About 30% of the population has, and heavily relies on their mobile phones. Computer literacy is soon to be equivalent to literacy with the millennial generation and their successors. It is only natural then to see the banking system stepping away from their conventional methods and trying to fit the modern age. Each one of them is trying to fight for their share of the market by creating digital banking strategies which will surpass their competition. There are certain fields which hold their focus and represent the ways they are winning over their customers.
Security is one of the major issues for digital banking customers, that is, more for those who still haven’t become one. People argue that losing or having cash stolen cannot get you in as nearly as much trouble than when you compromise your card or account details. This is why innovation in the field of security is one way digital banks use to attract their customers. They use layered security protocols which require a dynamic response and thus ensure that it is truly their customer who is using the services. These protocols are frequently updated as those who are trying to breach them are working around the clock to find their way through. This is not an easy task, particularly when you bear in mind that even though the customers enjoy their security, they do not like being inconvenienced. This perceived simplicity needs to be achieved by implementation of automated hidden protocols which can confirm the identity and disarm fraudster without directly involving the customers in the process.
Indulging the users
Apart from being a necessary direction dictated by modern age, digital banking has a lot of benefits for the banks themselves. Some of the most important benefits involve cost-savings greatly due to improved efficiency and accuracy. This has allowed them to offer smaller fees and better interest rates to their digital users. The digital banks are using everything they have to stay competitive, and offer a variety of services available to their customers without even stepping foot into a bank. You can now make payments, receive funds, manage your accounts, debit and credit cards, invest, exchange currencies, apply and get loans online, all within the shortest time possible for each individual action. Particularly attractive offers are the personalized ones tailored to a customer’s specific needs. A research done by Wipro, an IT company from India, claims that just under a half of digital banks included in their survey has the capacity of providing this service, which is then an excellent way of attracting prospective customers. Most people like the feeling of being able to reach a good deal and not play by the rules set out for everyone.
Online banking websites
This was the first step for digital banks who tried assisting their customers with managing their accounts remotely, from the convenience of their home. It is widely embraced as it takes the cake by keeping you out of long lines and reducing or waiving processing fees for payments. Since now pretty much every bank has one, the question is how to stand out from the crowd? The answer is in innovative design and user experience. They are all trying to offer a design which you will be able to relate to your desired lifestyle. Furthermore, they are clear and concise and make navigating through pages and options quite simple. They also make their services easily available and easy to use by a layperson. All of the websites should also, by rule, be optimized for mobile phones. This makes them available to everyone, everywhere, and not just those users sitting at home in front of their PCs.
This is quite similar to websites, however more important as the number of mobile users is growing every day and they are the ones everyone wants to make happy since they represent the future. These mobile apps should first of all be safe to use, however, the focus is on creativity and innovation. The goal is to improve user experience with an ever-growing level of convenience. They start by making banking into a fun, but a simple-to-use game. Some of the features include simply swiping for account details, taking photos of bills instead of typing in order to make payments, getting through to a banker or arranging an appointment with a financial advisor, financial management tools, limiting your spending based on the budget you have determined, safe transactions, credit score insights etc. Apple has recognized this potential and used their long line of loyal customers to launch Apple Pay Cash app which is easy to use from the existing wallet. They offer money transactions between two users via text messages, which is something you can truly call convenient.
Customer outreach and social media
Digital banks are trying to target their audience and reach out to their customers at the places they know they can find them. According to a survey conducted by Wipro, only about 55% of total marketing efforts banks are making is invested in traditional advertising methods. The rest of it relies on the Internet and social media. Social media is best tackled by approaching influencer who are able to spread a good word or share their review of a certain bank and its programs. Once they capture the attention of their audience, they need to do their best to maintain a good customer rapport which is usually done through excellent customer service available 24/7 for all questions and concerns. Emails with quick responses and live chats are the preferred methods as everyone is looking for an instant answer.
No bank has it all and it is the matter of what they can do to find the ways of appealing to most, if not all customers. With the tough competition and ever-changing rules of the game, they cannot focus on what others are doing and trying to beat them to it, but they can only focus on their customers and answering all of their demands through groundbreaking innovations.