Digital Banking Solutions
Before the advent of the Internet, banking processes for customers were paper-based and time-consuming – but the customer didn’t have a choice. Their only option was to invest the time and patience. Today, customers have choices. Innovators like Amazon and Uber have forever changed behavior and expectations; and anything short of an intuitive, attractive, and engaging digital experience isn’t going to cut it.
Your Customers Are on the Move to Digital Banking Solutions
According to a survey conducted by Morning Consult for the American Bankers Association, “Four in 10 Americans manage their bank accounts online … while 26% of consumers use their mobile devices most often.”1
In fact, “more than half of customers ages 20 to 36 said they already use a digital wallet or mobile payment platform provided by a fintech or challenger banks.”2
Your Customers Expect More from Digital Banking Solutions
But it’s not just the ability to go digital that customers are looking for. Customers expect anytime, anywhere access to their accounts. They expect a seamless experience across all channels. They expect 24/7/365 support. They expect to be able to open accounts online. They expect to make mobile remote deposits. They expect access to loan payments and advances, check ordering, and funds transfers.
And they expect it all at the touch of a button.
Right now, most banks are trying to catch up to this new digital world by tacking on disparate solutions to already-existing ones. The problem with that is your systems don’t offer the seamless digital banking solutions your customers are looking for.
Oracle says when it comes to the digital banking solutions customers want, traditional banks and credit unions continue to fall short of meeting their expectations “particularly when it comes to more complex transactions, payments, and areas involving personal financial management.” A separate Oracle study discovered that “60% of customers globally want to open a bank account online.” The real kicker?
“67% of customers globally are on digital banking platforms now, according to Oracle; the World Bank reports that 515 million customers worldwide opened a banking account through a mobile money provider in the last three years.”3
If you don’t give your customers the innovative digital banking solutions they need to manage their finances, you’re going to end up losing the next generation of customers.
You Need a Comprehensive Suite of Digital Banking Solutions
You should be improving the digital customer experience by offering a safe, easy, fast way to access information and initiate transactions across multiple channels. To do this, you need a comprehensive suite of digital banking solutions.
When you work with Jack Henry Banking® for online and mobile solutions, you’ll be able to:
- Attract Gen X and Gen Y customers.
- Enhance customer convenience, self-sufficiency, and loyalty.
- Help protect your customers from Internet fraud.
- Improve long-term customer relationships.
- Reduce the operating expenses associated with traditional branch banking.
1 ABA Banking Journal:ABA Survey: Two-Thirds of Americans Use Digital Banking Channels Most Often. September, 2017. September, 2017.
2 The Financial Brand:Consumers Threaten to Bail if Banking Providers Can’t Improve Digital CX. 2018
3 American Banker:Digital Banking’s Key Trends: Demand, Competition, Mobile on the Rise. 2018