So far, 2024 is proving to be a game-changing year in the world of digital banking. The banking industry continues to change everyday, and the demand for personalised banking services and user-friendly banking solutions has never been higher. It is time for banks and financial institutions to make use of innovation and the latest technological advancements to meet customer expectations and stay competitive. Here are the top features that we recommend keeping in mind when looking for a digital banking suite:
High Levels of Personalisation
Nowadays, customers expect personalised banking experiences tailored to their unique needs and preferences. A digital banking suite must have advanced data analytics and business intelligence features in order to customise these experiences to each customer through more efficient and accurate processes.
- Advanced data analytics: The use of data analytics and business intelligence tools allows banks to gain a full overview and understanding of customer behaviour. The analysis of spending patterns, transaction history, and financial goals, can help financial institutions offer personalised recommendations and services to customers.
- Predictive analysis: Through predictive analytics, banks can tap into new services such as helping customers manage their savings by forecasting future expenses based on their spending patterns. AI tools can predict customer needs and offer relevant products and services to the right customers at the right time, enhancing customer satisfaction and loyalty.
How does a digital banking suite use business intelligence ?
Enhanced Security Measures
Security remains a top priority in 2024. A digital banking suite must incorporate advanced security features, including:
- Biometric security: Using security measures such as fingerprint, facial recognition, and voice identification for stronger security and ease of access. These technologies significantly reduce the risk of unauthorised access, providing high levels of trust and peace of mind to customers.
- Multi-factor authentication (MFA): MFA involves multiple methods of verifying a user’s identity before granting access. This could include something the user knows (password), something the user has (personalised sim card in a smartphone), and something the user is (biometric verification).
- Real-time fraud detection: AI-powered systems continuously monitor transactions for unusual patterns. Machine learning algorithms analyse behavioural data to identify and flag suspicious activities, with instant alerts and account freezes to prevent fraud.
Crypto Integration
Cryptocurrencies are no longer just a trend, they are in fact becoming an essential part of fintech. Their acceptance and integration are reshaping payment methods, redefining traditional currency. Key features a digital banking suite must include are:
- Cryptocurrency support: The digital banking suite should allow you to offer secure storage, trading, and management of cryptocurrencies within your bank. This integration allows customers to manage both traditional and digital assets from a single platform.
- Crypto payments: Enabling transactions with cryptocurrencies. This feature offers customers a wider range of payment options, reflecting the growing popularity of digital currencies.
Why cryptocurrencies and embedded finance are the future of financial services
Open Banking Integration
Open Banking is another innovative feature that has grown in popularity, which enhances the user experience. For banks, integrating open banking into their digital banking suite is no longer optional but essential. The use of open banking allows for an interconnected financial ecosystem in which customers can access several financial services in one platform, enhancing customer experience and loyalty. Look for:
- API Integration: APIs (Application Programming Interfaces) that securely grant third-party APIs access to customer financial data. This allows customers to access a wide range of financial products and services from within the banking app. Open Banking also enhances service offerings by enabling partnerships with fintech companies, offering customers more innovative solutions.
How does open banking work?
Scalability
A digital banking suite must be scalable and adapt to your bank’s growth and changing needs. Key aspects include:
- Modular architecture: A modular architecture allows financial institutions to add or remove services as needed according to their needs. This flexibility is crucial for adapting to market changes and customer demands.
- Cloud-Based Solutions: Cloud computing provides the scalability needed to handle increasing transaction volumes and a growing user base. Cloud infrastructure also ensures high availability and disaster recovery capabilities.
At Be1B, our digital banking suite has been carefully designed to meet all essential banking needs and enhance competitiveness. Our wide range of financial services can be integrated seamlessly into a powerful digital banking platform. Through the use of cutting-edge technologies and AI-powered tools, we prioritise customer-centricity that allow banks to deliver unmatched banking experiences.
