Digital banking solutions enhance the customer's digital banking experience. This includes an array of services that customers can complete without human intervention. The interface is commonly delivered through online banking and mobile banking.
Some services provided by digital banking solutions include opening accounts, depositing checks, transferring funds, making payments, reporting, and financial insights into spending. These services are wrapped up in a secure delivery that helps prevent fraud.
The implementation of digital banking can be done as an entire platform or in parts. The latter may be better for those with a smaller budget. However, full platform integration will be time-consuming and likely cause more disruptions.
Part of the digital banking security strategy is using biometrics to authorize customers on mobile apps. Additionally, fraud detection can be done in real-time and intervene before fraud occurs.
Certain digital banking solutions are more complex, such as wealth management. EasyVest, a product offered by MAP through our partner Access Softek, is one such robo-adviser that provides personal banking services via automation and algorithm-based financial planning services. Its offering integrates with existing bank and credit union online and mobile banking platforms.
Another popular component of digital banking is conversational banking. A conversational banking engagement starts with an AI chat interface. If the AI chat is able to solve the customer's problem, no human intervention is needed. Otherwise, the AI is able to determine that a personal banker will need to jump into the conversation. This next experience can be continued via chat or audio/video.
Solutions aren't limited to only the retail customer. Digital commercial banking is available for the business owner. In addition to most everything the retail customer experiences, business owners get access to deeper financial insights for accounts payable and receivables. They can apply for commercial loans as well.
Providing customers with a digital banking experience is now an option that smaller financial institutions have access to. With many providers utilizing cloud services, costs have come down, along with integration times.
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