5 Tips to Elevate Your Digital Banking Experience and Stand Out in a Competitive Market
A superior digital experience for financial institutions is essential. As consumer expectations continue to evolve, how can banks and credit unions stand out in a competitive digital environment?
In this article, we share 5 actionable tips and best practices to enhance your digital banking platform and engage your account holders.
1. Prioritize mobile and deliver convenience
In a digital banking survey, Forbes reveals that 78% of adults in the U.S. prefer banking via a mobile app or website. Today’s consumer and business account holders expect seamless access to their financial information right from their smartphones. To stand out, enhance your mobile banking offering with features like virtual assistants and chatbots for quick inquiries, personal financial management tools (PFM), a unified view of all accounts, and tools like remote deposit capture (RDC) for easier business capabilities. Connect with your account holders right at their fingertips!
2. Prevent fraud and enhance security with technology
Security is the cornerstone of trust in financial services and an essential component of a superior user experience. Your digital platform should not only comply with industry standards but employ best practices like multi-factor authentication (MFA) and biometric authentication. User education also plays a key role in safeguarding sensitive information. Implementing robust password rules, along with educating account holders and employees about effective password hygiene, will enhance the protection of vital data and promote safe digital banking practices.
3. Empower employees with admin tools
The front end of your digital banking platform is significant, and equally important are the back-end tools your employees use. Equip your team with the tools to proactively monitor usage, adjust password policies, update user information, and restrict access to certain digital banking features when necessary. With robust administrative capabilities, staff can deliver exceptional service while mitigating risks efficiently.
4. Embrace customization to boost engagement
The consistency of your digital banking platform’s user interface (UI) across all devices is essential for maintaining user engagement. To create a cohesive experience, your platform should support branding features like custom product names, brand colors, graphics, and design layouts. Through this, you can provide your account holders with the feel of a true virtual branch, even when they are banking remotely.
5. Use behavior data to learn more and provide better services
Aggregating and analyzing user patterns and trends – such as feature adoptions, spending and saving habits, and user journeys – enhances the way you personalize services. Leveraging behavior-driven insights means your institution can deliver targeted messages and tailored products across all digital channels, providing the most relevant complementary services to the right account holders at the optimal time.
By adopting these five best practices and prioritizing a “user-first” approach, your financial institution can foster long-term loyalty and achieve greater success. Elevate your digital strategy today.
Download our eBook below to discover NXT, our feature-rich digital banking platform that offers both consumer and business banking functionality in one solution. Built on an API-based architecture, NXT prioritizes the user experience with robust engagement features, rock-solid security, and intuitive design for a streamlined user journey across mobile apps and web browsers.
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