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Why you need one, what to look for and how to choose the best digital banking platform to support your digital banking strategy in the new year.
the concept of digital transformation in banking has evolved from offering a web or mobile version of a branch to being able to provide digital banking services that add value to customers’ lives.
Digital banking trends show a movement towards personalized digital banking services that can adapt to changing customer needs and deliver the right offering at the right time to the right customer.
What does this mean when it comes to choosing a digital banking platform?
To adapt and compete in the future of digital banking, banks and financial institutions need to look for a next-generation banking platform that can help them react to the changing needs of customers, and that can optimize their digital banking solutions. Offer the level of flexibility needed to customize. An agile and cost-effective method.
What is the next generation banking platform?
Next generation banking platform cloud native, API centric and is a microservices-based architecture. they have a Digital Banking Foundation built on statistics, and they are insight-driven so that banks and financial institutions can better understand their customers across one-to-one segments, thereby enabling them to provide one-to-one personalized banking experience. A next-generation digital banking platform should also offer off-the-shelf capabilities that can be easily scaled, provide an easy way to adjust products and support the creation of new business capabilities.
With the next generation banking platform, banks and FIs can scale and realize business capabilities New revenue streams by building a digital ecosystem, They can take advantage of the open banking opportunity and integrate with third parties to provide new, disruptive digital banking services that add even more value to the customer experience.
How can a next generation banking platform support changing customer demands?
As the needs and demands of banking customers continue to evolve, driven by an increasing reliance on digital channels, your digital banking strategy also needs to evolve beyond simply delivering the same products and services online, keeping the wallet part and new revenue streams to leverage omnichannel banking to realize.
If your strategy is to shift from serving banking transactions to facilitating consumer interactions, you need to look for next-generation digital banking solutions that facilitate agile ways of working and that keep pace with the times-to-market. can reduce.
Learn more about Next-Gen Banking Core.
Which is the best next generation banking platform?
While there are many banking technology providers that claim they have a next generation banking platform, in reality, many of those platforms are legacy platforms that have gone through a series of updates and are not truly next generation.
The next generation banking platform specially designed for the future of digital banking. They are designed to help you adapt to changing consumer behaviours. They can help you become an integral part of your customers’ lives by providing the right digital banking services at the right time to the right customer based on data. And they help you provide digital banking services seamlessly across all channels.
But the ability to truly and dynamically adapt or adjust the right financial service offering to the right customer at the right time can be challenging. Simply implementing a digital platform on top of a single core is not going to work. Neither is relying on a core digital banking platform – no matter how advanced – which has neither consumer centric Digital joinery and orchestration layer.
Banks need a next generation banking platform that provides an integrated approach. If a bank’s core and digital platforms are not seamlessly integrated, it may fail to provide the level of flexibility needed to identify and dynamically adapt to changing consumer behaviors and accommodate new products and services in a timely manner. will not be able to.
digital banking platform difference
CyberBank Digital is the next generation digital banking platform. Digital Banking Platform is designed around the concept of structural flexibility Which can help differentiate banks by enabling them to deliver capabilities beyond the specific business capabilities required. By leveraging structural flexibility with our digital banking platform, banks and FIs can:
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Gain a competitive edge with a flexible system that drives dynamic product and service innovations.
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Create and launch new digital banking services at the speed of market.
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Improve customer service by providing omnichannel banking with a seamless interface across multiple platforms.
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Get a unified customer view across all points of contact with a client-tailored data repository that links customer information, products and transactions at a multidimensional level.
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Minimize operational risk by implementing a system designed around industry compliance standards.
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Use monitoring, control and corporate governance tools to detect and resolve transactional issues.
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Keep the system up to date on regulatory changes with intuitive rule management tools.
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Align technology with business needs while making it easy to introduce new services and operations with minimal impact on IT resources.
CyberBank Digital is designed to help you differentiate
The CyberBank digital next generation banking platform is designed to help banks and financial institutions differentiate between:
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Ability to define new products, services and customer journeys through business oriented tools
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A comprehensive and powerful digital ecosystem
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Empathetic banking customer experience with Adaptive CX in every point of interaction
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Integrated data gathering and transformation capabilities
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An API-centric platform and microservices based architecture
To know more about CyberBank, the digital banking platform, request a demo With one of our Digital Banking Specialists.
Note: This article was originally published on technisys.com, which was acquired by Galileo’s parent company SoFi Technologies in February 2022.
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