how to maximise after the opportunities Open Banking will bring?

Do they analyse the impacts of current digital trends and adjust your Digital Banking strategy to take advantage of them?

No?

Then it’s high time you downloaded our decisive Whitepaper on the impact Open Banking will have on Australia’s banking industry.

Download here

Partner with the experts at Sandstone Technology to take your Digital Banking to the next level.

The importance of Digital Banking cannot be underestimated. With the solid support of Sandstone Technology, you’ll be Open Banking ready and able to make the most all it will bring.

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